Question
Exercise 18-03 (Video) Here is financial information for Glitter Inc. December 31, 2020 December 31, 2019 Current assets $124,200 $100,000 Plant assets (net) 394,630 335,000
Exercise 18-03 (Video)
Here is financial information for Glitter Inc.
December 31, 2020 | December 31, 2019 | |||
Current assets | $124,200 | $100,000 | ||
Plant assets (net) | 394,630 | 335,000 | ||
Current liabilities | 88,416 | 72,000 | ||
Long-term liabilities | 131,924 | 86,000 | ||
Common stock, $1 par | 165,945 | 115,000 | ||
Retained earnings | 132,545 | 162,000 |
Prepare a schedule showing a horizontal analysis for 2020, using 2019 as the base year. (Enter negative amounts and percentages using either a negative sign preceding the number e.g. -45, -45% or parentheses e.g. (45), (45%). Round percentages to 1 decimal place, e.g. 12.3%.)
GLITTER INC. Condensed Balance Sheets December 31 | ||||||||||
Increase or (Decrease) | ||||||||||
2020 | 2019 | Amount | Percentage | |||||||
Assets | ||||||||||
Current assets | $124,200 | $100,000 | $ | % | ||||||
Plant assets (net) | 394,630 | 335,000 | % | |||||||
Total assets | $518,830 | $435,000 | $ | % | ||||||
Liabilities | ||||||||||
Current liabilities | $88,416 | $72,000 | $ | % | ||||||
Long-term liabilities | 131,924 | 86,000 | % | |||||||
Total liabilities | 220,340 | 158,000 | % | |||||||
Stockholders' Equity | ||||||||||
Common stock, $1 par | 165,945 | 115,000 | % | |||||||
Retained earnings | 132,545 | 162,000 | % | |||||||
Total stockholders' equity | 298,490 | 277,000 | % | |||||||
Total liabilities and stockholders' equity | $518,830 | $435,000 | $ | % |
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