Question
Here is financial information for Glitter Inc. December 31, 2020 December 31, 2019 Current assets$123,000$100,000Plant assets (net)394,471329,000Current liabilities88,43074,000Long-term liabilities128,14086,000Common stock, $1 par166,600119,000Retained earnings134,301150,000 Create a
Here is financial information for Glitter Inc.
December 31, 2020
December 31, 2019
Current assets$123,000$100,000Plant assets (net)394,471329,000Current liabilities88,43074,000Long-term liabilities128,14086,000Common stock, $1 par166,600119,000Retained earnings134,301150,000
Create 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
$123,000
$100,000
$
%
Plant assets (net)
394,471329,000
%
Total assets
$517,471$429,000$
%
Liabilities
Current liabilities
$88,430
$74,000
$
%
Long-term liabilities
128,14086,000
%
Total liabilities
216,570160,000
%
Stockholders' Equity
Common stock, $1 par
166,600
119,000
%
Retained earnings
134,301150,000
%
Total stockholders' equity
300,901269,000
%
Total liabilities and stockholders' equity
$517,471$429,000$
%
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Accounting
Authors: Carl S. Warren, Christine Jonick, Jennifer Schneider
28th Edition
1337902683, 978-1337902687
