Prepare the 2013 and 2014 common-size balance sheets for Bethesda Mining. ( Do n
ID: 2733201 • Letter: P
Question
Prepare the 2013 and 2014 common-size balance sheets for Bethesda Mining. (Do not round intermediate calculations. Round your answers to 2 decimal places (e.g., 32.16).)
Bethesda Mining Company reports the following balance sheet information for 2013 and 2014. Bethesda Mining Company reports the following balance sheet information for 2013 and 2014 Required Prepare the 2013 and 2014 common-size balance sheets for Bethesda Mining. (Do not round intermediate calculations. Round your answers to 2 decimal places (e.g., 32.16).) BETHESDA MINING COMPANY Balance Sheets as of December 31, 2013 and 2014 2013 2014 Assets Liabilities and Owners' Equity Current assets Current liabilities Cash Accounts receivable Inventory $ 29,266 58,281 133,148 % $ 38,098 % 78,639 % 199,946 $193,922 89,020 % Accounts payable % $201,611 % Notes payable % 140,588 Tota $282,942 % $342,199 Total $ 220,695 % $316,683 Long-term debt Owners' equity $ 245,000 % $ 181,750 Common stock and paid-in surplus Accumulated retained earnings $210,000 % $210,000 140,100 $350,100 $878,042 % 172,012 % $382,012 % $905,961 Fixed assets Net plant and equipment $657,347 % $589,278 Total Total assets $ 878,042 % $905,961 % Total liabilities and owners' equityExplanation / Answer
2013 ($) 2013 (%) 2014 ($) 2014 (%) Current Assets: Cash 29,266 3.33% 38,098 4.21% Accounts recivable 58,281 6.64% 78,639 8.68% Inventory 133,148 15.16% 199,946 22.07% Total Current Assets 220,695 25.13% 316,683 34.96% Fixed Assets - Plant & Equipment 657,347 74.87% 589,278 65.04% Total Assets 878,042 100% 905,961 100% Current Liabilities: Accounts Payable 193,922 22.09% 201,611 22.25% Notes Payable 89,020 10.14% 140,588 15.52% Total 282,942 32.22% 342,199 37.77% Long Term Debt 245,000 27.90% 181,750 20.06% Owner's Equity Common stock and paid up surplus 210,000 23.92% 210,000 23.18% Accumulated Retained Earnings 140,100 15.96% 172,012 18.99% Total 350,100 39.87% 382,012 42.17% Total Liabilities and owner's equity 878,042 100% 905,961 100%