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Prepare the Assets section of a common-size balance sheet for each year Note Refer to Practice 23 3 for sales data Sales data Table 23 3 Description Year 3 Year 2 Year 1 Cash

Prepare the Assets section of a common-size balance sheet for each year Note Refer to Practice 23 3 for sales data Sales data Table 23 3 Description Year 3 Year 2 Year 1 Cash

Prepare the Assets section of a common-size balance sheet for each year. (Note: Refer to Practice 23-3 for sales data).

Sales data Table 23-3

Description

Year 3

Year 2

Year 1

Cash

$8,000

$8,000

$6,000

Accounts receivable

$18,000

$37,000

$18,000

Inventory

$36,000

$47,000

$36,000

Current assets

$62,000

$92,000

$60,000

Property, plant, and equipment (net)

$138,000

$126,000

$123,000

   Total assets

$200,000

$218,000

$183,000

Accounts payable

$28,000

$39,000

$21,000

Short-term debt

$15,000

$20,000

$15,000

Current liabilities

$43,000

$59,000

$36,000

Long-term debt

$52,000

$65,000

$58,000

   Total liabilities

$95,000

$124,000

$94,000

Paid-in capital

$19,000

$19,000

$19,000

Retained earnings

$86,000

$75,000

$70,000

   Total liabilities and equities

$200,000

$218,000

$183,000

 

 
mahesh 17-Mar-2020

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