Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Balance sheet data for Kwan Company on December 31, the end of two recent fiscal years, follow: Current Year Previous Year Current assets $323,640 $187,920

Balance sheet data for Kwan Company on December 31, the end of two recent fiscal years, follow:

Current Year Previous Year
Current assets $323,640 $187,920
Property, plant, and equipment 574,200 516,780
Intangible assets 146,160 78,300
Current liabilities 229,680 117,450
Long-term liabilities 375,840 305,370
Common stock 125,280 117,450
Retained earnings 313,200 242,730

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. If required, round percentages to one decimal place.

Kwan Company Comparative Balance Sheet For the Years Ended December 31
Current year Amount Current year Percent Previous year Amount Previous year Percent
Current assets $323,640 fill in the blank % $187,920 fill in the blank %
Property, plant, and equipment 574,200 fill in the blank % 516,780 fill in the blank %
Intangible assets 146,160 fill in the blank % 78,300 fill in the blank %
Total assets $1,044,000 fill in the blank % $783,000 fill in the blank %
Current liabilities $229,680 fill in the blank % $117,450 fill in the blank %
Long-term liabilities 375,840 fill in the blank % 305,370 fill in the blank %
Common stock 125,280 fill in the blank % 117,450 fill in the blank %
Retained earnings 313,200 fill in the blank % 242,730 fill in the blank %
Total liabilities and stockholders' equity $1,044,000 fill in the blank % $783,000 fill in the blank %

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions