Here is financial information for Metlock, Inc.. Please explain as well :) December 31, 2020 December 31, 2019 Current assets $109,647 $ 93,000 Plant assets (net) 441,982 383,000 Current liabilities 100,640 68,000 Long-term liabilities 137,989 95,000 Common stock, $1 par 131,157 117,000 Retained earnings 181,843 196,000 Prepare a schedule showing a horizontal analysis for 2020, using 2019 as the base year. (If amount and percentage are a decrease show the numbers as negative, e.g. -55,000, -20% or (55,000), (20%). Round percentages to 1 decimal place, e.g. 12.1%.) METLOCK, INC. Condensed Balance Sheet December 31 Increase or (Decrease) 2020 2019 Amount Percentage Assets Current Assets $109,647 $93,000 $ % Plant assets (net) 441,982 383,000 % Total assets $551,629 $476,000 $ % Liabilities Current Liabilities $100,640 $68,000 $ % Long-term liabilities 137,989 95,000 % Total liabilities $238,629 $163,000 $ % Stockholders’ Equity Common stock, $1 par 131,157 117,000 % Retained earnings 181,843 196,000 % Total stockholders’ equity 313,000 313,000 % Total liabilities and stockholders’ equity $551,629 $476,000 $ %

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter9: Long-term Liabilities

Section: Chapter Questions

Problem 103.4C

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Here is financial information for Metlock, Inc..

Please explain as well :)

	December 31, 2020	December 31, 2019
Current assets	$109,647	$ 93,000
Plant assets (net)	441,982	383,000
Current liabilities	100,640	68,000
Long-term liabilities	137,989	95,000
Common stock, $1 par	131,157	117,000
Retained earnings	181,843	196,000

Prepare a schedule showing a horizontal analysis for 2020, using 2019 as the base year. (If amount and percentage are a decrease show the numbers as negative, e.g. -55,000, -20% or (55,000), (20%). Round percentages to 1 decimal place, e.g. 12.1%.)

METLOCK, INC. Condensed Balance Sheet December 31
			Increase or (Decrease)
	2020	2019	Amount	Percentage
Assets
Current Assets	$109,647	$93,000	$		%
Plant assets (net)	441,982	383,000			%
Total assets	$551,629	$476,000	$		%
Liabilities
Current Liabilities	$100,640	$68,000	$		%
Long-term liabilities	137,989	95,000			%
Total liabilities	$238,629	$163,000	$		%
Stockholders’ Equity
Common stock, $1 par	131,157	117,000			%
Retained earnings	181,843	196,000			%
Total stockholders’ equity	313,000	313,000			%
Total liabilities and stockholders’ equity	$551,629	$476,000	$		%

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