Robert Corporation’s condensed comparative balance sheets and condensed comparative income statements for 2011 and 2010 follow.

Required

1. Prepare schedules showing the amount and percentage changes from 2010 to 2011 for the comparative income statements and the balance sheets.

2. Prepare common-size income statements and balance sheets for 2010 and 2011.

3. Comment on the results in requirements 1 and 2 by identifying favorable and unfavorable changes in the components and composition of the statements.

Transcribed Image Text:

Robert Corporation Comparative Balance Sheets December 31, 2011 and 2010 2011 2010 Assets $ 40,600 $ 20,400 114,600 Cash Accounts receivable (net) 117,800 Inventory Property, plant, and equipment (net) 287,400 297,400 375,000 $820,800 360,000 $792,400 Total assets Liabilities and Stockholders' Equity $133,800 $238,600 Accounts payable Notes payable (short-term) 100,000 200,000 Bonds payable Common stock, $10o par value Retained earnings 200,000 200,000 200,000 187,000 $820,800 153,800 $792,400 Total liabilities and stockholders' equity Robert Corporation Comparative Balance Sheets December 31, 2011 and 2010 2011 2010 Assets $ 40,600 $ 20,400 114,600 Cash Accounts receivable (net) 117,800 Inventory Property, plant, and equipment (net) 287,400 297,400 375,000 $820,800 360,000 $792,400 Total assets Liabilities and Stockholders' Equity $133,800 $238,600 Accounts payable Notes payable (short-term) 100,000 200,000 Bonds payable Common stock, $10o par value Retained earnings 200,000 200,000 200,000 187,000 $820,800 153,800 $792,400 Total liabilities and stockholders' equity

Answer rating: 100% (QA)

Solution 1 These bellow statements showing the amount and percentag... View the full answer