Chapter 15, Problem 5AT

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8th Edition

Robert Brechner + 1 other

ISBN: 9781305585447

Textbook Problem

**a.** Use the following financial information to calculate the owner's equity and prepare a balance sheet with vertical analysis as of December 31, 2014, for Uniflex Fabricators, Inc., a sole proprietorship owned by Paul Provost: current assets, $132,500; property, plant, and equipment. $88,760; investments and other assets. $32,400; current liabilities. $51,150; and long-term liabilities, $87,490.

**Uniflex Fabricators, Inc.**

**Balance Sheet**

**As of December 31, 2014**

**b.** The following financial information is for Uniflex Fabricators, Inc., as of December 31, 2015. Calculate the owner’s equity for 2015 and prepare a comparative balance sheet with horizontal analysis for 2014 and 2015: current assets. $154,300; property, plant, and equipment, $124,650; investments and other assets, $20,000; current liabilities, $65,210; and long-term liabilities. $83,800.

**Uniflex Fabricators, Inc.**

**Comparative Balance Sheet**

**As of December 31, 2014 and 2015**

**(a)**

To determine

**To calculate:** The owner’s equity and prepare a balance sheet of Uniflex Fabricators, Inc. for December

Explanation

**Given Information:**

Uniflex Fabricators, Inc. for December

**Formula used:**

Follow the steps to prepare a vertical analysis of a balance sheet,

Step

Step

Step

**Calculation:**

Consider Uniflex Fabricators, Inc. for December

Compute % of Current Assets by dividing the current asset with total assets:

Compute % of total of Property, Plant and Equipment by diving property, plant and equipment with total assets.

Compute % of Total Current Liabilities by dividing current liabilities with total liabilities and ownerâ€™s equity

Compute % of long-term liabilities by dividing long-term liabilities with total liabilities and ownerâ€™s equity

Compute % of total liabilities;

**(b)**

To determine

**To calculate:** The owner’s equity and prepare a comparative balance sheet of Uniflex Fabricators, Inc. for December

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