Exercise 13-3 Here is financial information for Skysong, Inc. December 31, 2017
ID: 2593139 • Letter: E
Question
Exercise 13-3
Here is financial information for Skysong, Inc.
December 31, 2017
December 31, 2016
Prepare a schedule showing a horizontal analysis for 2017, using 2016 as the base year. (If amount and percentage are a decrease show the numbers as negative, e.g. -55,000, -20% or (55,000), (20%). Round percentages to 1 decimal place, e.g. 12.1%.)
SKYSONG, INC.
Condensed Balance Sheet
December 31
Increase or (Decrease)
2017
2016
Amount
Percentage
Assets
Current Assets
$110,800
$93,400
%
Plant assets (net)
403,400
354,800
%
Total assets
$514,200
$448,200
%
Liabilities
Current Liabilities
$102,400
$69,800
%
Long-term liabilities
126,800
93,400
%
Total liabilities
$229,200
$163,200
%
Stockholders’ Equity
Common stock, $1 par
134,800
119,800
%
Retained earnings
150,200
165,200
%
Total stockholders’ equity
285,000
285,000
%
Total liabilities and stockholders’ equity
$514,200
$448,200
%
December 31, 2017
December 31, 2016
Current assets $110,800 $ 93,400 Plant assets (net) 403,400 354,800 Current liabilities 102,400 69,800 Long-term liabilities 126,800 93,400 Common stock, $1 par 134,800 119,800 Retained earnings 150,200 165,200Explanation / Answer
SOLUTION
2017 ($) 2016 ($) Amount Increase/ (Decrease)($) Percentage Assets: Current assets 110,800 93,400 17,400 18.7% Plant asset (net) 403,400 354,800 48,600 13.7% Total Assets 514,200 448,200 66,000 14.7% Liabilities: Current Liabilities 102,400 69,800 32,600 46.7% Long-term liabilities 126,800 93,400 33,400 35.8% Total liabilities 229,200 163,200 66,000 40.5% Stockholders’ Equity Common stock, $1 par 134,800 119,800 15,000 12.5% Retained earnings 150,200 165,200 (15,000) Total stockholders’ equity 285,000 285,000 Total liabilities and stockholders’ equity 514,200 448,200 66,000 14.7%Related Questions
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