Using the information in Exercise 13-14, prepare a classified balance sheet at December 31, 2014, and then answer each of the following questions (assume that the preferred shares are non-cumulative; round percentages to the nearest whole percent):
1. What percentage of the total assets is owned by the shareholders?
2. What percentage of Xmet Inc. is equity financed?
3. What percentage of Xmet Inc. is financed by debt?
4. What percentage of the total assets is owned by the common shareholders?
5. What percentage of the assets is financed by the preferred shareholders?
6. What are the advantages to the common shareholders of issuing preferred shares over additional common shares?