Exercise 13-3
Here is financial information for Spangles Inc.
December 31, 2014 December 31, 2013 $109,554 $ 92,996 Plant assets (net) 402,996 353,554 Current liabilities 101,996 68,554 Long-term liabilities 125,554 92,996 Common stock, $1
par 133,554 118,554 Retained earnings 151,446 166,446 Current assets Prepare a schedule showing a horizontal analysis for 2014, using 2013 as the base year. (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. 12.1%.)
SPANGLES INC.
Condensed Balance Sheet
December 31
Increase or (Decrease)
2014 2013 Amount Percentage Assets
$
Current Assets
Plant assets (net) $109,554 $92,996 % 402,996 353,554 %
$ Total assets $512,550 $446,550 % Liabilities
$
Current Liabilities $101,996 $68,554 % Long-term liabilities 125,554 92,996 % Total liabilities $227,550 $161,550 % 133,554 118,554 % $ Stockholders’ Equity
Common stock, $1 par