Vertical analysis of balance sheet OBJ. 1 Balance sheet data for Novak Company on December 31, the
Question:
Vertical analysis of balance sheet OBJ. 1 Balance sheet data for Novak Company on December 31, the end of two recent fiscal years, follows:
Current Year Previous Year Current assets $1,300,000 $ 945,000 Property, plant, and equipment 3,000,000 3,150,000 Intangible assets 700,000 405,000 Current liabilities 1,000,000 720,000 Long-term liabilities 1,500,000 1,575,000 Common stock 500,000 495,000 Retained earnings 2,000,000 1,710,000 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. Round to one decimal place.
Step by Step Answer:
Financial And Managerial Accounting
ISBN: 9781305267831,9781305267848
13th Edition
Authors: Carl S. Warren , James M. Reeve , Jonathan Duchac