Question

Exercise 13-03 Here is financial information for Kingbird, Inc. Current assets Plant assets (net) Current liabilities Long-term liabilities Common stock, $1 par Retained earnings December 31, 2022 December 31, 2021 $109,400 $ 92,200 402,200 353,400 101,200 68,400 125,400 92,200 133,400 118,400 151,600 166,600 Prepare a schedule showing a horizontal analysis for 2022, using 2021 as the base year. (If amount and percentage are a decrease show the numbers as negative, e.g. -55,000, -20% or (55,000), (20%). Round percentages to 1 decimal place, e.g. 12.1%.)

Answer 1

Answer

--Requirement

	2022	2021	Amount	Percent
ASSETS
Current Assets	$109,400	$92,200	$17,200	18.7%
Plant Assets (net)	$402,200	$353,400	$48,800	13.8%
Total Assets	$511,600	$445,600	$66,000	14.8%
LIABILITIES
Current liabilities	$101,200	$68,400	$32,800	48.0%
Long Term Liabilities	$125,400	$92,200	$33,200	36.0%
Total Liabilities	$226,600	$160,600	$66,000	41.1%
STOCKHOLDER's EQUITY
Common Stock	$133,400	$118,400	$15,000	12.7%
Retained earnings	$151,600	$166,600	($15,000)	-9.0%
Total Stockholders' equity	$285,000	$285,000	$0	0.0%
Total Liabilities & Stockholder's equity	$511,600	$445,600	$66,000	14.8%