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Prepare a horizontal analysis
Presented below is a comparative balance sheet for Bogues Corporation for 20X7 and 20X6. Prepare 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
Total assets
$271,000
$230,000
Liabilities
Current liabilities
Accounts payable
$ 35,000
Salary payable
15,000
10,000
Total current liabilities
55,000
Stockholders' equity
Common stock
116,000
Retained earnings
85,000
Total stockholders' equity
216,000
185,000
Total liabilities & stockholders' equity
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