The 2012 accounting records of New and Used Records showed the following: Cash, $19,200; Net Accounts Receivable,

Question:

The 2012 accounting records of New and Used Records showed the following: Cash, $19,200; Net Accounts Receivable, $9,000; Inventory, $8,400; Prepaid Expenses, $2,400; Net Plant and Equipment, $21,000.
Construct a vertical analysis of the asset section of New and Used Records’ for 2012.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...