Question

Balance sheet data for Novak Company on December 31, the end of two recent fiscal years, follows:

1		Current Year	Previous Year
2	Current assets	$1,742,000.00	$1,302,000.00
3	Property, plant, and equipment	4,087,000.00	4,216,000.00
4	Intangible assets	871,000.00	682,000.00
5	Current liabilities	1,139,000.00	1,116,000.00
6	Long-term liabilities	1,742,000.00	1,984,000.00
7	Common stock	670,000.00	682,000.00
8	Retained earnings	3,149,000.00	2,418,000.00

Prepare a comparative balance sheet for both years, stating each asset as a percent of total assets and each liability and stockholders’ equity item as a percent of the total liabilities and stockholders’ equity.

Answer 1

Answer;-

NovakCompany
Comparative Balance Sheet
Particulars	Current Year	Percent	Previous Year	Percent
	$	%	$	%
Current assets	1742000	26	1302000	21
Property, plant & equipment	4087000	61	4216000	68
Intangible assets	871000	13	682000	11
Total Assets	6700000	100	6200000	100
Current Liabilities	1139000	17	1116000	18
Long-term Liabilities	1742000	26	1984000	32
Common stock	670000	10	682000	11
Retained Earnings	3149000	47	2418000	39
Total Liabilities	6700000	100	6200000	100