Problem 12-3A Perform vertical and horizontal analysis (LO12-1, 12-2) [The following information applies to the questions displayed below.) The balance sheets for Sports Unlimited for 2021 and 2020 are provided below. Problem 12-3A Part 1 Required: 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. (Amounts to be deducted should be indicated by a minus sign. Round your percentage answers to 1 decimal place.) SPORTS UNLIMITED Balance Sheets For the years ended December 31 2020 Amount % Amount % Assets Current assets: Cash $ $ Accounts receivable Inventory Prepaid rent Long-term assets: 103,500 46,800 44,550 7,200 70,400 32,000 71,200 3,600 Assets Current assets: Cash $ $ 103,500 46,800 44,550 7,200 70,400 32,000 71,200 3,600 Accounts receivable Inventory Prepaid rent Long-term assets: Investment in bonds Land 54,900 117,450 106,200 (30,600) 450,000 141,600 102,000 (20,800) 400,000 $ $ 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 30,150 7,200 12,150 46,800 3,600 10,000 138,150 127,600 144,000 118,350 450,000 144,000 68,000 400,000 $ $ Problem 12-3A Perform vertical and horizontal analysis (LO12-1, 12-2) [The following information applies to the questions displayed below. The balance sheets for Sports Unlimited for 2021 and 2020 are provided below. Problem 12-3A Part 2 2. Prepare a horizontal analysis of Sports Unlimited'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.) SPORTS UNLIMITED Balance Sheets For the years ended December 31 Year 2021 2020 Increase (Decrease) Amount $ Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: Investment in bonds Land 103,500 46,800 44,550 7,200 70,400 32,000 71,200 3,600 54,900 117,450 01 141,600 $ 103,500 46,800 44,550 7,200 70,400 32,000 71,200 3,600 Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: Investment in bonds Land 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 54,900 117,450 106,200 (30,600) 450,000 0 141,600 102,000 (20,800) 400,000 $ $ $ $ 30,150 7,200 12,150 46,800 3,600 10,000 138,150 127,600 144,000 118,350 450,000 144,000 68,000 400,000 $ $
