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10 April, 20:41

Given the following data for the Corky Company:Current liabilities $ 400Long-term debt 480Common stock 600Retained earnings 520Total liabilities & stockholders' equity $2,000How would common stock appear on a common size balance sheet?

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  1. 11 April, 00:40
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    Common Stock 30%

    Explanation:

    a common size balance sheet means to express each value of the balance sheet as a percentage of total assets.

    as total liabilities and stockholders' equity is 2,000

    From the accounting equation

    Assets = Liabilities + Equity

    we get that total asset is also 2,000

    now we express common stock based on total assets:

    600 / 2000 x 100 = 30%
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