Question 1 of 6 The following information for Bellevue Furniture, a retail furniture and design firm. December 31 2020 Bellevue Furniture Balance Sheets December 31 2021 Assets Current assets: Cash $41.117 Accounts receivable 564,880 Inventory 5,029.070 Prepaid expenses 83.786 Total current assets 5.718,853 Building and equipment, net 1.102.672 Total assets $6,821.525 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $600,204 Bank loan payable 684 742 GESLO $52,804 443,730 4,868,237 77.922 5,442,693 1,104,040 $6,546.733 $629.902 626,460 Question 1 of 6 Bank loan payable Other accrued payables Total current liabilities Long-term debt Total liabilities Stockholders' equity: Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 684.742 213,902 1,498,848 1.723,635 3,222,483 626,460 315,827 1,572,189 1.784,394 3,356,583 1.371.957 2.227,085 3,599.042 $6,821.525 1,371,957 1.818,193 3,190,150 $6,546,733 Bellevue Furniture Statement of Earnings Year Ended December 31 2021 $5.570.273 2.812.640 2257322 Year Ended December 31, 2020 $5,203,257 2.635,813 Net sales Cost of goods sold Grasmarin Question 1 of 6 Perform a horizontal analysis of the balance sheets for Bellevue Furniture. (Round percentage change answers to 1 decimal place, eg.5.2%. If amount and percentage are a decrease show the numbers as negative, eg.-55,000,-5.25% or (55,000). (5.25%) December 31. 2021 Bellevue Furniture Balance Sheets December 31. 2020 Amount Change Perd Char Assets Current assets: Cash $41,117 $52,804 $ Accounts receivable 564,880 443,730 Inventory 5,029,070 4,868.237 83.786 77.922 Prepaid expenses Total current assets 5.718,853 5,442,693 1,102,672 1.104.040 Building and equipment, net -arch i Question 1 of 6 -/1 Building and equipment, net 1,102,672 1,104,040 $6,821,525 $6,546,733 Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Bank loan payable $600,204 $629.902 684,742 626,460 Other accrued payables 213,902 315,827 Total current liabilities 1,498,848 1.572.189 1.723,635 1.784,394 Long-term debt 3.222,483 3.356,583 Total liabilities Stockholders' equity 1.371957 1.371.957 Common stock 2.227.085 1.818.193 Retained earnings uestion 1 of 6 -/15 2.227,085 1,818,193 Retained earnings Total stockholders' equity 3.599,042 3,190,150 Total liabilities and stockholders' equity $6,821,525 $6,546,733 eTextbook and Media Question 1 of 6 -11 E Perform a horizontal analysis of income statements for Bellevue Furniture (Round percentage change answers to 1 decimal place, 68.5.2%. If amount and percentage are a decrease show the numbers as negative, es -55,000, -5.25% or (55,000). (5.25% Bellevue Furniture Statement of Earnings Year Ended Year Ended December December 31. 31, Percent 2021 2020 Change Change Net sales 55,570,273 $5.203.257 Cost of goods sold 2.812,640 2.635,813 2.757.633 2.567.444 Gross margin Operating expenses Selling expenses 503,906 834070 834,310 787-978 General and administrative expenses 1.338.216 1.422.048 Total operating expenses Question 1 of 6 -11 E General and administrative expenses 834,310 787,978 Total operating expenses 1,338,216 1.422,048 Operating income 1.419,417 1,145,396 Interest expense 138,385 156,436 Income before taxes 1.281.032 988,960 Income taxes 256,206 197.792 Net income $1,024,826 $791,168 e Textbook and Media
