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2. Prepare a horizontal analysis of Fantasy Football's 2021 balance sheet using 2020 as the base year. (Negative amounts and Decreases should be indicated by
2. Prepare a horizontal analysis of Fantasy Football'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.) FANTASY FOOTBALL Balance Sheets December 31 Increase (Decrease) Amount 2021 2020 Assets Current assets: Cash Accounts receivable Inventory Supplies Long-term assets: Equipment Less: Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable $ Year 92,400 $ 177,600 571,200 640,800 1,545,600 890,400 86,800 52,800 772,800 772,800 (268,800) (134,400) $ 2,800,000 $2,400,000 $ 76,800 86,800 $ 0 2,400 Inventory Supplies Long-term assets: Equipment Less: Accumulated depreciation Total assets 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 1,545,600 890,400 86,800 52,800 772,800 772,800 (268,800) (134,400) $ 2,800,000 $2,400,000 $ 86,800 $ 76,800 0 2,400 67,200 67,200 571,200 571,200 511,200 511,200 1,563,600 1,171,200 2,800,000 $ 2,400,000 $
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