The balance sheets for Sports Unlimited for 2024 and 2023 are provided below.

Required:
1. Prepare a vertical analysis of Sports Unlimited’s 2024 and 2023 balance sheets. Express each amount as a percentage of total assets for that year.
2. Prepare a horizontal analysis of Sports Unlimited’s 2024 balance sheet using 2023 as the base year.

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Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: Investment in bonds Land Equipment Less: Accumulated depreciation Total assets SPORTS UNLIMITED Balance Sheets For the years ended December 31 Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings Total liabilities and stockholders' equity 2024 $103,500 46,800 44,550 7,200 54,900 117,450 106,200 (30,600) $450,000 $ 30,150 7,200 12,150 138,150 144,000 118,350 $450,000 2023 $ 70,400 32,000 71,200 3,600 15,100 126,500 102,000 (20,800) $400,000 $ 46,800 3,600 10,000 127,600 144,000 68,000 $400,000