Please help with this assignment. Thanks! paie inicbmhe statements for the Horiz

Question

Please help with this assignment. Thanks!

paie inicbmhe statements for the Horizontal analysi cial statements for Allendale Company follow: CHECK Total asse Total liabi ALLENDALE COMPANY Balance Sheets As of December 31 Assets Current assets Cash Marketable securities Accounts receivable (net) Inventories Prepaid items 40,000 20,000 54,000 135,000 25,000 274,000 27,000 270,000 29,000 $600,000 36,000 6,000 46,000 143,000 10,000 241,000 20,000 255,000 24,000 $540,000 Total current assets Investments Plant (net) Land Total assets Liabilities and Stockholders' Equity tal. me Current liabilities Notes payable Accounts payable Salaries payable 17,000 113,800 21,000 151,800 $ 6,000 100,000 15,000 121,000 Total current liabilities Noncurrent liabilities 100,000 32,000 132,000 283,800 100,000 27,000 127,000 248,000 Bonds payable Other Total noncurrent liabilities Total liabilities Stockholders' equity Preferred stock (par value $10, 4% cumulative. nonparticipating; 8,000 shares authorized and issued) 10,000 shares issued) Total stockholders' equity Common stock (no par; 50,000 shares authorized; 80,000 132,000 292,000 $600,000$540,000 80,000 156,200 316,200 Retained earnings Total liabilities and stockholders' equity

Explanation / Answer

Allendale Company Balance Sheet as of 2019 2018 Increase or (Decrease) Amount Percent Assets Current Assets Cash 40000 36000 4000 11.1% Marketable Securities 20000 6000 14000 233.3% Accounts Receivable (net) 54000 46000 8000 17.4% Inventories 135000 143000 -8000 -5.6% Prepaid Items 25000 10000 15000 150.0% Total Current Assets 274000 241000 33000 13.7% Investments 27000 20000 7000 35.0% Plant (net) 270000 255000 15000 5.9% Land 29000 24000 5000 20.8% Total Assets 600000 540000 60000 11.1% Liabilities and Stockholders Equity Liabilities Current liabilities Notes Payable 17000 6000 11000 183.3% Accounts Payable 113800 100000 13800 13.8% Salaries Payable 21000 15000 6000 40.0% Total Current Liabilities 151800 121000 30800 25.5% Noncurrent liabilities Bonds Payable 100000 100000 0 0.0% Other 32000 27000 5000 18.5% Total noncurrent liabilities 132000 127000 5000 3.9% Total liabilities 283800 248000 35800 14.4% Stockholder's Equity Preferred Stock (par value $10, 4% cumulative, nonparticipating: 8000 shares authorized and issued) 80000 80000 0 0.0% Common Stock (no par, 50000 shares authorized, 10000 shares issued) 80000 80000 0 0.0% Retained Earnings 156200 132000 24200 18.3% Total stockholders equity 316200 292000 24200 8.3% Total liabilities and stockholders equity 600000 540000 60000 11.1% Allendale Company Income Statement as of Dec 2019 2018 Increase or (Decrease) Revenues Amount Percent Sales (net) 230000 210000 Other revenues 8000 5000 total revenues 238000 215000 23000 10.7% Expenses COGS 120000 103000 17000 16.5% Selling, general and administrative 55000 50000 5000 10.0% Interest expense 8000 7200 800 11.1% income tax expense 23000 22000 1000 4.5% Total Expenses 206000 182200 23800 13.1% Net earnings (net income) 32000 32800 -800 -2.4% Retained earnings, January 1 132000 107000 25000 23.4% Less: preferred stock dividends 3200 3200 0 0.0% Common stock dividends 4600 4600 0 0.0% Retained earnings December 31 156200 132000 24200 18.3%

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