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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 163,150 108,000 Accounts receivable 59,150 46,200 Inventory 61,750 110,400 Prepaid rent 15,600 7,800 Long-term assets: Investment in bonds 81,900 Land 165,750 218,400 Equipment 145,200 152,750 (50,050) 650,000 Less: Accumulated depreciation (36,000) Total assets 600,000 Liabilities and Stockholders' Equity Current liabilities: Accounts payable 55,250 86,400 Interest payable 15,600 7,800 Income tax payable 11,700 11,400 Long-term liabilities: Notes payable 213,200 193,200 Stockholders' equity: Common stock 234,000 234,000 Retained earnings 67,200 120,250 650,000 600,000 Total liabilities and stockholders' equity

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