Need to Prepare a Common-Size Comparative Balance Sheet

Required #1 Using Be Prepared, Inc.'s adjusted trial balance and prior period's balance sheet, prepare the following Financial Reports: 1. Common-Size Comparative Balance Sheet for the months of December 2019 and January 2020 Be Prepared Balance Sheet December 31, 2019 $ $ 25,000 7,500 200,000 232,500 Assets Cash Accounts Receivable Merchandise Inventory Office Supplies Prepaid Insurance Land Building Accum Dep: Building Office Equipment Accum Dep: Office Equipment Store Equipment Accum Dep: Store Equipment Patents Total Assets Liabilities 27,500 Accounts Payable 40,000 Income Taxes Payable 50,000 Mortgage Payable 1,500 Total Liabilities 3,000 64,250 400,000 Stockholders' Equity (45,000) Preferred Stock 90,000 Common Stock (15,000) Paid in Capital in Excess of Par: Proffered 75,000 Paid in Capital in excess of Par: Common (15,000) Retained Earnings 70,000 Total Stockholders' Equity 746,250 $ 250,000 100,000 7,500 71,250 85,000 513,750 746,250 $ $ Be Prepared Adjusted Trial Balance January 31, 2020 Credits Debits 687,490.00 23,000.00 $ 460.00 60.00 10,000.00 S. 190.00 10,000.00 300.00 2,800.00 414,250.00 400,000.00 90,000.00 45,750.00 27,500.00 125,000.00 15,800.00 69,300.00 25,000.00 7.500.00 4,778.00 200,000.00 800,000.00 23,900.00 Account ID 1001 1022 1022 1027 2031 1051 1101 1111 1125 1401 1411 1412 1431 1432 1451 1452 1501 2001 2005 2031 2101 2301 2303 3001 3011 3101 3111 3121 3300 3351 4001 4002 4003 a101 5001 5010 5012 5015 S020 5025 5027 5030 5035 600S 6010 6015 6020 6022 GO25 6030 6040 7001 Account Description Cash 5 Accounts Receivable Allowance for Doubtful Accounts Interest Receivable Notes Receivable Merchandise Inventory Store Supplies Office Supplies Prepaid Insurance Land Building Accum Dep: Building Office Equipment Accum Dep: Office Equipment Store Equipment Accum Dep: Store Equipment Patents Accounts Payable Income Taxes Payable Interest Payable Notes Payable Long Term Bonds Payable Discount on Bonds Payable Preferred Stock Common Stock Pald in Capital in Excess of Par: Proffered Paid in Capital in Excess of Par: Common Paid in Capital Treasury Stock Retained Earnings Treasury Stock Sales Revenue Sales Discount Sales Returns and Allowances Interest Revenue Cost of Goods Sold Insurance Expense - General Repairs Expense: Office Depreciation Expense: Building - General Depreciation Expense: Office Equipment Supplies Expense - Selling Utilities Expense: Office Office Salaries Expense Office Payroll Tax Expense Depreciation Expense: Store Equipment Amortization Expense: Patents - General Sales Salaries Expense Sales Payroll Tax Expense Utilities Expense: Store Delivery Expense - General Repairs Expense: Store Bad Debts Expense. Selling Interest Expense 400,000.00 205,000.00 20,000.00 166,250.00 72,000.00 53,940.00 74,000.00 139,000.00 800.00 3,000.00 60.00 84,560.00 200.00 3,000.00 750.00 3,000.00 1,200.00 1,500.00 16,000.00 1,200.00 800.00 700.00 10,000.00 800.00 1.100.00 2.000.00 800.00 460.00 5,878.00 2,073,0 338.00 2,073,038.00 $ 139,000 3,800 135,200 60 84,560 50,700 Be Prepared Income Statement January 31, 2020 Sales Sales Revenue Less: Sales discounts $ 800 Sales returns and allowances 3,000 Net Sales Interest Revenue Cost of goods sold Gross Profit Expenses Insurance Expense-General 200.00 Repairs Expense: Office 3,000.00 Depreciation Expense: Building - General 750.00 Depreciation Expense: Office Equipment 3,000.00 Supplies Expense - Selling 1,200.00 Utilities Expense: Office 1,500.00 Office Salaries Expense 16,000.00 Office Payroll Tax Expense 1,200.00 Depreciation Expense: Store Equipment 800.00 Amortization Expense: Patents - General 700.00 Sales Salaries Expense 10,000.00 Sales Payroll Tax Expense 800.00 Utilities Expense: Store 1,100.00 Delivery Expense - General 2,000.00 Repairs Expense: Store 800.00 Bad Debts Expense - Selling 460.00 Interest Expense 5,878.00 Total Expenses Net Income 49,388.00 1,312.00 Beginning Retained Earnings Add: Net Income Statement of Retained Earnings 85,000 1,312 86,312 31,060 55,252 Less: Dividends Ending Retained Earnings Compative Balance Sheet 2020 2019 Difference % Change 96% -77% Assets Current Assets Cash Accounts Receivable, Net (523000 - 5450) Merchandise inventory Store supplies Office supplies Prepaid Insurance Interest Receivable Notes Receivable Total Current Assets Non-Current Assets Land Building, Net (5400000 - 545750) Office Equipment, Net (590000 - 517500) Store Equipment, Net ($125000-515800) Total Non-Current Assets Intangible Assets Patents 687.490 22540 5,190 10 000 300 2,800 60 10,000 738,380 27,500 40,000 50,000 0 1,500 3,000 0 0 122,000 659,990 (17,460) (44,810) 10,000 (1,200) (200) 60 10,000 616.380 -863% 100% 400% -7% 100% 100% 83% 414,250.00 354250 72500 109200 950,200 64,250 355000 75,000 60000 554,250 350,000 (750) (2,500) 49,200 395,950 84% 0% -3% 45% 42% 69 300 70,000 (700) 1.757,880 746.250 1,011.630 58% 25,000 7,500 Total Assets Liabilities and Shareholders Equity Liabilities Current Liabilities Accounts Payable Income Ta Payable Interest Payable Total Current Liabilities Non-Current Liabilities Mortgage Payable Notes Payable Longterm Bonds Payable Less: Discount on Bonds Payable Total Non-Current Liabilities Total Liabilities 25 000 7,500 4,778 37278 0 0 4,778 4778 0% 0% 100% 13% 32500 200,000 800,000 23 900 976,100 1013378 200,000 (200,000) 0 200,000 0 800,000 0 23,900 200000 776100 232500 780878 100% 100% 100% 80% 77%