The Comparative Condensed Balance Sheets of Able Corporation Are Presented

Essay

The comparative condensed balance sheets of Able Corporation are presented below. $\begin{array}{c}\text { ABLE CORPORATION}\\\text { Comparative Condensed Balance Sheets}\\\text { December 31}\\\\\begin{array}{lrr}\text { Current assets } & \$ 72,000 & \$ 80,000 \\\text { Property, plant, and equipment (net) } & 95,400 & 90,000 \\\text { Intangibles } & 33,600 & 40,000 \\\quad \text { Total assets } & \underline{\$ 201,000} & \underline{\$ 210,000} \\\text { Liabilities and stockholders' equity } \\\text { Current liabilities } & \$ 40,320 & \$ 8,000 \\ \text { Long-term liabilities } & 142,500 & 150,000 \\\text { Stockholders' equity } & 18,180 & 12,000\\\text { Total liabilities and stockholders' equity }& \$ 201,000 & \$ 210,000\end{array}\end{array}$ Instructions
(a) Prepare a horizontal analysis of the balance sheet data for Able Corporation using 2016 as a base.
(b) Prepare a vertical analysis of the balance sheet data for Able Corporation in columnar form for 2017.