Complete common -size statements (balance sheets) using the data below. You will be required to create a spreadsheet in MS Excel to display the statements (balance sheets).?

 compare and contrast the information for the two years (2014 & 2015) in light of the metrics produced in the common - size statements.

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Balance Sheets Assets Cash 2015 2014 Accounts receivable Inventories $ 52,000 $ 57,600 402,000 351,200 836,000 715,200 Total current assets Gross fixed assets Less: Accumulated depreciation Net fixed assets Total assets $ 360,800 $1,650,800 $1,290,000 527,000 (166,200) $1,124,000 491,000 (146,200) $ 344,800 $1,468,800 Liabilities and Equity Accounts payable $ 175,200 $ 145,600 Notes payable 225,000 140,000 200,000 136,000 Accruals Total current liabilities Long-term debt Common stock (100,000 shares) Retained earnings Total equity Total liabilities and equity $ 540,200 $ 481,600 424,612 323,432 460,000 460,000 225,988 203,768 $ 685,988 $ 663,768 $1,650,800 $1,468,800 Income Statements Sales Cost of goods sold Other expenses Depreciation Total operating costs 2015 $3,850,000 (3,250,000) ( 430,300) (20,000) $3,700,300 2014 $3,432,000 (2,864,000) ( 340,000) ( 18,900) $3,222,900 $ 209,100 EBIT Interest expense EBT Taxes (40%) Net income EPS $ 149,700 ( 76,000) ( 62,500) $ 73,700 $ 146,600 ( 29,480) 58,640) $ 44,220 $ 87,960 $ 0.442 $ 0.880 Balance Sheets Assets Cash 2015 2014 Accounts receivable Inventories $ 52,000 $ 57,600 402,000 351,200 836,000 715,200 Total current assets Gross fixed assets Less: Accumulated depreciation Net fixed assets Total assets $ 360,800 $1,650,800 $1,290,000 527,000 (166,200) $1,124,000 491,000 (146,200) $ 344,800 $1,468,800 Liabilities and Equity Accounts payable $ 175,200 $ 145,600 Notes payable 225,000 140,000 200,000 136,000 Accruals Total current liabilities Long-term debt Common stock (100,000 shares) Retained earnings Total equity Total liabilities and equity $ 540,200 $ 481,600 424,612 323,432 460,000 460,000 225,988 203,768 $ 685,988 $ 663,768 $1,650,800 $1,468,800 Income Statements Sales Cost of goods sold Other expenses Depreciation Total operating costs 2015 $3,850,000 (3,250,000) ( 430,300) (20,000) $3,700,300 2014 $3,432,000 (2,864,000) ( 340,000) ( 18,900) $3,222,900 $ 209,100 EBIT Interest expense EBT Taxes (40%) Net income EPS $ 149,700 ( 76,000) ( 62,500) $ 73,700 $ 146,600 ( 29,480) 58,640) $ 44,220 $ 87,960 $ 0.442 $ 0.880

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To create commonsize statements balance sheets we need to express each item as a percentage of the total assets or total liabilities and equity Here a... View the full answer