Presented below is the comparative balance sheet for Gilmour Company.

Instructions

(Round to two decimal places.)

a. Prepare a comparative balance sheet of Gilmour Company showing the percent each item is of the total assets or total liabilities and stockholders? equity.

b. Prepare a comparative balance sheet of Gilmour Company showing the dollar 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:

Gilmour Company Comparative Balance Sheet As of December 31, 2021 and 2020 December 31 2021 2020 Assets $ 180,000 $ 275,000 Cash Accounts receivable (net) 220,000 155,000 Short-term investments 270,000 150,000 Inventories 1,060,000 980,000 Prepaid expenses Plant & equipment Accumulated depreciation 25,000 25,000 2,585,000 (1,000,000) 1,950,000 (750,000) $3,340,000 $2,785,000 Liabilities and Stockholders' Equity $ 50,000 $ 75,000 Accounts payable Accrued expenses Bonds payable Common stock Retained earnings 170,000 200,000 450,000 190,000 2,100,000 1,770,000 570,000 550,000 $3,340,000 $2,785,000