Financial statements for Revnik Company follow. Questions next page Required Prepare a horizontal analysis of the balance
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Prepare a horizontal analysis of the balance sheet and income statement for 2015 and 2014. Round percentages to one decimalpoint.
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...
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REVNIK COMPANY Balance Sheets As of December 31 2015 2014 Assets Current assets 16,000 20,000 54,000 135,000 25,000 250,000 27,000 270,000 29.000 $576.000 $12,000 6,000 46,000 143,000 10,000 217,000 20,000 255,000 24,000 S516.000 Cash Marketable securities Accounts receivable (net) Inventories Prepaid items Total current assets Investments Plant (net) Land Total assets Liabilities and Stockholders' Equity Liabilities Current liabilities Notes payable Accounts payable Salaries payable S 17,000 113,800 21,000 151,800 $ 6,000 100,000 15,000 121,000 Total current liabilities Noncurrent liabilities 100,000 27,000 127,000 248,000 Bonds payable Other 100,000 32.000 132,000 283,800 Total noncurrent liabilities Total liabilities Stockholders' equity Preferred stock, (par value $10, 4% cumulative, non-participating; 8,000 shares authorized and issued) 10,000 shares issued) Total stockholders' equity 80,000 80,000 Common stock (No par; 50,000 shares authorized; 80,000 132.200 292,200 $576,000 80,000 108,000 268,000 S516,000 Retained earnings Total liabilities and stockholders' equity REVNIK COMPANY Statements of Income and Retained Earnings For the Years Ended December 31 2015 2014 Revenues Sales (net) Other revenues $230,000 8,000 238.000 $210,000 5,000 215,000 Total revenues Expenses Cost of goods sold Selling, general, and administrative Interest expense Income tax expense 120,000 55.000 8,000 23.000 206,000 32,000 108.000 3,200 4.600 132.200 103,000 50,000 7,200 22.000 182,200 32,800 83,000 3,200 4,600 S108,000 Total expenses Net earnings (net income Retained earnings, January 1 Common stock dividends Retained earnings, December 31 Less: Preferred stock dividends
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Revnik Company Horizontal Analysis of Balance Sheets 2015 2014 Change Assets Cash 16000 12000 333 Ma...View the full answer
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Related Book For
Fundamental Managerial Accounting Concepts
ISBN: 978-0078025655
7th edition
Authors: Thomas Edmonds, Christopher Edmonds, Bor Yi Tsay, Philip Old
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