Balance sheet data for Novak Company on December 31, the end of two recent fisca

Question

Balance sheet data for Novak Company on December 31, the end of two recent fiscal years, follows: 1 Current Year Previous Year 2 Current assets $1,495,000.00 $1,207,500.00 3 Property, plant, and equipment 3,565,000.00 3,622,500.00 4 Intangible assets 690,000.00 420,000.00 5 Current liabilities 1,150,000.00 892,500.00 6 Long-term liabilities 1,725,000.00 1,890,000.00 7 Common stock 575,000.00 420,000.00 8 Retained earnings 2,300,000.00 2,047,500.00 Prepare a comparative balance sheet for both years, stating each asset as a percent of total assets and each liability and stockholders’ equity item as a percent of the total liabilities and stockholders’ equity.

Explanation / Answer

Current year % Previous year % Current assets 1495000 26% 1207500 23% Property,plant and equipment 3565000 62% 3622500 69% Intangible assets 690000 12% 420000 8% Total assets 5750000 100% 5250000 100% Liabilities Current liabilities 1150000 20% 892500 17% Long term liabilities 1725000 30% 1890000 36% Total liabilities 2875000 50% 2782500 53% Common stock 575000 10% 420000 8% Retained earnings 2300000 40% 2047500 39% Total stockholders equity 2875000 50% 2467500 47% Total liabilities and stockholders equity 5750000 100% 5250000 100%

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