acc_280_week_5_final_exam_1..xlsx

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acc_280_week_5_final_exam_1..xlsx

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E15-1Financial information for Blevins Inc. is presented below.December 31, 2009December 31, 2008Current assets$125,000 $100,000 Plant assets (net)396,00330,000Current liabilities91,0070,000Long-term liabilities133,0095,000Common stock, $1 par161,000115,000Retained earnings136,000150,000InstructionsPrepare a schedule showing a horizontal analysis for 2009 using 2008 as the base year.----------------------ANSWER:E15-1BLEVINS INC.Condensed Balance SheetsDecember 31Increase or (Decrease)20092008AmountPercentageAssetsCurrent assets$125,000 $100,000 $25,000 25.0%Plant assets (net) 396,000 330,000 66,000 20.0%Total assets$521,000 $430,000 $91,000 21.2%LiabilitiesCurrent liabilities$91,000 $70,000 $21,000 30.0%Long-term liabilities 133,000 95,000 38,000 40.0%Total liabilities 224,000 165,000 59,000 35.8%Stockholders' EquityCommon stock, $1 par 161,000 115,000 46,000 40.0%Retained earnings 136,000 150,000 (14,000)(9.3%)Total stockholders' equity

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