Crane Company compiled the following financial information as of December 31: $330,000 59,000 79,000 248,000 89,000 19,000 19,000 39,000 69,000 Revenues Owner's Capital (Jan. 1) Equipment Expenses Cash Owner's Drawings Supplies Accounts receivable Accounts payable What are the total assets as of December 31? Group of answer choices 1. $197,000 2. $256,000 3. $171,000 4. $226,000 5. $298,000

Crane Company compiled the following financial information as of December 31: $330,000 59,000 79,000 248,000 89,000 19,000 19,000 39,000 69,000 Revenues Owner's Capital (Jan. 1) Equipment Expenses Cash Owner's Drawings Supplies Accounts receivable Accounts payable What are the total assets as of December 31? Group of answer choices 1. $197,000 2. $256,000 3. $171,000 4. $226,000 5. $298,000

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter12: Intangibles

Section: Chapter Questions

Problem 10MC

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Vertical Analysis of Balance Sheet Balance sheet data for Hanes Company on December 31, the end of the fiscal year, are shown below. Current assets Property, plant, and equipment Intangible assets Current liabilities Long-term liabilities Common stock Retained earnings Current assets 20Y2 Assets 266,240 457,600 108,160 183,040 324,480 91,520 232,960 20Y1 $266,240 162,240 % 418,080 43,680 106,080 Prepare a comparative balance sheet for 20Y2 and 20Y1, stating each asset as a percent of total assets and each liability and stockholders' equity of the total liabilities and stockholders' equity. If required, round percentages to one decimal place. 249,600 87,360 180,960 Hanes Company Comparative Balance Sheet December 31, 20Y2 and 20Y1 20Y2 Amount 20Y2 Percent 20Y1 Amount 20Y1 Percent $162,240 %
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