Concept explainers
a. Use the following financial information to prepare a balance sheet with vertical analysis as of June 30, 2015, for Stargate Industries. Inc.: cash. $44,300; accounts receivable. $127,600; merchandise inventory. $88,100; prepaid maintenance. $4,100; office supplies. $4,000; land. $154,000; building. $237,000; fixtures. $21,400; vehicles. $64,000; computers, $13,000; goodwill, $20,000; investments. $32,000; accounts payable. $55,700; salaries payable. $23,200; notes payable (6-month). $38,000; mortgage payable. $91,300; debenture bonds. $165,000; common stock. $350,000; and retained earnings. $86,300.
Stargate Industries. Inc.
Balance Sheet
June 30, 2015
b. The following financial information is for Stargate Industries as of June 30, 2016: cash. $40,200; accounts receivable. $131,400; merchandise inventory. $92,200; prepaid maintenance. $3,700; office supplies. $6,200; land. $154,000; building. $231,700; futures. $23,900; vehicles; $55,100; computers. $16,800; goodwill. $22,000; investments. $36,400; accounts payable. $51,800; salaries payable. $25,100; notes payable (6-month). $19,000; mortgage payable. $88,900; debenture bonds. $165,000; common stock. $350,000; and retained earnings. $113,800.
Prepare a comparative balance sheet with horizontal analysis for 2015 and 2016.
Stargate Industries. Inc.
Comparative Balance Sheet
June 30, 2015 and 2016
Want to see the full answer?
Check out a sample textbook solutionChapter 15 Solutions
Bundle: Contemporary Mathematics For Business & Consumers, Loose-leaf Version, 8th + Cengagenow, 1 Term (6 Months) Printed Access Card
- Discrete Mathematics and Its Applications ( 8th I...MathISBN:9781259676512Author:Kenneth H RosenPublisher:McGraw-Hill EducationMathematics for Elementary Teachers with Activiti...MathISBN:9780134392790Author:Beckmann, SybillaPublisher:PEARSON
- Thinking Mathematically (7th Edition)MathISBN:9780134683713Author:Robert F. BlitzerPublisher:PEARSONDiscrete Mathematics With ApplicationsMathISBN:9781337694193Author:EPP, Susanna S.Publisher:Cengage Learning,Pathways To Math Literacy (looseleaf)MathISBN:9781259985607Author:David Sobecki Professor, Brian A. MercerPublisher:McGraw-Hill Education