ACG-2021 Lecture Notes - Lecture 2: Retained Earnings, Common Stock, Financial Statement
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In the blank next to each account, write the letter indicatingto which category of the Classified Balance Sheet it wouldbelong.
A. Current Assets E. Current Liabilities
B. Long-Term Investments F. Long-Term Liabilities
C. Property, Plant, and Equipment G. Stockholdersâ Equity
D. Intangible Assets H. Not on the Balance Sheet
Accumulated Depreciation | |
Common Stock | |
Building (used in operations) | |
Salaries Payable | |
Land (not used in operations) | |
Inventory | |
Unearned Revenue | |
Depreciation Expense | |
Dividends | |
Patents | |
Prepaid Rent | |
Mortgage Payable (due 2020) | |
Salaries Expense | |
Short-Term Debt investment | |
Income Tax Payable | |
Goodwill |
Balance sheet data for Alvarez Company on December 31, the end of two recent fiscal years, follows:
Current Year | Previous Year | |||
Current assets | $300,560 | $172,380 | ||
Property, plant, and equipment | 477,360 | 437,580 | ||
Intangible assets | 106,080 | 53,040 | ||
Current liabilities | 194,480 | 119,340 | ||
Long-term liabilities | 353,600 | 258,570 | ||
Common stock | 79,560 | 86,190 | ||
Retained earnings | 256,360 | 198,900 |
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. If required, round percentages to one decimal place.
Alvaraz Company | ||||
Comparative Balance Sheet | ||||
For the Years Ended December 31 | ||||
Current year Amount | Current year Percent | Previous year Amount | Previous year Percent | |
Current assets | $300,560 | % | $172,380 | % |
Property, plant, and equipment | 477,360 | % | 437,580 | % |
Intangible assets | 106,080 | % | 53,040 | % |
Total assets | $884,000 | % | $663,000 | % |
Current liabilities | $194,480 | % | $119,340 | % |
Long-term liabilities | 353,600 | % | 258,570 | % |
Common stock | 79,560 | % | 86,190 | % |
Retained earnings | 256,360 | % | 198,900 | % |
Total liabilities and stockholders' equity | $884,000 | % | $663,000 | % |