Question :
100. Morrell Inc. had the following information available from its 2011 : 1291635
100. Morrell Inc. had the following information available from its 2011 and 2012 condensed balance sheets
Morrell Inc.
Comparative Balance Sheets
At December 31, 2012 and 2011
2012
2011
$ change
% change
Current assets
$ 90,000
$ 50,000
Long-term assets
300,000
200,000
Total assets
$390,000
$250,000
Current liabilities
$ 10,000
$ 30,000
Long-term liabilities
60,000
40,000
Total liabilities
$ 70,000
$ 70,000
Common stock
$ 90,000
$ 90,000
Retained earnings
230,000
90,000
Total stockholders’ equity
$320,000
$180,000
Total liabilities and
stockholders’ equity
$390,000
$250,000
Required: Using horizontal analysis, complete the comparative income statement by computing dollar change ($change) and percentage change (% change). Round percentages to two decimal places.
101. Morrell Inc. had the following information available from its 2011 and 2012 condensed balance sheets
Morrell Inc.
Comparative Balance Sheets
At December 31, 2012 and 2011
2012
Percent
2011
Percent
Current assets
$ 90,000
$ 50,000
Long-term assets
300,000
200,000
Total assets
$390,000
$250,000
Current liabilities
$ 10,000
$ 30,000
Long-term liabilities
60,000
40,000
Total liabilities
$ 70,000
$ 70,000
Common stock
$ 90,000
$ 90,000
Retained earnings
230,000
90,000
Total stockholders’ equity
$320,000
$180,000
Total liabilities and
stockholders’ equity
$390,000
$250,000
Required: Using vertical analysis, prepare common-size income statements for 2012 and 2011. Round percentages to two decimal places.