Presented below are comparative balance sheets for the Gilmour Company. GILMOUR
ID: 2507853 • Letter: P
Question
Presented below are comparative balance sheets for the Gilmour Company.
GILMOUR COMPANY
Comparative Balance Sheet
As of December 31, 2013 and 2012
December 31
2013
2012
(1,000,000)
(750,500)
$3,340,510
$2,786,910
570,020
553,050
$3,340,510
$2,786,910
Instructions
GILMOUR COMPANY
Comparative Balance Sheet
As of December 31, 2013 and 2012
December 31
2013
2012
%
%
(1,000,000)
(750,500)
$3,340,510
$2,786,910
570,020
553,050
$3,340,510
$2,786,910
Presented below are comparative balance sheets for the Gilmour Company.
GILMOUR COMPANY
Comparative Balance Sheet
As of December 31, 2013 and 2012
December 31
2013
2012
Assets Cash $180,200 $274,300 Accounts receivable (net) 219,800 155,300 Short-term investments 269,800 150,900 Inventories 1,060,000 980,200 Prepaid expense 25,710 25,710 Fixed assets 2,585,000 1,951,000 Accumulated depreciation(1,000,000)
(750,500)
$3,340,510
$2,786,910
Liabilities and Stockholders' Equity Accounts payable $50,790 $74,960 Accrued expenses 169,300 199,600 Bonds payable 450,400 189,300 Capital stock 2,100,000 1,770,000 Retained earnings570,020
553,050
$3,340,510
$2,786,910
Instructions
Presented below are comparative balance sheets for the Gilmour Company. Complete the comparative balance sheet of Gilmour Company showing the percent each item is of the total assets or total liabilities and stockholders' equity.(Round percentages to two decimal places eg 5.89)Explanation / Answer
Hi,
Please find the answer as follows:
Notes:
Percentages are calculated by dividing the relevant item by the sum total of all assets/liabilties.
Thanks.
2013 % 2012 % Assets
Cash 1,80,200 5.39 2,74,300 9.84 Accounts receivable (net) 2,19,800 6.58 1,55,300 5.57 Short-term investments 2,69,800 8.08 1,50,900 5.41 Inventories 10,60,000 31.73 9,80,200 35.17 Prepaid expense 25,710 0.77 25,710 0.92 Fixed assets 25,85,000 77.38 19,51,000 70.01 Accumulated depreciation -10,00,000 -29.94 -7,50,500 -26.93
33,40,510 100.00 27,86,910 100.00 Liabilities and Stockholders' Equity
Accounts payable 50,790 1.52 74,960 2.69 Accrued expenses 1,69,300 5.07 1,99,600 7.16 Bonds payable 4,50,400 13.48 1,89,300 6.79 Capital stock 21,00,000 62.86 17,70,000 63.51 Retained earnings 5,70,020 17.06 5,53,050 19.84
33,40,510 100.00 27,86,910 100.00
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