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Financial Statement Analysis
Chapter 15
Demonstration Problems
Copyright © 2014 Pearson Education, Inc. publishing as Prentice Hall
Copyright © 2014 Pearson Education, Inc. publishing as Prentice Hall 15-2
Data for Sun Rise, Inc. follow:
E15-15D
SUN RISE, INC.Comparative Income Statement
Years Ended December 31, 2015 and 20142015 2014
Net Sales Revenue $500,000 $430,000Expenses:
Cost of Goods Sold 225,000 210,000Selling and Administrative Expenses 107,000 98,000Other Expenses 15,000 11,000Total Expenses 347,000 319,000
Net Income $153,000 $111,000
Requirements
1. Prepare a horizontal analysis of the comparative income statement of Sun Rise, Inc. Round percentage changes to one decimal place.
2. Why did 2015 net income increase by a higher percentage than net sales revenue?
Copyright © 2014 Pearson Education, Inc. publishing as Prentice Hall 15-3
E15-15D—Req.1SUN RISE, INC.
Comparative Income StatementYears Ended December 31, 2015 and 2014
Increase (Decrease)2015 2014 Amount Percentage
Net Sales Revenue $500,000 $430,000 $70,000Expenses:
Cost of Goods Sold 225,000 210,000Selling and Administrative Expenses 107,000 98,000Other Expenses 15,000 11,000Total Expenses 347,000 319,000
Net Income $153,000 $111,000
Calculation:
═ $500,000 − $430,000
═ $70,000
Copyright © 2014 Pearson Education, Inc. publishing as Prentice Hall 15-4
E15-15D—Req.1SUN RISE, INC.
Comparative Income StatementYears Ended December 31, 2015 and 2014
Increase (Decrease)2015 2014 Amount Percentage
Net Sales Revenue $500,000 $430,000 $70,000 16.3%Expenses:
Cost of Goods Sold 225,000 210,000Selling and Administrative Expenses 107,000 98,000Other Expenses 15,000 11,000Total Expenses 347,000 319,000
Net Income $153,000 $111,000
Calculation:
═ ﴾$70,000 ÷ $430,000 ﴿ × 100
═ 16.3%
Copyright © 2014 Pearson Education, Inc. publishing as Prentice Hall 15-5
E15-15D—Req.1SUN RISE, INC.
Comparative Income StatementYears Ended December 31, 2015 and 2014
Increase (Decrease)2015 2014 Amount Percentage
Net Sales Revenue $500,000 $430,000 $70,000 16.3%Expenses:
Cost of Goods Sold 225,000 210,000 15,000Selling and Administrative Expenses 107,000 98,000Other Expenses 15,000 11,000Total Expenses 347,000 319,000
Net Income $153,000 $111,000
Calculation:
═ $225,000 − $210,000
═ $15,000
Copyright © 2014 Pearson Education, Inc. publishing as Prentice Hall 15-6
E15-15D—Req.1SUN RISE, INC.
Comparative Income StatementYears Ended December 31, 2015 and 2014
Increase (Decrease)2015 2014 Amount Percentage
Net Sales Revenue $500,000 $430,000 $70,000 16.3%Expenses:
Cost of Goods Sold 225,000 210,000 15,000 7.1Selling and Administrative Expenses 107,000 98,000Other Expenses 15,000 11,000Total Expenses 347,000 319,000
Net Income $153,000 $111,000
Calculation:
═ ﴾$15,000 ÷ $210,000 ﴿ × 100
═ 7.1%
Copyright © 2014 Pearson Education, Inc. publishing as Prentice Hall 15-7
E15-15D—Req.1SUN RISE, INC.
Comparative Income StatementYears Ended December 31, 2015 and 2014
Increase (Decrease)2015 2014 Amount Percentage
Net Sales Revenue $500,000 $430,000 $70,000 16.3%Expenses:
Cost of Goods Sold 225,000 210,000 15,000 7.1Selling and Administrative Expenses 107,000 98,000 9,000 Other Expenses 15,000 11,000Total Expenses 347,000 319,000
Net Income $153,000 $111,000
Calculation:
═ $107,000 − $98,000
═ $9,000
Copyright © 2014 Pearson Education, Inc. publishing as Prentice Hall 15-8
E15-15D—Req.1SUN RISE, INC.
