1. Perform a horizontal analysis on Tortoise Cleaning Corporations 2015 and 2016 balance

sheets. Round percentages to one decimal place.

Tortoise Cleaning Corporation

Comparative Balance Sheet

December 31, 2016 and 2015

Increase (Decrease)

Assets Dec. 31, 2016 Dec. 31, 2015 Amount Percent

Current assets $ 500,200 $ 480,300

Long-term investments 1,200,450 1,540,600

Property, plant, and equipment (net) 9,750,000 8,890,000

Intangible assets 1,685,000 1,790,000

Total assets $13,135,650 $12,700,900

Liabilities

Current liabilities $ 700,100 $ 654,300

Long-term liabilities 7,685,000 7,750,300

Total liabilities $8,385,100 $8,404,600

Stockholders' Equity

Preferred 4% stock, $10 par $ 877,600 $ 875,600

Common stock, $4 par 2,450,000 2,190,000

Retained earnings 1,422,950 1,230,700

Total stockholders' equity $ 4,750,550 $ 4,296,300

Total liabilities and stockholders'

Equity $13,135,650 $12,700,900

2. Using the 2015 and 2016 balance sheets in Exercise 1, prepare a vertical analysis. Round

percentages to one decimal place.

Tortoise Cleaning Corporation

Comparative Balance Sheet

December 31, 2016 and 2015

Dec. 31, 2016 Dec. 31, 2015

Assets Amount Percent Amount Percent

Current assets $ 500,200 $ 480,300

Long-term investments 1,200,450 % 1,540,600

Property, plant, and equipment (net) 9,750,000 % 8,890,000

Intangible assets 1,685,000 % 1,790,000

Total assets $13,135,650 % $12,700,900

Liabilities

Current liabilities $ 700,100 % $ 654,300

Long-term liabilities 7,685,000 % 7,750,300

Total liabilities $8,385,100 % $8,404,600

Stockholders' Equity

Preferred 4% stock, $10 par $877,600 % $875,600

Common stock, $4 par 2,450,000 % 2,190,000

Retained earnings 1,422,950 % 1,230,700

Total stockholders' equity $ 4,750,550 $ 4,296,300

Total liabilities and stockholders' equity $13,135,650 $12,700,900