Question 1 The comparative condensed balance sheets of Gurley Corporation are presented below. 2016 GURLEY CORPORATION Comparative Condensed Balance Sheets December 31 2017 Assets Current assets $ 74,500 Property, plant, and equipment (net) 99,200 Intangibles 26,000 Total assets $199,700 Liabilities and stockholders' equity Current liabilities $ 42,000 Long-term liabilities 141,000 Stockholders' equity 16,700 Total liabilities and stockholders' equity $199,700 $ 82,000 90,000 40,200 $212,200 $ 48,000 149,000 15,200 $212,200 (a) Prepare a horizontal analysis of the balance sheet data for Gurley Corporation using 2016 as a base. (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 decimal place, e.g. 12.3%.) GURLEY CORPORATION Condensed Balance Sheets Percentage 2017 2016 Increase (Decrease) Change from 2016 Assets Current assets $74,500 $82,000 to % Property, plant & equipment (net) 99,200 90,000 % Intangibles 26,000 40,200 % Total assets $199,700 $212,200 % Liabilities and stockholders' Equity Current liabilities $42,000 $48,000 $ % Long-term liabilities 141,000 149,000 % Stockholders' equity 16,700 15,200 % Total liabilities and stockholders' equity $199,700 $212,200 % (b) Prepare a vertical analysis of the balance sheet data for Gurley Corporation in columnar form for 2017. (Round percentages to 1 decimal place, e.g. 12.3%.) Prepare a vertical analysis of the balance sheet data for Gurley Corporation in columnar form for 2017. (Round percentages to 1 decimal place, e.g. 12.3%.) GURLEY CORPORATION Condensed Balance Sheet Amount Percent Assets Current assets $ 74,500 Property, plant, and equipment (net) 99,200 % Intangibles 26,000 % Total assets $199,700 % Liabilities and stockholders' equity Current liabilities $42,000 % Long-term liabilities 141,000 % Stockholders' equity 16,700 % Total liabilities and stockholders' equity $199,700