In addition to common-size financial statements, common-base-year financial statements are often used. Common-base-year financial statements are constructed by dividing the current year account value by the base year account value. Thus, the result shows the growth rate in the account. Using the financial statements provided in the Excel file, construct the common-size balance sheet and common-base-year balance sheet for the company. Use 2013 as the base year.

Use the provided Excel template to input your answers.

Assets Liabilities and Owners' equity 2013 2014 2013 2014 Current assets $ 16,298 $ 18,840 25,968 26,808 47,644 S 86,454 S 93,292 Current liabilities Notes payable Long-term debt $ 22,902 $ 24,768 29436 30,366 $ 52,338 S 55,134 $ 42,000 $ 60,000 Accounts payable Accounts receivable Inventory 44,188 Total Owners' equity Common stock and paid-in surplus $ 50,000 $ 50,000 326,532 334,978 S 376,532 $ 384,978 470 870 S500,112 Total liabilities and owners' equity S 470 870 $500,112 Fixed assets Net plant and equipment 384,416 $406,820 Accumulated retained earnings Total Total assets Output area Common Common base year 2013 size 2014 size Current assets Current assets S 16,298 25,968 44,188 $ 86,454 S 18,840 26,808 47,644 S 93,292 3.46% 3.77% 1.1560 Cash Accounts receivable Inventory Accounts receivable Inventory Fixed assets Fixed assets Net plant and equipment 384,416 S470,870 $406,820 Net plant and equipment Total assets Total assets es Current liabilities Current liabilities Notes payable Long-term debt S 22,902 29,436 S 52,338 $ 42,000 S 24,768 30.366 S 55,134 S 60,000 Accounts payable Accounts payable Notes payable Total Total Long-term debt Owners' equity Owners' equity Common stock and paid-in surplus S 50,000 326,532 $ 376,532 Total liabilities and owners' equity $470,870 Common stock and paid-in surplus S 50,000 334,978 $ 384,978 Total liabilities and owners' equityS500,112 Accumulated retained earnings Accumulated retained earnings Total Total