Sample content Exercises 14-3, 14-4, and 14-13, located in WileyPLUS o Problem 14-6A, located in WileyPLUS EXERCISE 14-3 (a)

1. Acc 557 chapter 14(E14 3 E14 4 E14 13 P14 6A)
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Sample content
Exercises 14-3, 14-4, and 14-13, located in WileyPLUS
o Problem 14-6A, located in WileyPLUS
EXERCISE 14-3

2. (a) GARCIA CORPORATION
Condensed Balance Sheets
December 31
2014
2013
Increase
(Decrease)
Percentage
Change
from 2013
Assets
Current assets
Property, plant &
equipment (net)
Intangibles
Total assets
$ 76,000
100,000
24,000

3. $200,000
$ 80,000
90,000
40,000
$210,000
$ (4,000)
(10,000)
(16,000)
$(10,000)
(5.0%)
(11.1%)
(40.0%)
(4.8%)
GARCIA CORPORATION
Condensed Balance Sheets (Continued)
December 31
2014
2013
Increase
(Decrease)

4. Percentage
Change
from 2013
Liabilities and stock-
holders’ equity
Current liabilities
Long-term
liabilities
Stockholders’
equity
Total liabilities and
stockholders’
equity
$ 40,000
140,000
20,000
$200,000
$ 48,000
150,000

5. 12,000
$210,000
$ (8,000)
(10,000)
8,000)
$(10,000)
(16.7%)
(6.7%)
(66.7%)
(4.8%)
(b) GARCIA CORPORATION
Condensed Balance Sheet
December 31, 2014
Amount
Percent
Assets
Current assets
Property, plant, and equipment (net)
Intangibles
Total assets

6. Liabilities and stockholders’ equity
Current liabilities
Long-term liabilities
Stockholders’ equity
Total liabilities and stockholders’ equity
$ 76,000
100,000
24,000
$200,000
$ 40,000
140,000
20,000
$200,000
38%
50%
12%
100%
20%
70%

7. 10%
100%
Top of Form
Exercise 14-3
Your answer is correct.
The comparative condensed balance sheets of Garcia Corporation are presented
below.
GARCIA CORPORATION
Comparative Condensed Balance Sheets
December 31
2014
2013
Assets
Current assets
$ 76,000
$ 80,000
Property, plant, and equipment (net)
100,000
90,000
Intangibles

8. 24,000
40,000
Total assets
$200,000
$210,000
Liabilities and stockholders’ equity
Current liabilities
$ 40,000
$ 48,000
Long-term liabilities
140,000
150,000
Stockholders’ equity
20,000
12,000
Total liabilities and stockholders’ equity
$200,000
$210,000
(a) Prepare a horizontal analysis of the balance sheet data for Garcia Corporation
using 2013 as a base. (If amount and percentage are a decrease show the

9. numbers as negative, e.g. -55,000, -20% or (55,000). (20%). Round percentages to
1 decimal place, e.g. 12.3%.)
GARCIA CORPORATION
Condensed Balance Sheets
December 31
2014
2013
Increase
(Decrease)
Percentage
Change from 2013
Assets
Current Assets
$76,000
$80,000
$
%
Property, Plant & Equipment (net)
100,000
90,000

10. %
Intangibles
24,000
40,000
%
Total assets
$200,000
$210,000
$
%
Liabilities and Stockholders’ Equity
Current Liabilities
$40,000
$48,000
$
%
Long-term Liabilities
140,000
150,000
%

11. Stockholders’ Equity
20,000
12,000
%
Total liabilities and stockholders’ equity
$200,000
$210,000
$
%
(b) Prepare a vertical analysis of the balance sheet data for Garcia Corporation in
columnar form for 2014. (Round percentages to 0 decimal places, e.g. 12%.)
GARCIA CORPORATION
Condensed Balance Sheet
December 31, 2014
Amount
Percent
Assets
Current Assets
$76,000
%

12. Property, Plant, and Equipment (net)
100,000
%
Intangibles
24,000
%
Total assets
$200,000
%
Liabilities and Stockholders’ Equity
Current Liabilities
$40,000
%
Long-term Liabilities
140,000
%
Stockholders’ Equity
20,000
%

13. Total liabiliti
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