Complete the Horizontal Analysis of Soopy's Used Cars

question 66

Essay

Complete the horizontal analysis of Soopy's Used Cars.(Round all percentages to the nearest tenth of a percent.)
$\begin{array} { l r r r r } & \underline { 2013 } & \underline { 2012 } & \underline { \text { Amount } } & \underline { \text { Percent } } \\&&&\underline { \text { of Change} } &\underline { \text { of Change }} \\\text { Current Assets } & \$ 75,000 & \$ 60,000 &\\\text { Plant and Equipment } & \underline { 225,000 } & \underline { 200,000 } & & \\\text { Total Assets } & \underline { \underline { \$ 300,000 } } & \underline { \underline { \$ 260,000 } } & & \\\text { Current Liabilities } & \$ 30,000 & \$ 35,000 & & \\\text { Long-term Liabilities } & 80,000 & 70,000 & & \\\text { Common Stack } & 100,000 & 100,000 & & \\\text { Retained Earnings } & \underline { 90,000 } & \underline { 55,000 } & & \\\text { Tota1 Liabilities and } & & & & \\\text { Stockholders' Equity } & \underline { \$ 300,000 } & \underline { \$ 260,000 } &\end{array}$

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Definitions:

Goodwill

An intangible asset that represents the excess of the purchase price over the fair value of identifiable net assets of a business acquired.

Journal Entry

A record in the accounts of a business which shows a financial transaction, including debits and credits, to maintain the accuracy of the financial statements.

Consolidated Balance Sheet

A financial statement combining all assets, liabilities, and equity of a parent company and its subsidiaries, presenting the financial position of the entire group.

Fair Values

A measure of the estimated market value of an asset or liability, based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction.