Given below is a comparative balance sheet for bogues, Ask an Expert

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Q1) Given below is a comparative balance sheet for Bogues Corporation for 20X7 and 20X6. Make a horizontal analysis of Bogues Corporation's balance sheet.

Bogues Corporation Comparative Balance Sheet December 31, 20X7 and 20X6
	20X7	20X6
Assets
Current assets
Cash	$ 31,000	$ 20,000
Accounts receivable (net)	35,000	25,000
Merchandise inventory	45,000	40,000
Prepaid expenses	20,000	5,000
Total current assets	131,000	90,000
Plant assets
Land	$ 40,000	$ 50,000
Equipment (net)	100,000	90,000
Total assets	$271,000	$230,000
Liabilities
Current liabilities
Accounts payable	$ 40,000	$ 35,000
Salary payable	15,000	10,000
Total current liabilities	55,000	45,000
Stockholders' equity
Common stock	116,000	100,000
Retained earnings	100,000	85,000
Total stockholders' equity	216,000	185,000
Total liabilities & stockholders' equity	$271,000	$230,000

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M919923

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