Question
Balance sheet data for Novak Company on December 31, the end of two recent fiscal years, follows: 1 Current Year Previous Year 2 Current assets
Balance sheet data for Novak Company on December 31, the end of two recent fiscal years, follows: 1 Current Year Previous Year 2 Current assets $1,495,000.00 $1,207,500.00 3 Property, plant, and equipment 3,565,000.00 3,622,500.00 4 Intangible assets 690,000.00 420,000.00 5 Current liabilities 1,150,000.00 892,500.00 6 Long-term liabilities 1,725,000.00 1,890,000.00 7 Common stock 575,000.00 420,000.00 8 Retained earnings 2,300,000.00 2,047,500.00 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.
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