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Charles royston was checking the year- end blances for his

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Charles Royston was checking the year- end blances for his wood furniture manufacturing & business & was concerned about the numbers. From what he remembered, his debts & accounts receivable were higher that the previous year. Rather than get worked up over nothing, he decided he would gather the information & make a comparison. For Dec 31, 2011, the business had current assets of: $1,844 cash, $11,807 accounts receivable, & $9,628 inventory. Plant & equipment totaled $158,700. Current liabilities were: accounts payable $13,446; wages payable $650; & property & taxes payable $4,124. Long term debt totaled $92,800 & owner's equity $70,959. By comparison, for Dec 31, 2010, the business had current assets of: $3,278 cash; $6,954 accounts receivable; $17,417 inventory. Plant & equipment totaled $144,500. Current liabilities were: accounts payable $9,250; wages payable $1,110; property & taxes payable $3,650. Long term debt totaled $75,800; & owner's equity $82,339.

1. Construct a comparative balance sheet for Contemporary Wood Furniture for year-end 2010 & 2011, including a vetical & horizontal analysis of the comparative balance sheet. Express percents to the nearest tenth of a percent.

2. Calculate the current ratio & the total debt to total assets ratio for 2010 & 2011.

 

Reference no: EM13583920

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