Question
Thistle Inc. Comparative Balance Sheets December 31, 2021 2020 Assets: Current Assets: Cash $ 690,000 $ 540,000 Accounts Receivable (net) 1,560,000 1,080,000 Merchandise Inventory 1,950,000
Thistle Inc.
Comparative Balance Sheets
December 31,
2021 2020
Assets:
Current Assets:
Cash $ 690,000 $ 540,000
Accounts Receivable (net) 1,560,000 1,080,000
Merchandise Inventory 1,950,000 1,260,000
Prepaid Expenses 351,000 315,000
Total Current Assets 4,551,000 3,195,000
Long-Term Investments 225,000 50,000
Plant Assets:
Property, Plant & Equipment 2,190,000 1,390,000
Accumulated Depreciation (450,000) (270,000)
Total Plant Assets 1,740,000 1,120,000
Total Assets $6,516,000 $4,365,000
Equities:
Current Liabilities:
Accounts Payable $1,275,000 $1,095,000
Accrued Expenses 309,000 282,000
Total Current Liabilities 1,584,000 1,377,000
Long-Term Notes Payable 825,000 0
Stockholders' Equity:
Common Stock 3,150,000 2,400,000
Paid in-Capital 20,000 10,000
Retained Earnings 937,000 578,000
Total Equities $6,516,000 $4,365,000
Thistle, Inc.
Comparative Income Statements
FYE December 31, 2018
2018
Net Credit Sales $7,020,000
Cost of Goods Sold 3,915,000
Gross Profit 3,105,000
Expenses 2,576,000
Loss on Sale of Investment 10,000
Net Income $ 519,000
Additional Information: Investments originally costing $50,000 were sold for $40,000. No PPE was sold.
Need the horizontal and vertical analysis Thanks.
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Accounting The Easy Way
Authors: Peter Eisen
2nd Edition
0812041879, 978-0812041873
