Birtle Corporation reports the following statement of financial position information for 2017 and 2018. BIRTLE CORPORATION 2017 and 2018 Statement of Financial Position Assets Liabilities and Owners’ Equity 2017 2018 2017 2018 Current assets Current liabilities Cash $ 9,279 $ 11,173 Accounts payable $ 41,060 $ 43,805 Accounts receivable 23,683 25,760 Notes payable 16,157 16,843 Inventory 42,636 46,915 Total $ 75,598 $ 83,848 Total $ 57,217 $ 60,648 Long-term debt $ 40,000 $ 35,000 Fixed assets Owners’ equity Net plant and equipment $ 272,047 $ 297,967 Common stock and paid-in surplus $ 50,000 $ 50,000 Retained earnings 200,428 236,167 Total $ 250,428 $ 286,167 Total assets $ 347,645 $ 381,815 Total liabilities and owners’ equity $ 347,645 $ 381,815 Prepare the 2018 combined common-size, common–base year statement of financial position for Birtle. 2017 2018 Assets Current assets Cash $ 9,279 $ 11,173 Accounts receivable 23,683 25,760 Inventory 42,636 46,915 Total $ 75,598 $ 83,848 Fixed assets Net plant and equipment $ 272,047 $ 297,967 Total assets $ 347,645 $ 381,815 Liabilities and Owners’ Equity Current liabilities Accounts payable $ 41,060 $ 43,805 Notes payable 16,157 16,843 Total $ 57,217 $ 60,648 Long-term debt $ 40,000 $ 35,000 Owners' equity Common stock and paid-in surplus $ 50,000 $ 50,000 Accumulated retained earnings 200,428 236,167 Total $ 250,428 $ 286,167 Total liabilities and owners' equity $ 347,645 $ 381,815
Birtle Corporation reports the following statement of financial position information for 2017 and 2018. BIRTLE CORPORATION 2017 and 2018 Statement of Financial Position Assets Liabilities and Owners’ Equity 2017 2018 2017 2018 Current assets Current liabilities Cash $ 9,279 $ 11,173 Accounts payable $ 41,060 $ 43,805 Accounts receivable 23,683 25,760 Notes payable 16,157 16,843 Inventory 42,636 46,915 Total $ 75,598 $ 83,848 Total $ 57,217 $ 60,648 Long-term debt $ 40,000 $ 35,000 Fixed assets Owners’ equity Net plant and equipment $ 272,047 $ 297,967 Common stock and paid-in surplus $ 50,000 $ 50,000 Retained earnings 200,428 236,167 Total $ 250,428 $ 286,167 Total assets $ 347,645 $ 381,815 Total liabilities and owners’ equity $ 347,645 $ 381,815 Prepare the 2018 combined common-size, common–base year statement of financial position for Birtle. 2017 2018 Assets Current assets Cash $ 9,279 $ 11,173 Accounts receivable 23,683 25,760 Inventory 42,636 46,915 Total $ 75,598 $ 83,848 Fixed assets Net plant and equipment $ 272,047 $ 297,967 Total assets $ 347,645 $ 381,815 Liabilities and Owners’ Equity Current liabilities Accounts payable $ 41,060 $ 43,805 Notes payable 16,157 16,843 Total $ 57,217 $ 60,648 Long-term debt $ 40,000 $ 35,000 Owners' equity Common stock and paid-in surplus $ 50,000 $ 50,000 Accumulated retained earnings 200,428 236,167 Total $ 250,428 $ 286,167 Total liabilities and owners' equity $ 347,645 $ 381,815
Fundamentals of Financial Management, Concise Edition (MindTap Course List)
9th Edition
ISBN:9781305635937
Author:Eugene F. Brigham, Joel F. Houston
Publisher:Eugene F. Brigham, Joel F. Houston
Chapter3: Financial Statements, Cash Flow, And Taxes
Section: Chapter Questions
Problem 2DQ
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Question
Birtle Corporation reports the following
BIRTLE CORPORATION 2017 and 2018 Statement of Financial Position |
||||||||||||||||
Assets | Liabilities and Owners’ Equity | |||||||||||||||
2017 | 2018 | 2017 | 2018 | |||||||||||||
Current assets | Current liabilities | |||||||||||||||
Cash | $ | 9,279 | $ | 11,173 | Accounts payable | $ | 41,060 | $ | 43,805 | |||||||
23,683 | 25,760 | Notes payable | 16,157 | 16,843 | ||||||||||||
Inventory | 42,636 | 46,915 | ||||||||||||||
Total | $ | 75,598 | $ | 83,848 | Total | $ | 57,217 | $ | 60,648 | |||||||
Long-term debt | $ | 40,000 | $ | 35,000 | ||||||||||||
Fixed assets | Owners’ equity | |||||||||||||||
Net plant and equipment | $ | 272,047 | $ | 297,967 | Common stock and paid-in surplus | $ | 50,000 | $ | 50,000 | |||||||
Retained earnings | 200,428 | 236,167 | ||||||||||||||
Total | $ | 250,428 | $ | 286,167 | ||||||||||||
Total assets | $ | 347,645 | $ | 381,815 | Total liabilities and owners’ equity | $ | 347,645 | $ | 381,815 | |||||||
Prepare the 2018 combined common-size, common–base year statement of financial position for Birtle.
2017 | 2018 | |||||||||
Assets | ||||||||||
Current assets | ||||||||||
Cash | $ | 9,279 | $ | 11,173 | ||||||
Accounts receivable | 23,683 | 25,760 | ||||||||
Inventory | 42,636 | 46,915 | ||||||||
Total | $ | 75,598 | $ | 83,848 | ||||||
Fixed assets | ||||||||||
Net plant and equipment | $ | 272,047 | $ | 297,967 | ||||||
Total assets | $ | 347,645 | $ | 381,815 | ||||||
Liabilities and Owners’ Equity | ||||||||||
Current liabilities | ||||||||||
Accounts payable | $ | 41,060 | $ | 43,805 | ||||||
Notes payable | 16,157 | 16,843 | ||||||||
Total | $ | 57,217 | $ | 60,648 | ||||||
Long-term debt | $ | 40,000 | $ | 35,000 | ||||||
Owners' equity | ||||||||||
Common stock and paid-in surplus | $ | 50,000 | $ | 50,000 | ||||||
200,428 | 236,167 | |||||||||
Total | $ | 250,428 | $ | 286,167 | ||||||
Total liabilities and owners' equity | $ | 347,645 | $ | 381,815 | ||||||
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