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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
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: 210,600 Cash 135,000 52,500 Accounts receivable 98,100 Inventory 88,200 138,000 Prepaid rent 18,000 9,000 Long-term assets: Investment in bonds 104,400 Land 176,400 265,500 193,500 Equipment 288,900 Less: Accumulated depreciation (84,600) (43,500) 900,000 750,000 Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 66,600 105,750 Interest payable 9,000 4,500 Income tax payable 21,600 20,250 Long-term liabilities: 172,500 Notes payable 315,900 24 Stockholders' equity: 270,000 270,000 Common stock Retained earnings 216,900 177,000 900,000 750,000 Total liabilities and stockholders' equity
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