Class Assignment 16 Comparative Balance Sheet AgBiz Corporation December 31, Year 1 Assets December 31, Year 2 Account Difference Percent Difference $ 49,000 5,000 151,000 $205,000 $ 17,000 30,000 127,000 $ 174,000 $ -32,000 +25,000 -24,000 $ -31,000 -653 +500.0 -15.9 15.1 Current assets: Cash Accounts receivable Inventories Total current assets Fixed assets: Land Buildings and equipment Less: Depreciation Total fixed assets Other investments: Cash value of life insurance Investment in other firms Investment in subsidiary Total other Total assets 250,000 500,000 - 150,000 600,000 250,000 660,000 -170,000 740,000 +160,000 -20.000 $+140,000 +200 +3.1 6,400 24,400 75,000 105,800 $910.800 6,600 24,400 75.000 106,000 $1,020,000 +200 $+109,200 +12.0 $ +33,000 +250 +165.0 +16.7 +15,200 +48,450 +76.0 +116.7 Liabilities and Owners' Equity Current liabilities: Accounts and notes payable $ 20,000 $ 53,000 Accrued taxes payable 1,500 1.750 Installment on long-term debt due this year 20,000 35,200 Total current liabilities 41,500 89,950 Long-term liabilities: Long-term notes payable 301,600 320,050 Total liabilities $343,100 $ 410,000 Owners' equity: Capital stock 390,500 390,500 Retained earnings, January 1 147,200 177,200 Net Income for the year 30,000 42,300 Retained earnings, December 31 $567,700 $ 610,000 Total liabilities and owners' equity $910,800 $1,020,000 +18.450 +66,900 +6.1 +19.5 +30,000 +12,300 $ +42,300 $+109,200 +12.0 Figure 14-1 Comparative Balance Sheet AGEC 340 Class Assignment Date: Name: Comparative Profit-and-Loss Statement AgBiz Corporation Percent of Sales 100.0 Percent of Sales Year 1 $1,250,000 Year 2 $1,465,000 Percent Difference +17.2 Difference $+215,000 100.0 +51.0 100.000 +1,077.000 1.177.000 - 151,000 1,026,000 224,000 151.000 +1.105.000 15136.000 - 127.000 1,129,000 336,000 +51,000 +28.000 +79,000 -24 000 +103.000 +112,000 +6.7 -15.9 +10.0 +50,0 821 229 Revenue from sales Less: Cost of goods sold Inventory, January 1 + Goods purchased Goods available for sale - Inventory, December 31 Cost of goods sold Gross margin Less Operating expenses Salaries and wages Office expenses Selling and promotion Utilities and fuel Interest expenses Depreciation Total operating expenses Income before taxes Less: Allowance for income taxes Net Income (to retained earnings) 80 +40.0 +240.0 +89.5 3.0 100.000 1000 38.000 30.000 4,000 15,000 $ 188,000 36,000 6,000 $ 30,000 +40,000 +2.400 +34.000 +14,600 +1,000 +5.000 97,000 15.000 03 03 +250 140,000 3.400 72.000 44,600 5.000 20,000 $285.000 51,000 8.700 $ 42 300 195 $ +2.700 S +12.300 Figure 14-2 Comparative Profit-and-Loss Statement AGEC 340 Class Assignment Date: Name: Use the information above to complete the following the Ratios Year 1 Which year is better? Current Ratio Quick Ratio Acid Test Ratio Debt to Equity Ratio Times Interest Earned Ratio Inventory Turnover Ratio Average Number of Days for Inventory to Tum Over
