Exercise 14-3 |
Your answer is correct. | |
The comparative condensed balance sheets of Garcia Corporation are presented below.
GARCIA CORPORATION
Comparative Condensed Balance Sheets December 31 |
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2014
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2013
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Assets | ||||
Current assets | $ 76,000 | $ 80,000 | ||
Property, plant, and equipment (net) | 100,000 | 90,000 | ||
Intangibles | 24,000 | 40,000 | ||
Total assets | $200,000 | $210,000 | ||
Liabilities and stockholders’ equity | ||||
Current liabilities | $ 40,000 | $ 48,000 | ||
Long-term liabilities | 140,000 | 150,000 | ||
Stockholders’ equity | 20,000 | 12,000 | ||
Total liabilities and stockholders’ equity | $200,000 | $210,000 |
(a) Prepare a horizontal analysis of the balance sheet data for Garcia Corporation using 2013 as a base. (If amount and percentage are a decrease show the numbers as negative, e.g. -55,000, -20% or (55,000). (20%). Round percentages to 1 decimal place, e.g. 12.3%.)