Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

0 Required information [The following information applies to the questions displayed below.) The balance sheets for Sports Unlimited for 2021 and 2020 are provided below.

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
0 Required information [The following information applies to the questions displayed below.) The balance sheets for Sports Unlimited for 2021 and 2020 are provided below. Required: 1. Prepare a vertical analysis of Sports Unlimited's 2021 and 2020 balance sheets. Express each amount as a percentage of total assets for that year. (Amounts to be deducted should be indicated by a minus sign. Round your percentage answers to 1 decimal place.) SPORTS UNLIMITED Balance Sheets For the years ended December 31 2021 2020 Amount % Amount $ $ 217,800 101,700 91,800 28,800 148,000 51,200 159,200 14,400 0 Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: Investment in bonds Land Equipment Less: Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable 100,800 191,700 213,300 (45,900) 900,000 253,600 201,600 (28,000) 800,000 $ $ $ $ 59,400 28,800 15,300 84,800 14,400 15,200 TARRA link 301,500 280,000 Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings Total liabilities and stockholders' equity 288,000 207,000 900,000 288,000 117,600 800,000 $ $ Required information [The following information applies to the questions displayed below.) The balance sheets for Sports Unlimited for 2021 and 2020 are provided below. 2. Prepare a horizontal analysis of Sports Unlimited's 2021 balance sheet using 2020 as the base year. (Negative amounts and Decreases should be indicated by a minus sign. Round your percentage answers to 1 decimal place.) SPORTS UNLIMITED Balance Sheets For the years ended December 31 Year Increase (Decrease) Amount % 2021 2020 Assets Current assets: Cash $ 217,800 $ 148,000 Accounts receivable 101,700 91,800 28,800 51,200 159,200 14,400 0 Inventory Prepaid rent Long-term assets: Investment in bonds Land Equipment Less: Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable 100,800 191,700 213,300 (45,900) 900,000 $ 253,600 201,600 (28,000) 800,000 $ $ 59,400 $ 28,800 15,300 84,800 14,400 15,200 301,500 280,000 Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings Total liabilities and stockholders' equity 288,000 207.000 900,000 $ 288,000 117,600 800,000 $

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Income Tax Fundamentals 2013

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill

31st Edition

9781285586618

Students also viewed these Accounting questions

Question

2. What is the meaning and definition of Banking?

Answered: 1 week ago

Question

3.What are the Importance / Role of Bank in Business?

Answered: 1 week ago