Comparative Income StatementYears Ended December 31, 2015 and 2014
Increase (Decrease)2015 2014 Amount Percentage
Net Sales Revenue $500,000 $430,000 $70,000 16.3%Expenses:
Cost of Goods Sold 225,000 210,000 15,000 7.1Selling and Administrative Expenses 107,000 98,000 9,000 9.2Other Expenses 15,000 11,000Total Expenses 347,000 319,000
Net Income $153,000 $111,000
Calculation:
═ ﴾$9,000 ÷ $98,000 ﴿ × 100
═ 9.2%
Copyright © 2014 Pearson Education, Inc. publishing as Prentice Hall 15-9
E15-15D—Req.1SUN RISE, INC.
Comparative Income StatementYears Ended December 31, 2015 and 2014
Increase (Decrease)2015 2014 Amount Percentage
Net Sales Revenue $500,000 $430,000 $70,000 16.3%Expenses:
Cost of Goods Sold 225,000 210,000 15,000 7.1Selling and Administrative Expenses 107,000 98,000 9,000 9.2Other Expenses 15,000 11,000 3,000 Total Expenses 347,000 319,000
Net Income $153,000 $111,000
Calculation:
═ $15,000 − $11,000
═ $3,000
Copyright © 2014 Pearson Education, Inc. publishing as Prentice Hall 15-10
E15-15D—Req.1SUN RISE, INC.
Comparative Income StatementYears Ended December 31, 2015 and 2014
Increase (Decrease)2015 2014 Amount Percentage
Net Sales Revenue $500,000 $430,000 $70,000 16.3%Expenses:
Cost of Goods Sold 225,000 210,000 15,000 7.1Selling and Administrative Expenses 107,000 98,000 9,000 9.2Other Expenses 15,000 11,000 3,000 27.3Total Expenses 347,000 319,000
Net Income $153,000 $111,000
Calculation:
═ ﴾$3,000 ÷ $11,000 ﴿ × 100
═ 27.3%
Copyright © 2014 Pearson Education, Inc. publishing as Prentice Hall 15-11
E15-15D—Req.1SUN RISE, INC.
Comparative Income StatementYears Ended December 31, 2015 and 2014
Increase (Decrease)2015 2014 Amount Percentage
Net Sales Revenue $500,000 $430,000 $70,000 16.3%Expenses:
Cost of Goods Sold 225,000 210,000 15,000 7.1Selling and Administrative Expenses 107,000 98,000 9,000 9.2Other Expenses 15,000 11,000 3,000 27.3Total Expenses 347,000 319,000 28,000
Net Income $153,000 $111,000
Calculation:
═ $347,000 − $319,000
═ $28,000
Copyright © 2014 Pearson Education, Inc. publishing as Prentice Hall 15-12
E15-15D—Req.1SUN RISE, INC.
Comparative Income StatementYears Ended December 31, 2015 and 2014
Increase (Decrease)2015 2014 Amount Percentage
Net Sales Revenue $500,000 $430,000 $70,000 16.3%Expenses:
Cost of Goods Sold 225,000 210,000 15,000 7.1Selling and Administrative Expenses 107,000 98,000 9,000 9.2Other Expenses 15,000 11,000 3,000 27.3Total Expenses 347,000 319,000 28,000 8.8
Net Income $153,000 $111,000
Calculation:
═ ﴾$28,000 ÷ $319,000 ﴿ × 100
═ 8.8%
Copyright © 2014 Pearson Education, Inc. publishing as Prentice Hall 15-13
E15-15D—Req.1SUN RISE, INC.
Comparative Income StatementYears Ended December 31, 2015 and 2014
Increase (Decrease)2015 2014 Amount Percentage
Net Sales Revenue $500,000 $430,000 $70,000 16.3%Expenses:
Cost of Goods Sold 225,000 210,000 15,000 7.1Selling and Administrative Expenses 107,000 98,000 9,000 9.2Other Expenses 15,000 11,000 3,000 27.3Total Expenses 347,000 319,000 28,000 8.8
Net Income $153,000 $111,000 $42,000
Calculation:
═ $153,000 − $111,000
═ $42,000
Copyright © 2014 Pearson Education, Inc. publishing as Prentice Hall 15-14
E15-15D—Req.1SUN RISE, INC.
