Chapter 15.I, Problem 34RE

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8th Edition

Robert Brechner + 1 other

ISBN: 9781305585447

Textbook Problem

Prepare the following statements on separate sheets of paper.

a. Use the following financial information to calculate the owner’s equity and prepare a balance sheet with vertical analysis as of December 31. 2015. for Victory Lane Sporting Goods, a sole proprietorship owned by Kyle Pressman: current assets. $157.600; property, plant, and equipment. $42,000: investments and other assets. $38.700: current liabilities. $21.200: and long-term liabilities. $53,400.

**Victory Lane Sporting Goods**

**Balance Sheet**

**December 31.2015**

b. The following financial information is for Victory Lane Sporting Goods as of December 31. 2016: current assets, $175,300: property, plant, and equipment. $43,600: investments and other assets. $39,200: current liabilities. $27,700; and long-term liabilities. $51.000.

Calculate the owner’s equity for 2016 and prepare a comparative balance sheet with horizontal analysis for 2015 and 2016.

**Victory Lane Sporting Goods**

**Comparative Balance Sheet**

**December 31,2015 and 2016**

**(a)**

To determine

**To calculate:** The amount of owner’s equity and the balance sheet with vertical analysis as of December

Explanation

**Given Information:**

Victoria lane sporting goods owned by Kyle pressman which has current assets of

**Formula used:**

The formula to compute the ownerâ€™s equity is,

Follow the steps to prepare a balance sheet

Step

Step

Step

Step

Step

Step

Step

Step

Step

**Calculation:**

Consider that current assets are

Compute total of Property, Plant and Equipment by adding all Property, Plant and Equipment

Compute Total Assets by adding the current assets and property, plant and equipment.

Compute Total Liabilities by adding total current liabilities to total long-term liabilities

**(b)**

To determine

**To calculate:** The owner’s equity and comparative balance sheet with horizontal analysis of victoria lane sporting goods for

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