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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 Gurley Corporation using 2016 as a base

Solutions

Expert Solution

GURLEY CORPORATION
Balance Sheet
December 31

2017

2016

 Increase (Decrease)

Percentage change

Base year 2016
Assets
    Current assets $73800 $79400 (73800-79400)= -5600 (-5600*100/79400)= -7.05%
    Property, plant, and equipment (net) 97100 91200 (97100-91200)= 5900 (5900*100/91200)= 6.47%
    Intangibles 27400 40200 (27400-40200)= -12800 (-12800*100/40200)= -31.84%
      Total assets $198300 $210800 (198300-210800)= -12500 (-12500*100/210800)= -5.93%
Liabilities and stockholders’ equity
    Current liabilities $40400 $49200 (40400-49200)= -8800 (-8800*100/49200)= -17.89%
    Long-term liabilities 143200 148000 (143200-148000)= -4800 (-4800*100/148000)= -3.24%
    Stockholders’ equity 14700 13600 (14700-13600)= 1100 (1100*100/13600)= 8.09%
      Total liabilities and stockholders’ equity $198300 $210800 (198300-210800)= -12500 (-12500*100/210800)= -5.93%

ekkarill92 answered 9 months ago
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