Question

Category Prior year Current year Accounts payable 41,400 45,000 Accounts receivable 115,200 122,400 Accruals 16,200 13,500...

Category

Prior year

Current year

Accounts payable

41,400

45,000

Accounts receivable

115,200

122,400

Accruals

16,200

13,500

Additional paid in capital

200,000

216,660

Cash

???

???

Common Stock @ par value

37,600

42,000

COGS

131,400

178,722.00

Depreciation expense

21,600

22,610.00

Interest expense

16,200

16,173.00

Inventories

111,600

115,200

Long-term debt

135,000

138,719.00

Net fixed assets

375,126.00

399,600

Notes payable

59,400

64,800

Operating expenses (excl. depr.)

50,400

69,866.00

Retained earnings

122,400

136,800

Sales

255,600

337,317.00

Taxes

9,900

18,792.00

What is the current year's entry for long-term debt on a common-sized balance sheet?

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Answer #1

To Compute the entry of Long term debt on common size bakance sheet

We Will compute total liabilities

Total Liabilities = Accounts Payables + Accruals + Long term debt + Notes Payables + Retained earnings + Additional Paid in Capital + Common stock

= 45000 + 13500 + 138719 + 64800 + 136800 + 216660 + 42000

= $657479

The common size balance sheet refers to the balance sheet where each component of liability or asset os measured in percentage to the total liabilities.

So, Long term debt ( In percentage ) = 138719 / 657479

= 21.09% (Approximately)

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