Problem 13 The following information is KRS Incs balance she

Problem 13 The following information is KRS, Inc.\'s balance sheet account balances as of December 31, 20X1 and 20X2. You have been hired by Kermit Smith, the owner, to prepare a financial package for a bank loan including comparative balance sheets. Assets Cash Accounts receivable Marketable securities Inventories Operating equipment (current) Prepaid expenses Land Building Accumulated depreciation 20x1 20X2 16,634 16,105 10,396 14,554 69,255 4,158 116,435 1,207,090 453,263 20,768 11,618 10,496 18,554 84,934 3,874 116,435 1,207,090 537,849

Solution

Percent = Value / Total

Assets	20X1	Percent		20X2	Percent
Cash	16,634	1.661%		20,768	2.219%
AccountsReceivable	16,105	1.608%		11,618	1.241%
Marketable Securities	10,396	1.038%		10,496	1.121%
Inventories	14,554	1.453%		18,554	1.982%
Operating Equipment (Current)	69,255	6.916%		84,934	9.075%
Prepaid expenses	4,158	0.415%		3,874	0.414%
Land	116,435	11.628%		116,435	12.441%
Building	1,207,090	120.545%		1,207,090	128.974%
Accumulated Depreciation	(453,263)	-45.265%		(537,849)	-57.467%
Total	1,001,364	100%		935,920	100%
Liabilities and Owner\'s Equity
Accounts Payable	13,265	1.325%		12,945	1.383%
Accrued Expenses	2,047	0.204%		1,039	0.111%
Deferred Income taxes (Noncurrent)	8,163	0.815%		7,927	0.847%
Current portion of Long term debt	20,407	2.038%		20,060	2.143%
Long term debt	553,429	55.268%		533,369	56.989%
Retained Earnings	192,853	19.259%		149,380	15.961%
Common Stock	211,200	21.091%		211,200	22.566%
Total	1,001,364	100%		935,920	100%