* CengageNOW2 | Onlin x2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false人еВookShow Me HowVertical Analysis of Balance SheetBalance sheet data for Kwan Company on December 31, the end of two recent fiscal years, follow:Current YearPrevious YearCurrent assets$288,750$177,120Property, plant, and equipment498,750452,640Intangible assets87,50026,240Current liabilities175,00085,280Long-term liabilities376,250301,760Common stock78,75072,160Retained earnings245,000196,800Prepare a comparative balance sheet for both years, 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.Kwan CompanyComparative Balance SheetFor the Years Ended December 31CurrentCurrentPrevious PreviousyearyearyearyearAmount PercentAmountPercentCurrent assets$288,750$177,120%4:45 PM12/12/2020DELLprt scF10homeF11endinsertdelF6F8F9F12%23%24&458RTY41FGJK2B N M * CengageNOWv2 | Onlin X+ v-2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=falseеВookShow Me HowPrepare a comparative balance sheet for both years, 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.Kwan CompanyComparative Balance SheetFor the Years Ended December 31CurrentCurrentPrevious PreviousyearyearyearyearAmount PercentAmountPercentCurrent assets$288,750%$177,120Property, plant, and equipment498,750%452,640%Intangible assets87,500%26,240Total assets$875,000%$656,000Current liabilities$175,000%$85,280%Long-term liabilities376,250%301,760%Common stock78,750%72,160%Retained earnings245,000196,800Total liabilities and stockholders' equity $875,000%$656,000%4:45 PM12/12/2020DELLF4F5prt scF6F8homeendinsertF9F10deleteF11F129backspaRTYP6.GCJL2BM

Vertical analysis: This study determines the percentage of each line item on the financial…

Balance sheet data for Kwan Company on December 31, the end of two recent fiscal years, follow: Current Year Previous Year Current assets $288,750 $177,120 Property, plant, and equipment 498,750 452,640 Intangible assets 87,500 26,240 Current liabilities 175,000 85,280 Long-term liabilities 376,250 301,760 Common stock 78,750 72,160 Retained earnings 245,000 196,800 Prepare a comparative balance sheet for both years, 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.

Balance sheet data for Kwan Company on December 31, the end of two recent fiscal years, follow: Current Year Previous Year Current assets $288,750 $177,120 Property, plant, and equipment 498,750 452,640 Intangible assets 87,500 26,240 Current liabilities 175,000 85,280 Long-term liabilities 376,250 301,760 Common stock 78,750 72,160 Retained earnings 245,000 196,800 Prepare a comparative balance sheet for both years, 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.

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter24: Analysis Of Financial Statements

Section: Chapter Questions

Problem 9SPA

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Multiple-step income statement The following income statement for Curbstone Company was prepared for the year ended August 31, 20Y5: a. Identify the errors in the income statement. b. Prepare a corrected income statement.
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Use the following comparative balance sheets and additional information to answer questions (1) through (4). MKH Company Comparative Balance Sheets For the year ended December 31 20X1 20X0 Change Current assets Cash $324,700 $217,600 $107,100 Accounts receivable 132,600 165,200 (32,600) Inventory 175,100 137,200 37,900 Prepaid rent 25,500 14,400 11,100 Total current assets $657,900 $534,400 $123,500 Long-term assets Land $326,400 $345,600 ($19,200) Equipment (net) 321,300 356,300 (35,000) Total long-term assets $647,700 $701,900 $(54,200) Total assets $1,305,600 $1,236,300 $69,300 Current liabilities Accounts payable $145,800 $131,200 $14,600 Salaries payable 18,700 4,800 13,900 Interest payable 32,300 27,200 5,100 Total current liabilities $196,800 $163,200 $33,600 Long-term…
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The comparative balance sheet of Coulson, Inc. at December 31, 20Y2 and 20Y1, is asfollows:Dec. 31, 20Y2 Dec. 31, 20Y1AssetsCash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 300,600 $ 337,800Accounts receivable (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 704,400 609,600Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 918,600 865,800Prepaid expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,600 26,400Land . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 990,000 1,386,000 Buildings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,980,000 $ 990,000Accumulated depreciation—buildings . . . . . . . . . . . . . . . . . . . . . (397,200) (366,000)Equipment . . . . . . . . . . . . . . . . . . .…
Pleasantville Company had the following balance sheet on January 1. Pleasantville CompanyBalance SheetJanuary 1 1Cash$175,000.00Accounts Payable$57,000.002Inventory157,000.00Notes Payable250,000.003Property, Plant, and Equipment200,000.00Mortgage Payable150,000.004Patent25,000.00Retained Earnings100,000.005$557,000.00$557,000.00 On January 2, Carrs Company came to an agreement to purchase Pleasantville by acquiring all of its outstanding shares for $575,000 in cash. On that date in time, the fair value of their inventory was $150,000, and the fair value of the equipment was $225,000. The book value equals the fair value for all other accounts listed.Required:1. Compute the goodwill associated with the purchase of Pleasantville.2. Prepare the journal entry necessary at January 2, to record the acquisition of Pleasantville.
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