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Contemporary Mathematics for Business & Consumers 8th Edition by Robert Brechner,Geroge Bergeman
Edition 8ISBN: 978-1305585454Contemporary Mathematics for Business & Consumers 8th Edition by Robert Brechner,Geroge Bergeman
Edition 8ISBN: 978-1305585454 Exercise 53
Prepare the following statements on separate sheets of paper
a. Use the following financial information to prepare a balance sheet with vertical analysis asof 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; fixtures, $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
a. Use the following financial information to prepare a balance sheet with vertical analysis asof 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; fixtures, $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
Explanation
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Contemporary Mathematics for Business & Consumers 8th Edition by Robert Brechner,Geroge Bergeman
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