Prepare common size income statements and balance sheets

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Reference no: EM131195577

Rylander Corporation Comparative Balance Sheets December 31, 2014 and 2013

Cash	Assets	2014 $ 162,400	2013 $ 81,600
Accounts receivable (net)		471,200	458,400
Inventory		1,149,600	1,189,600
Property, plant, and equipment (net)		1,500,000	1,440,000
Total assets		$3,283,200	$3,169,600

Liabilities and Stockholders' equity





Accounts payable	$ 535,200	$ 954,400
Notes payable (short-term)	400,000	800,000
Bonds payable	800,000	-
Common stock, $10 par value	800,000	800,000
Retained earnings	748,000	615,200
Total liabilities and stockholders' equity	$3,283,200	$3,169,600

Required
1. Prepare schedules showing the amount and percentage changes from 2013 to 2014 for the comparative income statements and the balance sheets. (Round to one deci- mal place.)

2. Prepare common-size income statements and balance sheets for 2013 and 2014. (Round to one decimal place.)

3. aCCoUntinG ConneCtion ? Comment on the results in requirements 1 and 2 by identifying favorable and unfavorable changes in the components and composition of the statements.

Reference no: EM131195577

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