Birtle Corporation reports the following statement of financial position information for 2017 and 2018. Assets...

90.2K

Verified Solution

Question

Accounting

image

Birtle Corporation reports the following statement of financial position information for 2017 and 2018. Assets 2018 Current assets Cash Accounts receivable Inventory Total $ 43,805 16,843 BIRTLE CORPORATION 2017 and 2018 Statement of Financial Position Liabilities and Owners' Equity 2017 2018 2017 Current liabilities $ 9,279 $ 11,173 Accounts payable $ 41,060 23,683 25, 760 Notes payable 16, 157 42,636 46,915 $ 75,598 $ 83, B48 Total $ 57,217 Long-term debt $ 40,000 Owners' equity $ 272,047 $297,967 Common stock and paid-in surplus $ 50,000 Retained earnings 200,428 Total $250,428 $347,645 $381,815 Total liabilities and owners' equity $347,645 $ 60,648 $ 35,000 Fixed assets Net plant and equipment $ 50,000 236, 167 $286, 167 $381, 815 Total assets Prepare the 2018 combined common-size, common-base year statement of financial position for Birtle. (Do not round intermediate calculations. Round the final answers to 3 decimal places.) 2017 2018 Assets Current assets Cash Accounts receivable Inventory Total $ 9,279 23, 683 42,636 $ 75, 598 $ 11,173 25,760 46,915 $ 83, 848 $272,047 $297, 967 $347,645 $381,815 Fixed assets Net plant and equipment Total assets Liabilities and Owners' Equity Current liabilities Accounts payable Notes payable Total Long-term debt Owners' equity Common stock and paid-in surplus Accumulated retained earnings Total $ 41,060 16, 157 $ 57,217 $ 40,000 $ 43,805 16,843 $ 60,648 $ 35,000 $ 50,000 200,428 $250,428 $ 50,000 236, 167 $286, 167 $381,815 Total liabilities and owners' equity $347,645

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students