Question

Comparative Income Statement Use the following comparative income statement form to enter amounts you identify from the computations on the Liquidity and Solvency Measures part and on the Profitability Measures part. Compute any missing amounts and complete the horizontal analysis columns. Enter percentages as decimal amounts, rounded to one decimal place. When rounding, look only at the figure to the right of one decimal place. If < 5, round down and if 5, round up. For example, for 32.048% enter 32.0%. For 32.058% enter 32.1%. Comparative Income Statement For the Years Ended December 31, 2046 and 2045 Increase/(Decrease) Amount Percentage 20Y6 Sales A 2015 $7,287,000 (3,444,000) $ Cost of goods sold Gross profit 4 $3,843,000 Selling expenses 4 $(1,457,600) (1,106,000) Administrative expenses (1,242,000) 4 Total operating expenses $(2,563,600) 4 Operating income $1,279,400 Other expense interest) (120,600) Income before income tax expense $ $1,158,800 Income tax expense (181,980) Net income $976,820 Feedback Check My Work For missing amounts, review their definitions in your text. Changes in the horizontal analysis may be increases or decreases.
there is no question provided, I just need help on the balance sheet

Answer 1

As mentioned in the question, only Balance sheet needs to be done.

accounts receivables	credit sales / (average receivables/2)
	$8,280,000 / (($714,000+$740,000)/2)
credit sales	$8,280,000
end accounts receivables	$714,000 (to be used in balance sheet)
start accounts receivables	$740,000

quick assets = cash + marketable securities + accounts receivable

quick ratio	quick assets / current liabilities = 1,866,000 / 860,000
quick assets	1,866,000
current liabilities	860,000

cash (given)	$823,000
marketable (see the below calculation)	$329,000
accounts receivable (given)	$714,000
quick assets (given)	$1,866,000

marketable securities =  $1,866,000 - $823,000 - $714,000

inventory turnover ratio	cost of goods sold / ((average inventories/2))
	$4,100,000 / (($1,072,000+$1,100,000/2))
cost of goods sold	$4,100,000
end inventory	$1,072,000
closing inventory	$1,100,000

current assets = $3,093,000 current liabilities = $860,000

cash (given)	$823,000
marketable (see calculations)	$329,000
accounts receivable (provided ending accounts receivable)	$714,000
inventory (provided ending inventory)	$107,2000
prepaid expenses (see the calculation below)	$155,000
current assets	$3,093,000

prepaid expenses = current assets - cash - marketable securities - accounts receivable - inventory

ratio to fixed assets to long term liabilities = $2,690,000 / $1,690,000

fixed assets = $2,690,000 and long term liabilities = $1,690,000

ratio of total liabilities to stockholders equity = total liabilities / stockholder equity = $2550,000 / $4,057,000

total liabilities = $2,550,000 and stockholders equity = $4,057,000

Liabilities
Current liabilities	$860,000
Long-term liabilities	$1,690,000
Total liabilities	$2,550,000
Stockholders equity	$4,057,000
Total	$6,607,000

Assets
cash	$823,000
marketable securities	$329,000
accounts receivable	$714,000
inventory	$1,072,000
prepaid expenses	$155,000
current assets	$3,093,000
long term investments (see the calculation below)	$824,000
property, plant and equipment	$2,690,000
Total	6,607,000

long term investments = total assets - current assets - property, plant and equipment