Express the following balance sheets for Safety Company in common-size percentages.Safety CompanyBalance SheetsFor the years ended December 31?Year 2Year 1Assets??Cash$ 43,000$ 22,000Accounts receivable38,00042,000Merchandise inventory61,00052,000Prepaid insurance6,0009,000Long-term investments49,00020,000Plant assets (net)218,000218,000Total assets$415,000$363,000???Liabilities and Equity??Current liabilities$ 62,000$ 75,000Long-term liabilities45,00036,000Common stock150,000150,000Retained earnings 158,000 102,000Total liabilities and equity$415,000$363,000
What will be an ideal response?
| Safety Company Common Size Comparative Balance Sheets For the years ended December 31 | ||
| ? | Year 2 | Year 1 |
| Assets: | ? | ? |
| Cash | 10.4% | 6.1% |
| Accounts receivable | 9.2% | 11.6% |
| Merchandise inventory | 14.7% | 14.3% |
| Prepaid insurance | 1.4% | 2.5% |
| Long-term investments | 11.8% | 5.5% |
| Plant assets (net) | 52.5% | 60.0% |
| Total assets | 100.0% | 100.0% |
| ? | ? | ? |
| Liabilities and equity: | ? | ? |
| Current liabilities | 14.9% | 20.7% |
| Long-term liabilities | 10.8% | 9.9% |
| Common stock | 36.2% | 41.3% |
| Retained earnings | 38.1% | 28.1% |
| Total liabilities and equity | 100.0% | 100.0% |
Business
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