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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

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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 2021 2020 Amount % Amount Assets Current assets Cash $ 103,500 23.01 $ 70.400 Accounts receivable 46,800 32,000 Inventory 44.550 71,200 Prepaid rent 7.200 3,800 Long-term assets: Investment in bonds 54,900 0 Land 117.450 141,600 Equipment 106,200 102,000 Less: Accumulated depreciation (30,600) (20,800) Total assets S 450,000 S 400,000 30,150 7,200 12,150 46,800 3,600 10,000 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 S 138,150 127,600 144,000 118,350 450,000 144,000 68,000 400,000 $

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