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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 2 years ago
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