CHAPTER a ane Steme Peform eertcat end rtao a012- PI2-30 The balence aherty or Fantary Foothall for 2021 and 2020 are eneided below PANTASY POOTBALL Betence Ssheets December 31 2020 2021 S 262.20o 999.400 1,349.000 87.400 Assets Current assets s 208.000 856.000 1.900.00O Cash Accounts receivable anventory Supplies Long-term assets Equipment Less: Accumulated depreciations Total assets 124.000 1.292.000 (190,000) $3.800,000 1.292.000 (380,000) $4,000,000 Liabilities and Stockholders' Equity Current liabiities: Accounts payable Interest payable- 129.200 168.000 3,800 76,000 76,000 Income tax payable Long-term liabilities Notes payable Stockholders' equity Common stock Retained earnings Total liabilities and stockholders' equity 760.000 760.000 786.600 2.044.400 $3,800,000 786.600 2,209.400 $4,000,000 Required 1. Prepare a vertical analysis of Fantasy Football's 2021 and 2020 balance sheets. Express each amount as a percentage of total assets for that vear. 2. Prepare a horizontal analysis of Fantasy Football's 2021 balance sheet using 2020 as the base year P12-48 The following income statement and balance sheets for The Athletic Attic are Calculate provided ratios (LC THE ATHLETIC ATTIC Income Statement For the year ended December 31, 2021 Net sales $8,900,000 5,450,000 3,450,000 Cost of goods sold Gross profit Expenses: Operating expenses Depreciation expense Interest expense $1,600,000 210,000 50,000 Income tax expense 360,000 Total expenses Net income 2,220,000 $1,230,000