Sanderson Company’s year-end balance sheets follow. Express the balance sheets in common-size per- cents. Round amounts to the nearest one-tenth of a percent. Analyze and comment on the results.
At December 31 | 2012 | 2011 | 2010 |
Assets |
|
|
|
Cash | $ 30,800 | $ 35,625 | $ 36,800 |
Accounts receivable, net | 88,500 | 62,500 | 49,200 |
Merchandise inventory | 111,500 | 82,500 | 53,000 |
Prepaid expenses | 9,700 | 9,375 | 4,000 |
Plant assets, net | 277,500 | 255,000 | 229,500 |
Total assets | $518,000 | $445,000 | $372,500 |
Liabilities and Equity |
|
|
|
Accounts payable | $128,900 | $ 75,250 | $ 49,250 |
Long-term notes payable secured by mortgages on plant assets | 97,500 | 102,500 | 82,500 |
Common stock, $10 par value | 162,500 | 162,500 | 162,500 |
Retained earnings | 129,100 | 104,750 | 78,250 |
Total liabilities and equity | $518,000 | $445,000 | $372,500 |
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