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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

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M919923

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