The following are the comparative balance sheets of Hazel company. 2004 2003 Found 84.000 $ 78.000 $
Question:
The following are the comparative balance sheets of Hazel company.
2004 2003
Found 84.000 $ 78.000 $
Receivables (net) 56,000 37,000
Stock 52,000 40,000
Fixtures 180.000 175.000
372.000 $ 330.000 $
Accounts Payable $35,000 $28,000
Bonds Payable 80,000 100,000
Ordinary Shares – 20,000 shares 140,000 140,000
Retained Profits 117,000 62,000
372.000 $ 330.000 $
Here is some additional information for 2004:
Net income for Year 1 was $70,000.
2. All sales were on credit and net credit sales were $412,000.
3. The cost of goods sold was $210,000.
4. Cash dividends paid were $15,000.
5. Cash flow from operating activities was $74,000.
Use this information to answer the following question: (when asked about ratio, state the answer as a percentage. For example, 2.5:1 becomes 250%)
1. Using vertical analysis, what percentage of fixed assets would be in 2003? (Round to the nearest whole percent)
Financial accounting
ISBN: 978-0132751124
9th edition
Authors: Walter T. Harrison Jr., Charles T. Horngren, C. William Thom