Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Note: Input all answers as positive values except decrease answers which should be indicated by a minus sign. Round your percent answers to the nearest

image text in transcribedimage text in transcribedimage text in transcribed

Note: Input all answers as positive values except decrease answers which should be indicated by a minus sign. Round your "percent" answers to the nearest hundredth percent. \begin{tabular}{|c|c|c|c|c|c|c|} \hline \multicolumn{7}{|c|}{ LOGIC COMPANY } \\ \hline \multicolumn{7}{|c|}{ Comparative Balance Sheet } \\ \hline \multicolumn{7}{|c|}{ December 31, 2022 and 2023} \\ \hline & \multicolumn{3}{|c|}{2023} & \multicolumn{3}{|c|}{2022} \\ \hline & & Imount & Percent & & mount & Percent \\ \hline \multicolumn{7}{|l|}{ Assets } \\ \hline \multicolumn{7}{|l|}{ Current assets: } \\ \hline Cash & $ & 13,100 & & $ & 10,100 & \\ \hline Accounts receivable & & 17,600 & & & 13,600 & \\ \hline Merchandise inventory & & 9,600 & & & 15,100 & \\ \hline Prepaid expenses & & 25,100 & & & 11,100 & \\ \hline Total current assets & $ & 65,400 & & $ & 49,900 & \\ \hline \multicolumn{7}{|l|}{ Plant and equipment: } \\ \hline Building (net) & $ & 15,600 & & $ & 12,100 & \\ \hline Land & & 14,600 & & & 10,100 & \\ \hline Total plant and equipment & $ & 30,200 & & $ & 22,200 & \\ \hline Total assets & $ & 95,600 & & $ & 72,100 & \\ \hline \multicolumn{7}{|l|}{ Liabilities } \\ \hline \multicolumn{7}{|l|}{ Current liabilities: } \\ \hline Accounts payable & $ & 14,100 & & $ & 8,100 & \\ \hline Salaries payable & & 8,100 & & & 6,100 & \\ \hline Total current liabilities & $ & 22,200 & & $ & 14,200 & \\ \hline \multicolumn{7}{|l|}{ Long-term liabilities: } \\ \hline Mortgage note payable & & 23,100 & & & 21,600 & \\ \hline Total liabilities & $ & 45,300 & & $ & 35,800 & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|l|} \hline \multicolumn{1}{|c|}{ Stockholders' Equity } & & & & \\ \hline Common stock & $22,100 & & $22,200 & \\ \hline Retained earnings & 28,200 & & 14,100 & \\ \hline \multicolumn{1}{|c|}{ Total stockholders' equity } & $50,300 & & $36,300 & \\ \hline Total liabilities and stockholders' equity & $495,600 & & $72,100 & \\ \hline \hline \end{tabular}

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

Financial Accounting And Reporting

Authors: Barry Elliott, Jamie Elliott

11th Edition

0273708708, 9780273708704

More Books

Students also viewed these Accounting questions

Question

=+Could you create an interactive game on the website?

Answered: 1 week ago