Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Check my workCheck My Work button is now disabled3 Item 1 Item 1 10 points Item Skipped Birtle Corporation reports the following statement of financial

Check my workCheck My Work button is now disabled3

Item 1

Item 1 10 points Item Skipped

Birtle Corporation reports the following statement of financial position information for 2017 and 2018.

BIRTLE CORPORATION 2017 and 2018 Statement of Financial Position
Assets Liabilities and Owners Equity
2017 2018 2017 2018
Current assets Current liabilities
Cash $ 9,279 $ 11,173 Accounts payable $ 41,060 $ 43,805
Accounts receivable 23,683 25,760 Notes payable 16,157 16,843
Inventory 42,636 46,915
Total $ 75,598 $ 83,848 Total $ 57,217 $ 60,648
Long-term debt $ 40,000 $ 35,000
Fixed assets Owners equity
Common stock and paid-in surplus $ 50,000 $ 50,000
Retained earnings 200,428 236,167
Net plant and equipment $ 272,047 $ 297,967 Total $ 250,428 $ 286,167
Total assets $ 347,645 $ 381,815 Total liabilities and owners equity $ 347,645 $ 381,815

Prepare the 2017 and 2018 common-size statement of financial position for Birtle. (Round the final answers to 2 decimal places.)

2017 2018
Assets
Current assets
Cash $ 9,279 % $ 11,173 %
Accounts receivable 23,683 % 25,760 %
Inventory 42,636 % 46,915 %
Total $ 75,598 % $ 83,848 %
Fixed assets
Net plant and equipment $ 272,047 % $ 297,967 %
Total assets $ 347,645 % $ 381,815 %
Liabilities and Owners Equity
Current liabilities
Accounts payable $ 41,060 % $ 43,805 %
Notes payable 16,157 % 16,843 %
Total $ 57,217 % $ 60,648 %
Long-term debt $ 40,000 % $ 35,000 %
Owners' equity
Common stock and paid-in surplus $ 50,000 % $ 50,000 %
Accumulated retained earnings 200,428 % 236,167 %
Total $ 250,428 % $ 286,167 %
Total liabilities and owners' equity $ 347,645 % $ 381,815 %

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

Recommended Textbook for

Introduction To Financial Models For Management And Planning

Authors: James R Morris, John P Daley

2nd Edition

1498765041, 9781498765046

More Books

Students also viewed these Finance questions

Question

Determine the signal x(n) with z-transform X(z) = ez + e1/z |z| 0

Answered: 1 week ago

Question

What research studies are you interested in conducting?

Answered: 1 week ago