Comparative Income StatementYears Ended December 31, 2015 and 2014
Increase (Decrease)2015 2014 Amount Percentage
Net Sales Revenue $500,000 $430,000 $70,000 16.3%Expenses:
Cost of Goods Sold 225,000 210,000 15,000 7.1Selling and Administrative Expenses 107,000 98,000 9,000 9.2Other Expenses 15,000 11,000 3,000 27.3Total Expenses 347,000 319,000 28,000 8.8
Net Income $153,000 $111,000 $42,000 37.8%
Calculation:
═ ﴾$42,000 ÷ $111,000 ﴿ × 100
═ 37.8%
Copyright © 2014 Pearson Education, Inc. publishing as Prentice Hall 15-15
E15-15D—Req.2SUN RISE, INC.
Comparative Income StatementYears Ended December 31, 2015 and 2014
Increase (Decrease)2015 2014 Amount Percentage
Net Sales Revenue $500,000 $430,000 $70,000 16.3%Expenses:
Cost of Goods Sold 225,000 210,000 15,000 7.1Selling and Administrative Expenses 107,000 98,000 9,000 9.2Other Expenses 15,000 11,000 3,000 27.3Total Expenses 347,000 319,000 28,000 8.8
Net Income $153,000 $111,000 $42,000 37.8%
Net income increased by a higher percentage than total net sales revenue during
2015 because revenues increased at a higher rate than total expenses.
Copyright © 2014 Pearson Education, Inc. publishing as Prentice Hall 15-16
Comet, Inc. net revenue and net income for the following five-year period, using 2012 as the base year, follow:
E15-16D
Requirements
1. Compute trend analysis for net revenue and net income. Round to the nearest full percent.
2. Which grew faster during the period, net revenue or net income?
2016 2015 2014 2013 2012
Net Revenue $870,000 $860,000 $842,000 $730,000 $800,000
Net Income $70,000 $64,000 $55,000 $40,000 $50,000
Copyright © 2014 Pearson Education, Inc. publishing as Prentice Hall 15-17
E15-16D—Req.1
Calculation:
Trend Percentages ═ ﴾Any period amount ÷ Base period amount ﴿ × 100
═ ﴾$800,000 ÷ $800,000 ﴿ × 100
═ 100%
2016 2015 2014 2013 2012
Net Revenue $870,000 $860,000 $842,000 $730,000 $800,000
Trend Percentages 100%
Net Income $70,000 $64,000 $55,000 $40,000 $50,000
Trend Percentages
Copyright © 2014 Pearson Education, Inc. publishing as Prentice Hall 15-18
E15-16D—Req.1
Calculation:
Trend Percentages ═ ﴾Any period amount ÷ Base period amount ﴿ × 100
═ ﴾$730,000 ÷ $800,000 ﴿ × 100
═ 91%
2016 2015 2014 2013 2012
Net Revenue $870,000 $860,000 $842,000 $730,000 $800,000
Trend Percentages 91% 100%
Net Income $70,000 $64,000 $55,000 $40,000 $50,000
Trend Percentages
Copyright © 2014 Pearson Education, Inc. publishing as Prentice Hall 15-19
E15-16D—Req.1
Calculation:
Trend Percentages ═ ﴾Any period amount ÷ Base period amount ﴿ × 100
═ ﴾$842,000 ÷ $800,000 ﴿ × 100
═ 105%
2016 2015 2014 2013 2012
Net Revenue $870,000 $860,000 $842,000 $730,000 $800,000
Trend Percentages 105% 91% 100%
Net Income $70,000 $64,000 $55,000 $40,000 $50,000
Trend Percentages
Copyright © 2014 Pearson Education, Inc. publishing as Prentice Hall 15-20
E15-16D—Req.1
Calculation:
Trend Percentages ═ ﴾Any period amount ÷ Base period amount ﴿ × 100
═ ﴾$860,000 ÷ $800,000 ﴿ × 100
═ 108%
2016 2015 2014 2013 2012
Net Revenue $870,000 $860,000 $842,000 $730,000 $800,000
Trend Percentages 108% 105% 91% 100%
Net Income $70,000 $64,000 $55,000 $40,000 $50,000
