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Assets 2018 2017 Current Assets: Cash $208,000 $262,200 Accounts Receivable 856,000 999,400 Inventory 1,900,000 1,349,000 Supplies 124,000 87,400 Long-term Assets: Equipment 1,292,000 1,292,000 Less: Accumulated
Assets | 2018 | 2017 |
Current Assets: | ||
Cash | $208,000 | $262,200 |
Accounts Receivable | 856,000 | 999,400 |
Inventory | 1,900,000 | 1,349,000 |
Supplies | 124,000 | 87,400 |
Long-term Assets: | ||
Equipment | 1,292,000 | 1,292,000 |
Less: Accumulated depreciation | (380,000) | (190,000) |
Total assets | $4,000,000 | $3,800,000 |
Liabilities and Stockholders' Equity | ||
Current Liabilities: | ||
Acounts Payable | $168,000 | $129,200 |
Interest Payable | 0 | 3,800 |
Income Tax Payable | 76,000 | 76,000 |
Long-term Liabilities: | ||
Notes Payable | 760,000 | 760,000 |
Stockholders' Equity: | ||
Common Stock | 786,600 | 786,600 |
Retained Earnings | 2,209,400 | 2,044,400 |
Total Liabilities and Stockholders' Equity | $4,000,000 | $3,800,000 |
1. Prepare a verticle analysis of Fantasy Football's 2018 and 2017 balance sheets. Express each amount as a percentage of total assets for that year.
2. Prepare a horizontal analysis of Fantasy Football's 2018 balance sheet using 2017 as the base year.
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