GARCIA CORPORATION Comparative Condensed Balance Sheets December 31 2014 2013 GA
ID: 2699519 • Letter: G
Question
GARCIA CORPORATIONComparative Condensed Balance Sheets
December 31 2014 2013 GARCIA CORPORATION
Condensed Balance Sheets
December 31 2014 2013 Increase
(Decrease) Percentage
Change from 2013 Assets Current Assets $75,440 $81,720 Property, Plant & Equipment (net) 99,440 90,460 Intangibles 25,850 38,870 Total assets $200,730 $211,050 Liabilities and Stockholders' Equity Current Liabilities $40,990 $49,300 Long-term Liabilities 140,990 150,820 Stockholders' Equity 18,750 10,930 Total liabilities and stockholders' equity $200,730 $211,050 GARCIA CORPORATION
Condensed Balance Sheet
December 31, 2014 Amount Percent Assets Current Assets $75,440 Property, Plant, and Equipment (net) 99,440 Intangibles 25,850 Total assets $200,730 Liabilities and Stockholders' Equity Current Liabilities $40,990 Long-term Liabilities 140,990 Stockholders' Equity 18,750 Total liabilities and stockholders' equity $200,730 Exercise 14-3 The comparative condensed balance sheets of Garcia Corporation are presented below.
GARCIA CORPORATION
Comparative Condensed Balance Sheets
December 31 2014 2013 Assets Current assets $ 75,440 $ 81,720 Property, plant, and equipment (net) 99,440 90,460 Intangibles 25,850 38,870 Total assets $200,730 $211,050 Liabilities and stockholders%u2019 equity Current liabilities $ 40,990 $ 49,300 Long-term liabilities 140,990 150,820 Stockholders%u2019 equity 18,750 10,930 Total liabilities and stockholders%u2019 equity $200,730 $211,050
(a) Prepare a horizontal analysis of the balance sheet data for Garcia Corporation using 2013 as a base. (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. 12.3%.)
GARCIA CORPORATION
Condensed Balance Sheets
December 31 2014 2013 Increase
(Decrease) Percentage
Change from 2013 Assets Current Assets $75,440 $81,720 $ % Property, Plant & Equipment (net) 99,440 90,460 % Intangibles 25,850 38,870 % Total assets $200,730 $211,050 $ % Liabilities and Stockholders' Equity Current Liabilities $40,990 $49,300 $ % Long-term Liabilities 140,990 150,820 % Stockholders' Equity 18,750 10,930 % Total liabilities and stockholders' equity $200,730 $211,050 $ %(b) Prepare a vertical analysis of the balance sheet data for Garcia Corporation in columnar form for 2014. (Round percentages to 1 decimal place, e.g. 12.3%.)
GARCIA CORPORATION
Condensed Balance Sheet
December 31, 2014 Amount Percent Assets Current Assets $75,440 % Property, Plant, and Equipment (net) 99,440 % Intangibles 25,850 % Total assets $200,730 % Liabilities and Stockholders' Equity Current Liabilities $40,990 % Long-term Liabilities 140,990 % Stockholders' Equity 18,750 % Total liabilities and stockholders' equity $200,730 %
Explanation / Answer
kind of a tough problem make sure yousubtract your long-term liabiliaties from your current liabilities
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