below are comparative statements of financial position for the Ozturk Company.

Instructions (Round to two decimal places.)

(a) Prepare a comparative statement of financial position of Ozturk Company showing the percent each item is of the total assets or total equity and liabilities.

(b) Prepare a comparative statement of financial position of Ozturk Company showing the Turkish lira change and the percent change for each item.

(c) Of what value is the additional information provided in part (a)?

(d) Of what value is the additional information provided in part (b)?

Transcribed Image Text:

Assets OZTURK COMPANY COMPARATIVE STATEMENTS OF FINANCIAL POSITION AS OF DECEMBER 31, 2015 AND 2014 December 31 2015 2014 Fixed assets $2,585,000 1,950,000 Accumulated depreciation (1,000,000) (750,000) Prepaid expenses 25,000 25,000 Inventories 1,060,000 980,000 Accounts receivable (net) 220,000 155,000 Short-term Investments 270,000 150,000 Cash 180,000 275,000 3,340,000 2,785,000 Equity and Liabilities Share capital-ordinary $2,100,000 $1,770,000 Retained earnings Bonds payable 570,000 550,000 450,000 190,000 Accrued expenses 170,000 200,000 Accounts payable 50,000 75,000 3,340,000 $2,785,000