The comparative condensed balance sheets of Gurley Corporation are presented bel
ID: 2487121 • Letter: T
Question
The comparative condensed balance sheets of Gurley Corporation are presented below.
GURLEY CORPORATION
Comparative Condensed Balance Sheets
December 31
2017
2016
(a)
Prepare a horizontal analysis of the balance sheet data for Gurley Corporation using 2016 as a base. (Enter negative amounts and percentages using either a negative sign preceding the number e.g. -45, -45% or parentheses e.g. (45), (45%). Round percentages to 1 decimal place, e.g. 12.3%.)
2017
2016
Increase
(Decrease)
Percentage
Change from 2016
Assets
Current assets
$ 73,500
$ 81,900
Property, plant & equipment (net)
97,500
89,400
Intangibles
Total assets
Liabilities and stockholders' Equity
Current liabilities
$ 41,800
$ 48,000
Long-term liabilities
143,800
151,400
Stockholders' equity
Total liabilities and stockholders' equity
(b)
Prepare a vertical analysis of the balance sheet data for Gurley Corporation in columnar form for 2017. (Round percentages to 1 decimal place, e.g. 12.3%.)
Amount
Percent
Assets
Current assets
$ 73,500
Property, plant, and equipment (net)
97,500
Intangibles
Total assets
Liabilities and stockholders' equity
Current liabilities
$ 41,800
Long-term liabilities
143,800
Stockholders' equity
Total liabilities and stockholders' equity
GURLEY CORPORATION
Comparative Condensed Balance Sheets
December 31
2017
2016
Assets Current assets $ 73,500 $ 81,900 Property, plant, and equipment (net) 97,500 89,400 Intangibles 28,800 42,000 Total assets $ 199,800 $ 213,300 Liabilities and stockholders’ equity Current liabilities $ 41,800 $ 48,000 Long-term liabilities 143,800 151,400 Stockholders’ equity 14,200 13,900 Total liabilities and stockholders’ equity $ 199,800 $ 213,300Explanation / Answer
GURLEY CORPORATION Condensed Balance Sheets December 31For the Year Ended December 31For the Quarter Ended December 31 2017 2016 Increase Percentage (Decrease) Change from 2016 Assets Current assets $ 73,500 $ 81,900 $ -8,400 -10.26% Property, plant & equipment (net) 97,500 89,400 $ 8,100 9.06% Intangibles 28,800 42,000 $ -13,200 -31.43% Total assets $ 199,800 $ 213,300 $ -13,500 -6.33% Liabilities and stockholders' Equity Current liabilities $ 41,800 $ 48,000 $ -6,200 -12.92% Long-term liabilities 143,800 151,400 $ -7,600 -5.02% Stockholders' equity 14,200 13,900 $ 300 2.16% Total liabilities and stockholders' equity $ 199,800 $ 213,300 $ -13,500 -6.33% GURLEY CORPORATION Condensed Balance Sheet For the Year Ended December 31, 2017For the Quarter Ended December 31, 2017December 31, 2017 Amount Percent Assets Current assets $ 73,500 36.79% Property, plant, and equipment (net) 97,500 48.80% Intangibles 28,800 14.41% Total assets $ 199,800 100.00% Liabilities and stockholders' equity Current liabilities $ 41,800 20.92% Long-term liabilities 143,800 71.97% Stockholders' equity 14,200 7.11% Total liabilities and stockholders' equity $ 199,800 100.00%