Trend Percentages
Copyright © 2014 Pearson Education, Inc. publishing as Prentice Hall 15-21
E15-16D—Req.1
Calculation:
Trend Percentages ═ ﴾Any period amount ÷ Base period amount ﴿ × 100
═ ﴾$870,000 ÷ $800,000 ﴿ × 100
═ 109%
2016 2015 2014 2013 2012
Net Revenue $870,000 $860,000 $842,000 $730,000 $800,000
Trend Percentages 109% 108% 105% 91% 100%
Net Income $70,000 $64,000 $55,000 $40,000 $50,000
Trend Percentages
Copyright © 2014 Pearson Education, Inc. publishing as Prentice Hall 15-22
E15-16D—Req.1
Calculation:
Trend Percentages ═ ﴾Any period amount ÷ Base period amount ﴿ × 100
═ ﴾$50,000 ÷ $50,000 ﴿ × 100
═ 100%
2016 2015 2014 2013 2012
Net Revenue $870,000 $860,000 $842,000 $730,000 $800,000
Trend Percentages 109% 108% 105% 91% 100%
Net Income $70,000 $64,000 $55,000 $40,000 $50,000
Trend Percentages 100%
Copyright © 2014 Pearson Education, Inc. publishing as Prentice Hall 15-23
E15-16D—Req.1
Calculation:
Trend Percentages ═ ﴾Any period amount ÷ Base period amount ﴿ × 100
═ ﴾$40,000 ÷ $50,000 ﴿ × 100
═ 80%
2016 2015 2014 2013 2012
Net Revenue $870,000 $860,000 $842,000 $730,000 $800,000
Trend Percentages 109% 108% 105% 91% 100%
Net Income $70,000 $64,000 $55,000 $40,000 $50,000
Trend Percentages 80% 100%
Copyright © 2014 Pearson Education, Inc. publishing as Prentice Hall 15-24
E15-16D—Req.1
Calculation:
Trend Percentages ═ ﴾Any period amount ÷ Base period amount ﴿ × 100
═ ﴾$55,000 ÷ $50,000 ﴿ × 100
═ 110%
2016 2015 2014 2013 2012
Net Revenue $870,000 $860,000 $842,000 $730,000 $800,000
Trend Percentages 109% 108% 105% 91% 100%
Net Income $70,000 $64,000 $55,000 $40,000 $50,000
Trend Percentages 110% 80% 100%
Copyright © 2014 Pearson Education, Inc. publishing as Prentice Hall 15-25
E15-16D—Req.1
Calculation:
Trend Percentages ═ ﴾Any period amount ÷ Base period amount ﴿ × 100
═ ﴾$64,000 ÷ $50,000 ﴿ × 100
═ 128%
2016 2015 2014 2013 2012
Net Revenue $870,000 $860,000 $842,000 $730,000 $800,000
Trend Percentages 109% 108% 105% 91% 100%
Net Income $70,000 $64,000 $55,000 $40,000 $50,000
Trend Percentages 128% 110% 80% 100%
Copyright © 2014 Pearson Education, Inc. publishing as Prentice Hall 15-26
E15-16D—Req.1
Calculation:
Trend Percentages ═ ﴾Any period amount ÷ Base period amount ﴿ × 100
═ ﴾$70,000 ÷ $50,000 ﴿ × 100
═ 140%
2016 2015 2014 2013 2012
Net Revenue $870,000 $860,000 $842,000 $730,000 $800,000
Trend Percentages 109% 108% 105% 91% 100%
Net Income $70,000 $64,000 $55,000 $40,000 $50,000
Trend Percentages 140% 128% 110% 80% 100%
Copyright © 2014 Pearson Education, Inc. publishing as Prentice Hall 15-27
E15-16D—Req.2
Net income grew at a faster rate (40%) than net revenue (9%).
2016 2015 2014 2013 2012
Net Revenue $870,000 $860,000 $842,000 $730,000 $800,000
Trend Percentages 109% 108% 105% 91% 100%
Net Income $70,000 $64,000 $55,000 $40,000 $50,000
Trend Percentages 140% 128% 110% 80% 100%
Copyright © 2014 Pearson Education, Inc. publishing as Prentice Hall 15-28
The following data are adapted from the financial statements of Landmark, Inc.:
E15-24D
Requirement
Prepare Landmark’s condensed balance sheet as of December 31, 2015.
