The 2016 accounting records of Sullivan, Inc., showed the following: Cash, $14,400; Net Accounts Receivable, $5,600; Inventory,

Question:

The 2016 accounting records of Sullivan, Inc., showed the following: Cash, $14,400; Net Accounts Receivable, $5,600; Inventory, $23,200; Prepaid Expenses, $2,400; Net Plant and Equipment, $34,400.

Construct a vertical analysis of the asset section of Sullivan, Inc., balance sheet for 2016.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...