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

Question

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

Quizplus · Accepted Answer

The Answer of 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

Presented Below Is a Comparative Balance Sheet for VTeck Corporation