Total Current Assets $ 800,000Accumulated Depreciation 1,500,000Total Liabilities 1,200,000Preferred Stock 0Debt Ratio 75%Current Ratio 1.2
Copyright © 2014 Pearson Education, Inc. publishing as Prentice Hall 15-29
E15-24DTotal Current Assets $ 800,000 Preferred Stock $0
Accu. Depreciation 1,500,000 Debt Ratio 75%
Total Liabilities 1,200,000 Current Ratio 1.2
LANDMARK, INC.Balance Sheet
December 31, 2015
Assets Liabilities
Total Current Assets $800,000 Total Current Liabilities
Plant Assets Long-term Liabilities
Less: Accumulated Depreciation Total Liabilities
Plant Assets, Net Stockholders’ Equity
Total AssetsTotal Liabilities and Stockholder’s Equity
Copyright © 2014 Pearson Education, Inc. publishing as Prentice Hall 15-30
E15-24DTotal Current Assets $ 800,000 Preferred Stock $0
Accu. Depreciation 1,500,000 Debt Ratio 75%
Total Liabilities 1,200,000 Current Ratio 1.2
LANDMARK, INC.Balance Sheet
December 31, 2015
Assets Liabilities
Total Current Assets $800,000 Total Current Liabilities $666,667
Plant Assets Long-term Liabilities
Less: Accumulated Depreciation Total Liabilities
Plant Assets, Net Stockholders’ Equity
Total AssetsTotal Liabilities and Stockholder’s Equity
Calculation:
Current Liabilities ═ Current Assets ÷ Current Ratio
═ $800,000 ÷ 1.2
═ $666,667
Copyright © 2014 Pearson Education, Inc. publishing as Prentice Hall 15-31
E15-24DTotal Current Assets $ 800,000 Preferred Stock $0
Accu. Depreciation 1,500,000 Debt Ratio 75%
Total Liabilities 1,200,000 Current Ratio 1.2
LANDMARK, INC.Balance Sheet
December 31, 2015
Assets Liabilities
Total Current Assets $800,000 Total Current Liabilities $666,667
Plant Assets Long-term Liabilities
Less: Accumulated Depreciation Total Liabilities 1,200,000
Plant Assets, Net Stockholders’ Equity
Total AssetsTotal Liabilities and Stockholder’s Equity
Copyright © 2014 Pearson Education, Inc. publishing as Prentice Hall 15-32
E15-24DTotal Current Assets $ 800,000 Preferred Stock $0
Accu. Depreciation 1,500,000 Debt Ratio 75%
Total Liabilities 1,200,000 Current Ratio 1.2
LANDMARK, INC.Balance Sheet
December 31, 2015
Assets Liabilities
Total Current Assets $800,000 Total Current Liabilities $666,667
Plant Assets Long-term Liabilities 533,333
Less: Accumulated Depreciation Total Liabilities 1,200,000
Plant Assets, Net Stockholders’ Equity
Total AssetsTotal Liabilities and Stockholder’s Equity
Calculation:
Long-term Liabilities ═ Total Liabilities − Current Liabilities
═ $1,200,000 − $666,667
═ $533,333
LANDMARK, INC.Balance Sheet
December 31, 2015
Assets Liabilities
Total Current Assets $800,000 Total Current Liabilities $666,667
Plant Assets Long-term Liabilities 533,333
Less: Accumulated Depreciation Total Liabilities 1,200,000
Plant Assets, Net Stockholders’ Equity
Total Assets $1,600,000Total Liabilities and Stockholder’s Equity
Copyright © 2014 Pearson Education, Inc. publishing as Prentice Hall 15-33
E15-24DTotal Current Assets $ 800,000 Preferred Stock $0
Accu. Depreciation 1,500,000 Debt Ratio 75%
Total Liabilities 1,200,000 Current Ratio 1.2
Calculation:
Total Assets ═ Total Liabilities ÷ Debt ratio
═ $1,200,000 ÷ 75%
═ $1,600,000
Copyright © 2014 Pearson Education, Inc. publishing as Prentice Hall 15-34
E15-24DTotal Current Assets $ 800,000 Preferred Stock $0
Accu. Depreciation 1,500,000 Debt Ratio 75%
Total Liabilities 1,200,000 Current Ratio 1.2
LANDMARK, INC.Balance Sheet
December 31, 2015
Assets Liabilities
Total Current Assets $800,000 Total Current Liabilities $666,667
Plant Assets Long-term Liabilities 533,333
