7-10 The comparative balance sheets of Ramsey Egyptian Buffet are presented below. RAMSEY EGYPTIAN BUFFET Comparative Balance Sheets December 31 2009 2008 Assets $ 76,000 $ 80,000 Current assets Property, plant, and equipment (net) Intangibles 99,000 90,000 40,000 25,000 $200,000 Total assets $210,000 (continues Liabilities and stockholders' equity $ 40,800 $ 48,000 150,000 Current liabilities Long-term liabilities Stockholders' equity 143,000 16,200 12,000 $210,000 Total liabilities and stockholders' equity $200,000 Instructions (a) Prepare a horizontal analysis of the balance sheet data for Ramsey using 2008 as a base. (b) Prepare a vertical analysis of the balance sheet data for Ramsey in columnar form for 2009