Birtle Corporation reports the following statement of financial position Information for 2017 and 2018.Current assetsCashAccounts receivableInventoryTotalFixed assetsNet plant and equipmentTotal assetsAssets2017$ 9,27923,68342,636$ 75,598$272,847$347,645BIRTLE CORPORATION2017 and 2018 Statement of Financial Position2018$ 11,17325,76046,915$ 83,848$297,967$381,815Current liabilitiesAccounts payableNotes payableLiabilities and Owners' EquityTotalLong-term debtOwners' equityCommon stock and paid-in surplusRetained earningsTotalTotal liabilities and owners' equity2017$ 41,06016, 157$ 57,217$ 40,000$ 50,000200,428$250,428$347,6452018$ 43,80516,843$60,648$ 35,000$ 50,000236,167$286,167$381,815 Prepare the 2017 and 2018 common-size statement of financial position for Birtle. (Round the final answers to 2 decimal places.)Current assetsAssetsAccounts receivableInventoryTotalFixed assetsNet plant and equipmentTotal assetsLiabilities and Owners' EquityCurrent liabilitiesAccounts payableNotes payableTotalLong-term debtOwners' equityCommon stock and paid-in surplusAccumulated retained earningsTotalTotal liabilities and owners' equity2017$ 9,27923,68342,636$ 75,598$272,047$347,645§ 41,06016,157$ 57,217$ 40,000$50,000200,428$ 258,428%%%%%%%%%%42018$ 11,17325,76046,915$ 83,848$297,967$381,815$ 43,80516,843$ 68,648$ 35,000236,167+286,167$381,815%%%%%

Working Notes for calculation of common-size statement of financial position for BIrtle.

Answered: Birtle Corporation reports the…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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