Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Here is financial information for Glitter Inc. December 31, 2020 December 31, 2019 Current assets $122,600 $100,000 Plant assets (net) 394,350 330,000 Current liabilities 85,968

Here is financial information for Glitter Inc.

December 31, 2020

December 31, 2019

Current assets $122,600 $100,000
Plant assets (net) 394,350 330,000
Current liabilities 85,968 72,000
Long-term liabilities 133,902 86,000
Common stock, $1 par 166,210 110,000
Retained earnings 130,870 162,000

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

$122,600

$100,000

$enter a dollar amount

enter a percentage number rounded to 1 decimal place %

Plant assets (net)

394,350 330,000 enter a dollar amount

enter a percentage number rounded to 1 decimal place %

Total assets

$516,950 $430,000

$enter a total amount for the first part of the balance sheet

enter a percentage number rounded to 1 decimal place %

Liabilities

Current liabilities

$85,968

$72,000

$enter a dollar amount

enter a percentage number rounded to 1 decimal place %

Long-term liabilities

133,902 86,000 enter a dollar amount

enter a percentage number rounded to 1 decimal place %

Total liabilities

219,870 158,000 enter a total amount for section one of the second part of the balance sheet

enter a percentage number rounded to 1 decimal place %

Stockholders' Equity

Common stock, $1 par

166,210

110,000

enter a dollar amount

enter a percentage number rounded to 1 decimal place %

Retained earnings

130,870 162,000 enter a dollar amount

enter a percentage number rounded to 1 decimal place %

Total stockholders' equity

297,080 272,000 enter a total amount for section two of the second part of the balance sheet

enter a percentage number rounded to 1 decimal place %

Total liabilities and stockholders' equity

$516,950 $430,000 $enter a total amount for the second part of the balance sheet

enter a percentage number rounded to 1 decimal place %

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

Surviving An OSHA Audit A Management Guide

Authors: Frank R. Spellman

2nd Edition

0367650746, 978-0367650742

More Books

Students also viewed these Accounting questions