Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Required: 1 . Prepare a vertical analysis of Fantasy Football s 2 0 2 4 and 2 0 2 3 balance sheets. Express each amount

image text in transcribed
Required:
1. Prepare a vertical analysis of Fantasy Footballs 2024 and 2023 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.)
\table[[,,,,,,],[December 31],[,2024,2023],[,Amount,%,Amount,%],[Assets],[Current assets:],[Cash,$,189,000,,$,252,000,],[Accounts receivable,,819,000,,,1,205,400,],[Inventory,,2,344,500,,,1,428,000,],[Supplies,,202,500,,,117,600,],[Long-term assets:],[Equipment,,1,449,000,,,1,449,000,],[Less: Accumulated depreciation,,(504,000),,,(252,000),],[Total assets,$,4,500,000,,$,4,200,000,],[Liabilities and Stockholders' Equity],[Current liabilities:],[Accounts payable,$,157,500,,$,121,800,],[Interest payable,,0,,,4,200,],[Income tax payable,,63,000,,,63,000,],[Long-term liabilities:],[Notes payable,,1,386,000,,,1,386,000,],[Stockholders' equity:],[Common stock,,945,000,,,945,000,],[Retained earnings,,1,948,500,,,1,680,000,],[Total liabilities and stockholders' equity,$,4,500,000,,$,4,200,000,]]
image text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting

Authors: Ray Garrison, Eric Noreen, Peter Brewer

16th edition

1259307417, 978-1260153132, 1260153134, 978-1259307416

More Books

Students also viewed these Accounting questions