Question

Balance sheet data for Hanes Company on December 31, the end of the fiscal year, are shown below. 20Y2 2011 Current assets 309,380 194,740 Property, plant, and equipment 558,880 486,850 Intangible assets 129,740 67,410 Current liabilities 239,520 149,800 Long-term liabilities 359,280 262,150 Common stock 119,760 112,350 Retained earnings 279,440 224,700 Prepare a comparative balance sheet for 20Y2 and 20Y1, stating each asset as a percent of total assets and each liability and stockholders' equity item as a percent of the total liabilities and stockholders' equity, If required, round percentages to one decimal place. Hanes Company Comparative Balance Sheet December 31, 20Y2 and 2071 20Y2 Amount 20Y2 Percent 20Y1 Amount 20Y1 Percent Assets Current assets $309,380 $194,740 Property, plant, and equipment 558,880 486,850 Intangible assets 129,740 67,410 $998,000 $749,000 Total assets Liabilities Current liabilities $239,520 $149,800 359,280 262,150 Long-term liabilities Stockholders' equity Common stock 112,350 119,760 279,440 Retained earnings 224,700 Total liabilities and stockholders' equity $998,000 $749,000

Answer 1

Hanes Company Comparative Balance Sheet December 31, 20Y2 and 20Y1 Particulars 20Y2 Amount 20Y2 Percent 20Y1 Amount 20Y1 Percent Assets Current Assets Property, plant and equipment Intangible assets Total assets 309,380 558,880 129,740 998,000 31.0%) $ 56.0% 13.0% 100.0%| $ 194,740 486,850 67,410 749,000 26.0% 65.0% 9.0% 100.0% Particulars 20Y2 Amount 20Y2 Percent 20Y1 Amount 20Y1 Percent Liabilities and owners equity Current Liabilities Long term liabilities 239,520 359,280 24.0%) $ 36.0% 149,800 262,150 20.0% 35.0% Owner's Equity Common Stock Retained earnings Total Liabilities and owners equit $ 119,760 279,440 998,000 12.0% 28.0% 100.0%| $ 112,350 224,700 749,000 15.0% 30.0% 100.0%

Explanation: To prepare comparative balance sheets, we need to divide each asset account by total assets, and each boility and equity by total liabilities and equity. Like for example Current asset percentage for 20Y2 will be calculated Current asset percentage for 20Y2 -Current Asset/ Total Assets -309380/998000 31.0% Like ways percentage will be calculated for all asset accounts by dividing with total assets Same will be followed for liabilities and equity by dividing them with Total Liabilities and equity.