Question

Comparative balance sheets are available for Floatlin Group:

                                                                                  Floatlin Group

                                                                   Comparative Balance Sheets

                                                                   December 31, 2X13 and 2X12

                                                          2X13      2X12                                                                  2X13      2X12

Current Assets:                                                                             Current Liabilities:

        Cash                                          $ 20       $ 15                        Accounts Payable        $ 24       $ 20

        Accounts Receivable              45           37                               Taxes Payable           11           15

        Inventory                                    60           70                                 Note Payable              7           18

Total Current Assets                  $125      $122                       Total Current Liab.       $ 42        $ 53

Long-Term Assets:                                                                  Long-Term Liabilities           80           30

        Equipment                            $290      $200                              Total Liabilities      $122        $ 83

        Less: Accum. Depr.             (160)      (140)                Stockholders' Equity:

Total Long-Term Assets           $130       $ 60                             Common Stock        $ 40        $ 40

                                                                                                            Retained Earnings           93           59

                                                                                            Total Stockholders' Equity      $133        $ 99

                                                                                                                       Total Liab. &

Total Assets                                  $255      $182                   Stockholders' Equity      $255       $182

Prepare a common-size balance sheet for Floatlin Group at December 31, 2X13.

*TEXT, NO PIC PLEASE

Answer 1

Floatin Group
Common Size Balance Sheet
	($)	($)	(%)	(%)
	as of	as of	as of	as of
	12/31/20X3	12/31/20X2	12/31/20X3	12/31/20X2
Current assets
Cash	$20	$15	7.84%	8.24%
Accounts receivable	45	37	17.65%	20.33%
Inventory	60	70	23.53%	38.46%
Total current assets	$125	$122	49.02%	67.03%
Total fixed assets (Equipment)	130	60	50.98%	32.97%
Total Assets	$255	$182	100.00%	100.00%
Current liabilities
Accounts payable	$24	$20	9.41%	10.99%
Taxes Payable	11	15	4.31%	8.24%
Notes payable	7	18	2.75%	9.89%
Total current liabilities	$42	$53	16.47%	29.12%
Long-term debt	80	30	31.37%	16.48%
Total liabilities	122	83	47.84%	45.60%
Stockholders’ equity
Common Stock	40	40	15.69%	21.98%
Retained Earnings	93	59	36.47%	32.42%
Total liabilities and equity	$255	$182	100.00%	100.00%