Presented below are comparative statements of financial position for Ozturk Ltd.

Instructions

(Round to two decimal places.)

a. Prepare a comparative statement of financial position of Ozturk Ltd. showing each item’s percentage of the total assets or total equity and liabilities.

b. Prepare a comparative statement of financial position of Ozturk Ltd. showing the Turkish lira change and the percent change for each item.

c. Of what value is the additional information provided in part (a)?

d. Of what value is the additional information provided in part (b)?

Transcribed Image Text:

Ozturk Ltd. Comparative Statements of Financial Position As of December 31, 2022 and 2021 December 31 2022 2021 Assets Fixed assets t2,585,000 t1,950,000 Accumulated depreciation (1,000,000) (750,000) Prepaid expenses 25,000 25,000 Inventories 1,060,000 980,000 Accounts receivable (net) 220,000 155,000 Short-term investments 270,000 150,000 Cash 180,000 275,000 t3,340,000 t2,785,000 Equity and Liabilities Share capital-ordinary Retained earnings Bonds payable t2,100,000 t1,770,000 570,000 550,000 450,000 190,000 Accrued expenses Accounts payable 170,000 200,000 50,000 75,000 t3.340,000 t2,785,000