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need help with the common size balance sheet, thanks. Check my w of which will be used to bolster the Cash account and $450,000 of
need help with the common size balance sheet, thanks.
Check my w of which will be used to bolster the Cash account and $450,000 of which will be used to modernize equipment. The company's financial statements for the two most recent years follow: Sabin Electronics Comparative Balance Sheet This Year Last Year $ $ 19:05 110,000 0 607,000 1,045,000 30,000 1,792,000 1,946,400 $ 3,738,400 250,000 28,000 400,000 695,000 32,000 1,405,000 1,470,000 $ 2,875,000 ak Assets Current assets: Cash Marketable securities Accounts receivable, net Inventory Prepaid expenses Total current assets Plant and equipment, net Total assets Liabilities and Stockholders' Equity Liabilities: Current liabilities Bonds payable, 12% Total liabilities Stockholders' equity: Common stock, $15 par Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $ $ 850,000 750,000 1,600,000 400,000 750,000 1,150,000 aces 790,000 1,348,400 2,138,400 $ 3,738, 400 790,000 935,000 1,725,000 $ 2,875,000 Sabin Electronics Comparative Income Statement and Reconciliation This Year Last Year Sales $ 5,507.000 $ 4,650,000 Cost of goods sold 3,975,000 3,550,000 Gross margin 1,525,000 1,100,000 Selling and administrative expenses 673,000 568,000 Net operating income 852,000 532,000 Interest expense 90,000 90,000 Net income before taxes 762,000 442,000 Income taxes (308) 228,600 132, 600 Net income 533, 400 309,400 Common dividends 120,000 99,000 Net income retained 413, 400 210,400 Beginning retained earnings 935,000 724,600 Ending retained earnings $ 1,348,400 $ 935,000 Req 1 Reg 2A Req 2B Present the balance sheet in common-size format for both this year and last year. (RC ts Sabin Electronics 01:48:47 Common-Size Balance Sheets This Year Last Year Assets Current assets: eBook 100.0 % 100.0 % 0.0 11.2 Print ferences 100.0 111.2 100.0 % 111.2 % Cash Marketable securities Accounts receivable, net Inventory Prepaid expenses Total current assets Plant and equipment, net Total assets Liabilities and Stockholders' Equity Liabilities: Current liabilities Bonds payable, 12% Total liabilities Stockholders' equity Common stock, $15 par Retained earnings Total stockholders' equity Total liabilities and equity % % 0.0 0.0 0.0 0.0 0.0 % 0.0 %Step by Step Solution
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