Project #10375 - Comparative Balance Sheet

Charles Royston was checking the year- end balances for his wood furniture manufacturing and retail business and was concerned about the numbers. From what he remembered, his debts and ac-counts receivable were higher than the previous year. Rather than get worked up over nothing, he decided he would gather the information and make a comparison. For December 31, 2011, the business had current assets of: $ 1,844 cash, $ 11,807 accounts receivable, and $ 9,628 inventory. Plant and equipment totaled $ 158,700. Current liabilities were: accounts payable $ 13,446; wages payable $ 650; and property and taxes payable $ 4,124. Long- term debt totaled $ 92,800 and owner’s equity $ 70,959. By comparison, for December 31, 2010, the business had current assets of: $ 3,278 cash; $ 6,954 accounts receivable; $ 17,417 inventory. Plant and equipment totaled $ 144,500. Current liabilities were: accounts payable $ 9,250; wages payable $ 1,110; property and taxes payable $ 3,650. Long- term debt totaled $ 75,800; and owner’s equity $ 82,339.

1. Construct a comparative balance sheet for Contemporary Wood Furniture for year- end 2010 and 2011, including a vertical and horizontal analysis of the comparative balance sheet. Express percent’s to the nearest tenth of a percent.

Subject Business
Due By (Pacific Time) 08/05/2013 03:00 pm
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