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, 2015 AND 2014 Assets Cash Accounts receivable (net) Short-term investments Inventories Prepaid expenses Plant & equipment Accumulated depreciation Liabilities and Stockholders' Equity Accounts payable Accrued expenses Bonds payable Capital stock Retained earnings December 31 2015 $ 180,000 220,000 270,000 1,060,000 25,000 2,585,000 (1,000,000) $3,340,000 $ 50,000 170,000 450,000 2,100,000 570,000 $3,340,000 2014 $ 275,000 155,000 150,000 980,000 25,000 1,950,000 (750,000) $2,785,000 $ 75,000 200,000 190,000 1,770,000 550,000 $2,785,000 GILMOUR COMPANY COMPARATIVE BALANCE SHEET As OF DECEMBER 31, 2015 AND 2014 Assets Cash Accounts receivable (net) Short-term investments Inventories Prepaid expenses Plant & equipment Accumulated depreciation Liabilities and Stockholders' Equity Accounts payable Accrued expenses Bonds payable Capital stock Retained earnings December 31 2015 $ 180,000 220,000 270,000 1,060,000 25,000 2,585,000 (1,000,000) $3,340,000 $ 50,000 170,000 450,000 2,100,000 570,000 $3,340,000 2014 $ 275,000 155,000 150,000 980,000 25,000 1,950,000 (750,000) $2,785,000 $ 75,000 200,000 190,000 1,770,000 550,000 $2,785,000

Answer rating: 100% (QA)

a The percentages are calculated as per the below sheet b The percentages are calcula... View the full answer