Less: Accumulated Depreciation Total Liabilities 1,200,000
Plant Assets, Net Stockholders’ Equity
Total Assets $1,600,000Total Liabilities and Stockholder’s Equity $1,600,000
Copyright © 2014 Pearson Education, Inc. publishing as Prentice Hall 15-35
E15-24DTotal Current Assets $ 800,000 Preferred Stock $0
Accu. Depreciation 1,500,000 Debt Ratio 75%
Total Liabilities 1,200,000 Current Ratio 1.2
LANDMARK, INC.Balance Sheet
December 31, 2015
Assets Liabilities
Total Current Assets $800,000 Total Current Liabilities $666,667
Plant Assets Long-term Liabilities 533,333
Less: Accumulated Depreciation Total Liabilities 1,200,000
Plant Assets, Net $800,000 Stockholders’ Equity
Total Assets $1,600,000Total Liabilities and Stockholder’s Equity $1,600,000
Calculation:
Plant Assets, Net ═ Total Assets − Total Current Assets
═ $1,600,000 − $800,000
═ $800,000
Copyright © 2014 Pearson Education, Inc. publishing as Prentice Hall 15-36
E15-24DTotal Current Assets $ 800,000 Preferred Stock $0
Accu. Depreciation 1,500,000 Debt Ratio 75%
Total Liabilities 1,200,000 Current Ratio 1.2
LANDMARK, INC.Balance Sheet
December 31, 2015
Assets Liabilities
Total Current Assets $800,000 Total Current Liabilities $666,667
Plant Assets Long-term Liabilities 533,333
Less: Accumulated Depreciation $1,500,000 Total Liabilities 1,200,000
Plant Assets, Net $800,000 Stockholders’ Equity
Total Assets $1,600,000Total Liabilities and Stockholder’s Equity $1,600,000
Copyright © 2014 Pearson Education, Inc. publishing as Prentice Hall 15-37
E15-24DTotal Current Assets $ 800,000 Preferred Stock $0
Accu. Depreciation 1,500,000 Debt Ratio 75%
Total Liabilities 1,200,000 Current Ratio 1.2
LANDMARK, INC.Balance Sheet
December 31, 2015
Assets Liabilities
Total Current Assets $800,000 Total Current Liabilities $666,667
Plant Assets $2,300,000 Long-term Liabilities 533,333
Less: Accumulated Depreciation $1,500,000 Total Liabilities 1,200,000
Plant Assets, Net $800,000 Stockholders’ Equity $400,000
Total Assets $1,600,000Total Liabilities and Stockholder’s Equity $1,600,000
Calculation:
Plant Assets ═ Plant Assets + Accumulated Depreciation
═ $800,000 + $1,500,000
═ $2,300,000
Copyright © 2014 Pearson Education, Inc. publishing as Prentice Hall 15-38
E15-24DTotal Current Assets $ 800,000 Preferred Stock $0
Accu. Depreciation 1,500,000 Debt Ratio 75%
Total Liabilities 1,200,000 Current Ratio 1.2
LANDMARK, INC.Balance Sheet
December 31, 2015
Assets Liabilities
Total Current Assets $800,000 Total Current Liabilities $666,667
Plant Assets $2,300,000 Long-term Liabilities 533,333
Less: Accumulated Depreciation $1,500,000 Total Liabilities 1,200,000
Plant Assets, Net $800,000 Stockholders’ Equity $400,000
Total Assets $1,600,000Total Liabilities and Stockholder’s Equity $1,600,000
Calculation:
Stockholder’s Equity ═ Total Liabilities and Stockholder’s Equity − Total Liabilities
═ $1,600,000 − $1,200,000
═ $400,000
Copyright © 2014 Pearson Education, Inc. publishing as Prentice Hall 15-39
E15-24D
LANDMARK, INC.Balance Sheet
December 31, 2015
Assets Liabilities
Total Current Assets $800,000 Total Current Liabilities $666,667
Plant Assets $2,300,000 Long-term Liabilities 533,333
Less: Accumulated Depreciation $1,500,000 Total Liabilities 1,200,000
Plant Assets, Net $800,000 Stockholders’ Equity $400,000
Total Assets $1,600,000Total Liabilities and Stockholder’s Equity $1,600,000
End of Chapter 15
Copyright © 2014 Pearson Education, Inc. publishing as Prentice Hall
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