Question

In: Accounting

Question 1 The comparative condensed balance sheets of Gurley Corporation are presented below. GURLEY CORPORATION Comparative...

Question 1

The comparative condensed balance sheets of Gurley Corporation are presented below.

GURLEY CORPORATION
Comparative Condensed Balance Sheets
December 31

2017

2016
Assets
    Current assets $ 72,500 $ 79,200
    Property, plant, and equipment (net) 99,000 90,200
    Intangibles 25,600 41,800
      Total assets $197,100 $211,200
Liabilities and stockholders’ equity
    Current liabilities $ 40,600 $ 49,000
    Long-term liabilities 140,000 149,600
    Stockholders’ equity 16,500 12,600
      Total liabilities and stockholders’ equity $197,100 $211,200


(a)

Prepare a horizontal analysis of the balance sheet data for Gurley Corporation using 2016 as a base. (Enter negative amounts and percentages using either a negative sign preceding the number e.g. -45, -45% or parentheses e.g. (45), (45%). Round percentages to 1 decimal place, e.g. 12.3%.)

GURLEY CORPORATION
Condensed Balance Sheets

For the Quarter Ended December 31For the Year Ended December 31December 31

2017

2016

Increase
(Decrease)

Percentage
Change from 2016

Assets

   Current assets

$72,500

$79,200

 $ %

   Property, plant & equipment (net)

99,000

90,200

 %

   Intangibles

 25,600 41,800 %

   Total assets

 $197,100 $211,200 $ %

Liabilities and stockholders' Equity

   Current liabilities

$40,600

$49,000

 $ %

   Long-term liabilities

140,000

149,600

 %

   Stockholders' equity

 16,500 12,600 %

   Total liabilities and stockholders' equity

 $197,100 $211,200 $ %


(b)

Prepare a vertical analysis of the balance sheet data for Gurley Corporation in columnar form for 2017. (Round percentages to 1 decimal place, e.g. 12.3%.)

GURLEY CORPORATION
Condensed Balance Sheet

For the Year Ended December 31, 2017For the Quarter Ended December 31, 2017December 31, 2017

Amount

Percent

Assets

   Current assets

$72,500

 %

   Property, plant, and equipment (net)

