Presented Below Is a Comparative Balance Sheet for VTeck Corporation

question 114

Essay

Presented below is a comparative balance sheet for VTeck Corporation for 2017 and 2016.Prepare a horizontal analysis of VTeck Corporation's balance sheet.
VTeck Corporation
Comparative Balance Sheet
December 31, 2017 and 2016 $\begin{array}{llr}\text { Assets }\\\text { Current assets }&2017&2016\\\text { Cash } & \$ 35,000 & \$ 20,000 \\\text { Accounts receivable (net) } & 35,000 & 25,000 \\\text { Merchandise inventory } & 45,000 & 40,000 \\\text { Prepaid expenses } & \underline{10,000} & \underline{5,000} \\\quad \text { Total current assets } & 125,000 & 90,000\end{array}$ Property,plant and equipment
$\begin{array}{lll}\text { Land } & 40,000 & 50,000 \\\text { Equipment } & 150,000 & 120,000 \\\text { Less: Accumulated amortization } & \underline{(45,000)} & \underline{(30,000)} \\\quad \text { Total assets } & \$ 270,000 & \$ 230,000\end{array}$ Liabilities
Current liabilities
$\begin{array}{lrr}\text { Accounts payable } & \$ 40,000 & \$ 35,000 \\\text { Salary payable } & \underline{15,000} & \underline{10,000} \\\text { Total current liabilities } & \underline{55,000} & \underline{45,000}\end{array}$ Shareholders' equity

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