Posted: February 8th, 2017

The liabilities are accounts payable $19,000 and wages payable $25,000. The owner’s capital is $103,000.

Solve the problem. Express answers as a percent rounded to the nearest tenth.

Complete a vertical analysis on the balance sheet for Mullen’s Hardware for December 31 of last year. The company assets are cash $11,000, accounts receivable $40,000, and merchandise inventory ,000. The liabilities are accounts payable $19,000 and wages payable $25,000. The owner’s capital is $103,000.

Mullen’s Hardware Balance Sheet •Cash: 7.5%. •Accounts receivable: 27.2%. •Merchandise inventory: 65.3%. •Total assets: 100%. •Accounts payable: 43.2%. •Wages payable: 17.0%. •Total liabilities: 29.9%. •Mullen’s capital: 70.1%. •Total liabilities and owner’s equity: 100%.

Mullen’s Hardware Balance Sheet •Cash: 7.5%. •Accounts receivable: 27.2%. •Merchandise inventory: 65.3%. •Total assets: 100%. •Accounts payable: 12.9%. •Wages payable: 56.8%. •Total liabilities: 29.9%. •Mullen’s capital: 70.1%. •Total liabilities and owner’s equity: 100%.

Mullen’s Hardware Balance Sheet •Cash: 7.5%. •Accounts receivable: 27.2%. •Merchandise inventory: 65.3%. •Total assets: 100%. •Accounts payable: 12.9%. •Wages payable: 17.0%. •Total liabilities: 29.9%. •Mullen’s capital: 70.1%. •Total liabilities and owner’s equity: 100%.

Mullen’s Hardware Balance Sheet •Cash: 7.5%. •Accounts receivable: 27.2%. •Merchandise inventory: 65.3%. •Total assets: 100%. •Accounts payable: 43.2%. •Wages payable: 56.8%. •Total liabilities: 100%. •Mullen’s capital: 70.1%. •Total liabilities and owner’s equity: 100%.

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