Problem 13 The following information is KRS, Inc.\'s balance sheet account balan

Question

Problem 13 The following information is KRS, Inc.'s balance sheet account balances as of December 31, 20X1 and 20X2. You have been hired by Kermit Smith, the owner, to prepare a financial package for a bank loan including comparative balance sheets. Assets Cash Accounts receivable Marketable securities Inventories Operating equipment (current) Prepaid expenses Land Building Accumulated depreciation 20x1 20X2 16,634 16,105 10,396 14,554 69,255 4,158 116,435 1,207,090 453,263 20,768 11,618 10,496 18,554 84,934 3,874 116,435 1,207,090 537,849

Explanation / Answer

Percent = Value / Total

Assets 20X1 Percent 20X2 Percent Cash        16,634 1.661%        20,768 2.219% AccountsReceivable        16,105 1.608%        11,618 1.241% Marketable Securities        10,396 1.038%        10,496 1.121% Inventories        14,554 1.453%        18,554 1.982% Operating Equipment (Current)        69,255 6.916%        84,934 9.075% Prepaid expenses          4,158 0.415%          3,874 0.414% Land      116,435 11.628%      116,435 12.441% Building 1,207,090 120.545% 1,207,090 128.974% Accumulated Depreciation    (453,263) -45.265%    (537,849) -57.467% Total 1,001,364 100%      935,920 100% Liabilities and Owner's Equity Accounts Payable        13,265 1.325%        12,945 1.383% Accrued Expenses          2,047 0.204%          1,039 0.111% Deferred Income taxes (Noncurrent)          8,163 0.815%          7,927 0.847% Current portion of Long term debt        20,407 2.038%        20,060 2.143% Long term debt      553,429 55.268%      533,369 56.989% Retained Earnings      192,853 19.259%      149,380 15.961% Common Stock      211,200 21.091%      211,200 22.566% Total 1,001,364 100%      935,920 100%

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