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Prepare a vertical analysis of Fantasy Football's 2021 and 2020 balance sheets. Express each amount as a percentage of total assets for that year. (Amounts
Prepare a vertical analysis of Fantasy Football'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.)
FANTASY FOOTBALL Balance Sheets December 31 2021 Amount 2020 % Amount % $ $ 100.0 165,000 618,000 1,527,000 135,000 210,000 627,500 865,000 70,000 900,000 (345,000) $ 3,000,000 900,000 (172,500) $ 2,500,000 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 Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings Total liabilities and stockholders' equity $ $ 75,000 0 65,000 2,500 75,000 75,000 495,000 495,000 570,000 1,785,000 $ 3,000,000 570,000 1,292,500 $ 2,500,000
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