Question

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%.) GLITTER INC. Condensed Balance Sheet December 31 Increase or (Decrease) 2022 2021 Amount Percentage Assets Current Assets $106,000 $90,000 $ 16000 17.78 Plant assets (net) 400,000 350,000 50000 14.29 Total assets $506,000 $440,000 $ 66000 32.07 Liabilities Current Liabilities $ 34000 52.31 $99,000 122,000 $65,000 90,000 Long-term liabilities 32000 35.56 Total liabilities $221,000 $155,000 $ 66000 87.87 Stockholders' Equity Common stock, $1 par 130,000 115,000 15000 Retained earnings 155,000 170,000 - 15000 Total stockholders' equity 285,000 285,000 Total liabilities and stockholders' equity $506,000 $440,000 $ 66000 4.22

Answer 1

GLITTER INC. Condensed Balance Sheet December 31 Increase or (Decrease) 2022 2021 Amount Percentage Assets Current Assets $106,000 $90,000 $ 16000 17.7 17.78 Plant assets (net) 400,000 350,000 50000 14.3 14.29 Total assets $506,000 $440,000 660 66000 15.0 Liabilities Current Liabilities $99,000 $65,000 $ 34000 52.3 5231 % Long-term liabilities 122,000 90,000 32000 20.6 35.56 % Total liabilities $221,000 $155,000 66000 42.6 - Stockholders' Equity Common stock, $1 par 130,000 115,000 15000 13.0 13.04 % Retained earnings 155,000 170,000 - 15000 (8.8) -8,82 Total stockholders' equity 285,000 285,000 Total liabilities and stockholders' $506,000 $440,000 $ 66000 15.0 % equity