Given below are the balance sheets of the two firms- gloria, Ask an Expert

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Given below are the balance sheets of the two firms- Gloria Ltd and Victoria Ltd as on 31st March 2007.
Gloria Ltd. Victoria Ltd.
Assets
Cash and Bank balance 12.70 38.60
Marketable securities 10.00 21.00
Sundry debtors 22.00 23.70
Prepaid expenses 93.50 162.45
Current Assets 1.12 2.14
Fixed Assets (Net) 139.32 247.90
Total Assets 589.00 642.00
728.323 889.895
Liabilities and Owners Equity
Sundry creditors 6.75 26.45
Notes payable 6.56 6.45
Long term debt 130.01 345.00
Equity 585.00 512.00

Total 728.323 889.895

1. Can the financial positions of the two firms be compared assuming that the two firms fall in the same industry?

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Accounting Basics, Accounting

Category:- Accounting Basics
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