99,000

 %

   Intangibles

 25,600 %

Total assets

 $197,100 %

Liabilities and stockholders' equity

   Current liabilities

$40,600

 %

   Long-term liabilities

140,000

 %

   Stockholders' equity

 16,500 %

Total liabilities and stockholders' equity

 $197,100 %

Solutions

Expert Solution

ekkarill92 answered 3 years ago
Next > < Previous

Related Solutions

The comparative condensed balance sheets of Gurley Corporation are presented below. GURLEY CORPORATION Comparative Condensed Balance...
The comparative condensed balance sheets of Gurley Corporation are presented below. GURLEY CORPORATION Comparative Condensed Balance Sheets December 31 2017 2016 Assets     Current assets $ 73,800 $ 79,400     Property, plant, and equipment (net) 97,100 91,200     Intangibles 27,400 40,200       Total assets $198,300 $210,800 Liabilities and stockholders’ equity     Current liabilities $ 40,400 $ 49,200     Long-term liabilities 143,200 148,000     Stockholders’ equity 14,700 13,600       Total liabilities and stockholders’ equity $198,300 $210,800 b) Prepare a vertical analysis of the balance sheet data for Gurley Corporation...
Presented below is a condensed version of the comparative balance sheets for Grouper Corporation for the...
Presented below is a condensed version of the comparative balance sheets for Grouper Corporation for the last two years at December 31. 2017 2016 Cash $174,900 $46,600 Accounts receivable 116,900 75,800 Investments 71,300 93,900 Equipment 352,900 173,900 Accumulated depreciation—equipment (90,900) (66,100) Current liabilities 137,700 91,900 Common stock 138,300 63,700 Retained earnings 354,700 174,100 Additional information: Investments were sold at a gain of $9,100; no investments were purchased; no equipment was sold; cash dividends paid were $41,700; and net income was...
Presented below is a condensed version of the comparative balance sheets for Windsor Corporation for the...
Presented below is a condensed version of the comparative balance sheets for Windsor Corporation for the last two years at December 31. 2017 2016 Cash $ 309,750 $ 136,500 Accounts receivable 315,000 323,750 Investments 91,000 129,500 Equipment 521,500 420,000 Accumulated Depreciation-Equipment (185,500 ) (155,750 ) Current liabilities 234,500 264,250 Common stock 280,000 280,000 Retained earnings 537,250 309,750 Additional information: Investments were sold at a loss of $17,500; no equipment was sold; cash dividends paid were $52,500; and net income was...
The comparative balance sheets of First Solar Corporation are presented below. First Solar Corporation Comparative Condensed...
The comparative balance sheets of First Solar Corporation are presented below. First Solar Corporation Comparative Condensed Balance Sheets December 31 2018              2017 Assets Current assets                            $ 90,000         $ 80,000 Property, plant, and equipment (net)         95,400            90,000 Intangibles                                  33,600            40,000 Total assets                            $219,000          $210,000 Liabilities and stockholders' equity                                    Current liabilities                       $ 58,320         $ 48,000 Long-term liabilities                       142,500           150,000 Stockholders' equity                         18,180            12,000 Total liab & stockholders' equity       $219,000          $210,000 Instructions (a) Prepare a horizontal analysis of the...
Exercise 18-3 The comparative condensed balance sheets of Gurley Corporation are presented below. GURLEY CORPORATION Comparative...
Exercise 18-3 The comparative condensed balance sheets of Gurley Corporation are presented below. GURLEY CORPORATION Comparative Condensed Balance Sheets December 31 2017 2016 Assets     Current assets $ 73,800 $ 79,400     Property, plant, and equipment (net) 97,100 91,200     Intangibles 27,400 40,200       Total assets $198,300 $210,800 Liabilities and stockholders’ equity     Current liabilities $ 40,400 $ 49,200     Long-term liabilities 143,200 148,000     Stockholders’ equity 14,700 13,600       Total liabilities and stockholders’ equity $198,300 $210,800 (a) Prepare a horizontal analysis of the balance sheet data for...
Presented below is a condensed version of comparative balance sheets partial for Orozco Corporation’s for the...
Presented below is a condensed version of comparative balance sheets partial for Orozco Corporation’s for the last two years at December 31. Obermeyer Corporation issued the following statement of cash flows for 2017. OBERMEYER CORPORATION Statement of Cash Flows—Indirect Method For the Year Ended December 31, 2017 Cash flows from operating activities Net income $59,000 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation expense 9,100 Loss on disposal of equipment 9,500 Increase in inventory (5,000)...
Comparative balance sheets and the income statements for Ellis Corporation are presented below: Comparative Balance Sheet...
Comparative balance sheets and the income statements for Ellis Corporation are presented below: Comparative Balance Sheet Ending Balance Beginning Balance Assets: Current assets: Cash and cash equivalents $ 45,900 $ 30,600 Accounts receivable 39,500 40,800 Inventory 73,700 62,400 Total current assets 159,100 133,800 Long-term investments 165,200 208,000 Property, plant, and equipment 294,700 163,500 Less accumulated depreciation 53,000 51,500 Total assets $ 566,000 $ 453,800 Liabilities and stockholders' equity: Current liabilities: Accounts payable $ 39,600 $ 43,200 Accrued liabilities 25,700 30,600...
Comparative balance sheets and the income statements for Ellis Corporation are presented below: Comparative Balance Sheet...
Comparative balance sheets and the income statements for Ellis Corporation are presented below: Comparative Balance Sheet Ending Balance Beginning Balance Assets: Current assets: Cash and cash equivalents $ 48,600 $ 33,000 Accounts receivable 39,900 43,200 Inventory 71,000 61,200 Total current assets 159,500 137,400 Long-term investments 168,500 220,000 Property, plant, and equipment 286,300 159,000 Less accumulated depreciation 53,000 52,500 Total assets $ 561,300 $ 463,900 Liabilities and stockholders' equity: Current liabilities: Accounts payable $ 38,500 $ 42,800 Accrued liabilities 25,000 31,800...
128. Comparative balance sheets and the income statements for Ellis Corporation are presented below: Comparative Balance...
128. Comparative balance sheets and the income statements for Ellis Corporation are presented below: Comparative Balance Sheet Ending Balance Beginning Balance Assets: Current assets: Cash and cash equivalents $ 45,900 $ 31,500 Accounts receivable 39,900 42,800 Inventory 71,000 62,400 Total current assets 156,800 136,700 Long-term investments 176,600 212,000 Property, plant, and equipment 286,300 162,000 Less accumulated depreciation 57,200 53,500 Total assets $ 562,500 $ 457,200 Liabilities and stockholders' equity: Current liabilities: Accounts payable $ 38,200 $ 42,800 Accrued liabilities 25,400...
Comparative balance sheets and the income statements for Ellis Corporation are presented below: Comparative Balance Sheet...
Comparative balance sheets and the income statements for Ellis Corporation are presented below: Comparative Balance Sheet Ending Balance Beginning Balance Assets: Current assets: Cash and cash equivalents $ 49,500 $ 30,600 Accounts receivable 39,100 43,600 Inventory 71,000 63,000 Total current assets 159,600 137,200 Long-term investments 176,600 208,000 Property, plant, and equipment 303,000 165,000 Less accumulated depreciation 57,200 51,000 Total assets $ 582,000 $ 459,200 Liabilities and stockholders' equity: Current liabilities: Accounts payable $ 38,200 $ 42,400 Accrued liabilities 25,400 30,600...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT