The balance sheet data of Randolph Company for two recent years appears below:Assets:Year 2Year 1Current assets$445 $280Plant assets 680 520Total assets$1,125 $800 Liabilities and stockholders' equity: Current liabilities$285$120Long-term debt 255 160Common stock 325 320Retained earnings 260 200Total liabilities and stockholders' equity$1,125$800 Required:b. Using vertical analysis, prepare a comparative balance sheet. If required, round your answers to one decimal place.Randolph CompanyComparative Balance SheetFor the Years Ended December 31, Year 2 and Year 1AssetsYear 2AmountYear 2PercentYear 1AmountYear 1PercentCurrent assets$445fill in the blank 2e1a1e0b0fbcf94_1%$280fill in the blank 2e1a1e0b0fbcf94_2%Plant assets680fill in the blank 2e1a1e0b0fbcf94_3520fill in the blank 2e1a1e0b0fbcf94_4Total assets$1,125fill in the blank 2e1a1e0b0fbcf94_5%$800fill in the blank 2e1a1e0b0fbcf94_6%Liabilities and stockholders' equity Current liabilities$285fill in the blank 2e1a1e0b0fbcf94_7%$120fill in the blank 2e1a1e0b0fbcf94_8%Long-term debt255fill in the blank 2e1a1e0b0fbcf94_9160fill in the blank 2e1a1e0b0fbcf94_10Common stock325fill in the blank 2e1a1e0b0fbcf94_11320fill in the blank 2e1a1e0b0fbcf94_12Retained earnings260fill in the blank 2e1a1e0b0fbcf94_13200fill in the blank 2e1a1e0b0fbcf94_14Total liabilities and stockholders' equity$1,125fill in the blank 2e1a1e0b0fbcf94_15%$800fill in the blank 2e1a1e0b0fbcf94_16%

Comparative balance sheet used to compare the financial statement of two or more periods. It is…

Answered: The balance sheet data of Randolph…

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

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The balance sheet data of Randolph Company for two recent years appears below:

Assets:	Year 2	Year 1
Current assets	$445	$280
Plant assets	680	520
Total assets	$1,125	$800

Liabilities and stockholders' equity:
Current liabilities	$285	$120
Long-term debt	255	160
Common stock	325	320
Retained earnings	260	200
Total liabilities and stockholders' equity	$1,125	$800

Required:

b. Using vertical analysis, prepare a comparative balance sheet. If required, round your answers to one decimal place.

Randolph Company
Comparative Balance Sheet
For the Years Ended December 31, Year 2 and Year 1
Assets	Year 2 Amount	Year 2 Percent	Year 1 Amount	Year 1 Percent
Current assets	$445	fill in the blank 2e1a1e0b0fbcf94_1%	$280	fill in the blank 2e1a1e0b0fbcf94_2%
Plant assets	680	fill in the blank 2e1a1e0b0fbcf94_3	520	fill in the blank 2e1a1e0b0fbcf94_4
Total assets	$1,125	fill in the blank 2e1a1e0b0fbcf94_5%	$800	fill in the blank 2e1a1e0b0fbcf94_6%
Liabilities and stockholders' equity
Current liabilities	$285	fill in the blank 2e1a1e0b0fbcf94_7%	$120	fill in the blank 2e1a1e0b0fbcf94_8%
Long-term debt	255	fill in the blank 2e1a1e0b0fbcf94_9	160	fill in the blank 2e1a1e0b0fbcf94_10
Common stock	325	fill in the blank 2e1a1e0b0fbcf94_11	320	fill in the blank 2e1a1e0b0fbcf94_12
Retained earnings	260	fill in the blank 2e1a1e0b0fbcf94_13	200	fill in the blank 2e1a1e0b0fbcf94_14
Total liabilities and stockholders' equity	$1,125	fill in the blank 2e1a1e0b0fbcf94_15%	$800	fill in the blank 2e1a1e0b0fbcf94_16%

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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