Question

Balance sheet data for Alvarez Company on December 31, the end of two recent fiscal years, follow Current Year Previous Year Current assets $2,500,000 $1,800,000 Property, plant, and equipment 5,600,000 6,072.000 Intangible assets 1,900,000 1,288,000 Current liabilities 2,000,000 1,380,000 Long-term liabilities 3.400,000 3,680,000 Common stock 920,000 920.000 Retained earnings 3,660,000 3,220,000 Prepare a comparative balance sheet for both years, stating each asset as a percent of total assets and each ability and stockholders equally item as a percent of the total abilities and stockholders equity. Hound percentages to one decimal place Alvarar Cancany Comparative Balance Sheet For the Years Ended December 31 Current yea ment autent yea Percent Previous year Amount Previous year Perce Current assets $2.500.000 $1,540,000 Property, plant, and equipment 5.600,00 Intangible assets 310.000.000 Cho My Want

Answer 1

Correct Answer:

Alvarez Company
Comparative balance sheet
	Current Year	Current Year %	Previous Year $	Previous Year %
Current Assets	$       25,00,000	25.0%	$        18,40,000	20.0%
Property, Plant and equipment	$       56,00,000	56.0%	$        60,72,000	66.0%
Intangible assets	$       19,00,000	19.0%	$        12,88,000	14.0%
Total Assets	$    1,00,00,000	100.0%	$        92,00,000	100.0%
Current Liabilities	$       20,00,000	20.0%	$        13,80,000	15.0%
Long term Liabilities	$       34,00,000	34.0%	$        36,80,000	40.0%
Common Stock	$          9,20,000	9.2%	$          9,20,000	10.0%
Retained Earnings	$       36,80,000	36.8%	$        32,20,000	35.0%
Total Liabilities	$    1,00,00,000	100.0%	$        92,00,000	100.0%

End of answer.

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