Contemporary Mathematics for Business & Consumers 8th Edition by Robert Brechner,Geroge Bergeman

Exercise 45

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; properly, plant, and equipment, $42,000; investments and other assets, $35,700; 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