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.

SPORTS UNLIMITED Balance Sheets For the years ended December 31 2021 2020 Amount % Amount % Assets Current assets: Cash $ $ 156,000 Accounts receivable 53,600 225,000 100,800 90,000 14,400 138,400 7,200 Inventory Prepaid rent Long-term assets: Investment in bonds 0 101,700 183,600 Land 280,800 208,800 232,200 Equipment Less: Accumulated depreciation (47,700) 900,000 (44,800) 800,000 Total assets $ $ Liabilities and Stockholders' Equity Current liabilities: $ 54,000 $ 93,600 14,400 22,500 7,200 12,800 Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings Total liabilities and stockholders' equity 287,100 248,800 280,800 241,200 900,000 280,800 156,800 800,000 $ $