Acc557 Financial Accounting: E14-3 The comparative condensed balance sheets of Garcia Corporation

Acc557 Financial Accounting Exercise 14-3 The comparative condensed balance sheets of Garcia Corporation are presented below: GARCIA CORPORATION Comparative Condensed Balance Sheets December 31 2014 2013 Assets Current assets 76,000 80,000 Property, plant, and equipment (net) 100,000 90,000 Intangibles 24,000 40,000 Total assets 200,000 210,000 Liabilities and stockholders' equity Current liabilities 40,000 48,000 Long-term liabilities 140,000 150,000 Stockholders' equity 20,000 12,000 Total liabilities and stockholders' equity 200,000 210,000 Instructions: (a) Prepare a horizontal analysis of the balance sheet data for Garcia Corporation using 2013 as a base. (If amount and percentage are a decrease show the numbers as negative, e.g. -55,000, -20% or (55,000). (20%). Round percentages to 1 decimal place, e.g. 12.3%.) (b) Prepare a vertical analysis of the balance sheet data for Garcia Corporation in columnar form for 2014. (Round percentages to 0 decimal places, e.g. 12%.)
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