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In: Accounting

Balance sheet data for Alvarez Company on December 31, the end of two recent fiscal years,...

Balance sheet data for Alvarez Company on December 31, the end of two recent fiscal years, follow:

1

Current Year

Previous Year

2

Current assets

$1,262,500.00

$955,500.00

3

Property, plant, and equipment

2,878,500.00

3,185,000.00

4

Intangible assets

909,000.00

409,500.00

5

Current liabilities

858,500.00

728,000.00

6

Long-term liabilities

1,464,500.00

1,729,000.00

7

Common stock

505,000.00

455,000.00

8

Retained earnings

2,222,000.00

1,638,000.00

Prepare a comparative balance sheet for both years, stating each asset as a percent of total assets and each liability and stockholders’ equity item as a percent of the total liabilities and stockholders’ equity.

Balance Sheet

Prepare a comparative balance sheet for both years, stating each asset as a percent of total assets and each liability and stockholders’ equity item as a percent of the total liabilities and stockholders’ equity.

Alvaraz Company

Comparative Balance Sheet

For the Years Ended December 31

1

Current Year

Current Year

Previous Year

Previous Year

2

Amount

Percent

Amount

Percent

3

Current assets

$1,262,500.00

$955,500.00

4

Property, plant, and equipment

2,878,500.00

3,185,000.00

5

Intangible assets

909,000.00

409,500.00

6

Total assets

$5,050,000.00

$4,550,000.00

7

Current liabilities

$858,500.00

$728,000.00

8

Long-term liabilities

1,464,500.00

1,729,000.00

9

Common stock

505,000.00

455,000.00

10

Retained earnings

2,222,000.00

1,638,000.00

11

Total liabilities and stockholders’ equity

$5,050,000.00

$4,550,000.00

Solutions

Expert Solution

Alvaraz company
Comparative balancehseet
For year ended December 31
Current year amount Current year percent Previous  year amount Previous year percent
Cuurent assets $         1,262,500.00 25% $              955,500.00 21%
Property,plant & Equipment $         2,878,500.00 57% $            3,185,000.00 70%
Intangible assets $           909,000.00 18% $              409,500.00 9%
Total assets $         5,050,000.00 100% $            4,550,000.00 100%
Current liabilities $           858,500.00 17% $              728,000.00 16%
Long term liabilities $         1,464,500.00 29% $            1,729,000.00 38%
Common stock $           505,000.00 10% $              455,000.00 10%
Retained earnings $         2,222,000.00 44% $            1,638,000.00 36%
Total liability and shareholder equity $         5,050,000.00 100% $            4,550,000.00 100%

Percentage of Assets is calculated as follows

Dividing current year amount by total assets amount

Current asset current year percent=$1,262,500/5,050,000=25%

Same is done whith all other assets item for previous and current year items.

Percentage of laibilities and shareholder equity item is calculated as follows

Dividing current year amount by total liability and shareholder equity amount.

Curent year percent current laibilities=$858,500/5,050,500=17%

Same is done with all other laibility and shareholder equity item for current eyar and previosu years.


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