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The comparative condensed balance sheets of Able Corporation are presented below.
ABLE CORPORATION
Comparative Condensed Balance Sheets
December 31
2017 2016
Assets
Current assets $ 72,000 $ 80,000
Property, plant, and equipment (net) 95,400 90,000
Intangibles 33,600 40,000
Total assets $201,000 $210,000
Liabilities and stockholders' equity
Current liabilities $ 40,320 $ 48,000
Long-term liabilities 142,500 150,000
Stockholders' equity 18,180 12,000
Total liabilities and stockholders' equity $201,000 $210,000
Instructions
(a) Prepare a horizontal analysis of the balance sheet data for Able Corporation using 2016 as a base.
(b) Prepare a vertical analysis of the balance sheet data for Able Corporation in columnar form for 2017.
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