Prepare a schedule showing a horizontal analysis for 2022, using 2021 as the base year.
Prepare a schedule showing a horizontal analysis for 2022, using 2021 as the base year.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter21: The Statement Of Cash Flows
Section: Chapter Questions
Problem 13P: Comprehensive The following are Farrell Corporations balance sheets as of December 31, 2019, and...
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Question
Here is financial information for Teal Mountain Inc.
December 31, 2022
|
December 31, 2021
|
|||
---|---|---|---|---|
Current assets
|
$110,800 | $ 94,800 | ||
Plant assets (net)
|
404,800 | 354,800 | ||
Current liabilities
|
103,800 | 69,800 | ||
Long-term liabilities
|
126,800 | 94,800 | ||
Common stock, $1 par
|
134,800 | 119,800 | ||
|
150,200 | 165,200 |
Prepare a schedule showing a horizontal analysis for 2022, using 2021 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%.)
TEAL MOUNTAIN INC.
Condensed Balance Sheet December 31 |
||||||||||
---|---|---|---|---|---|---|---|---|---|---|
Increase or (Decrease)
|
||||||||||
2022
|
2021
|
Amount
|
Percentage
|
|||||||
Assets
|
||||||||||
Current Assets
|
$110,800
|
$94,800
|
$enter a dollar amount
|
enter percentages rounded to 1 decimal place
|
%
|
|||||
Plant assets (net)
|
404,800
|
354,800
|
enter a dollar amount
|
enter percentages rounded to 1 decimal place
|
%
|
|||||
Total assets
|
$515,600
|
$449,600
|
$enter a dollar amount
|
enter percentages rounded to 1 decimal place
|
%
|
|||||
Liabilities
|
||||||||||
Current Liabilities
|
$103,800
|
$69,800
|
$enter a dollar amount
|
enter percentages rounded to 1 decimal place
|
%
|
|||||
Long-term liabilities
|
126,800
|
94,800
|
enter a dollar amount
|
enter percentages rounded to 1 decimal place
|
%
|
|||||
Total liabilities
|
$230,600
|
$164,600
|
$enter a dollar amount
|
enter percentages rounded to 1 decimal place
|
%
|
|||||
|
||||||||||
Common stock, $1 par
|
134,800
|
119,800
|
enter a dollar amount
|
enter percentages rounded to 1 decimal place
|
%
|
|||||
Retained earnings
|
150,200
|
165,200
|
enter a dollar amount
|
enter percentages rounded to 1 decimal place
|
%
|
|||||
Total stockholders’ equity
|
285,000
|
285,000
|
enter a dollar amount
|
enter percentages rounded to 1 decimal place
|
%
|
|||||
Total liabilities and stockholders’ equity
|
$515,600
|
$449,600
|
$enter a dollar amount
|
enter percentages rounded to 1 decimal place
|
%
|
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