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! Required information [The following information applies to the questions displayed below.] The balance sheets for Federer Sports Apparel for 2022 and 2021 are
! Required information [The following information applies to the questions displayed below.] The balance sheets for Federer Sports Apparel for 2022 and 2021 are presented below. Required: 1. Prepare a vertical analysis of the balance sheet data for 2022 and 2021. Express each amount as a percentage of total assets. (Amounts to be deducted should be indicated by a minus sign. Round your answers to 1 decimal place.) Answer is complete but not entirely correct. FEDERER SPORTS APPAREL Balance Sheet December 31 2022 Amount % 2021 Amount % Assets Cash $ 3,168,000 14.4 $ 819,000 4.2 Accounts receivable Inventory 1,804,000 3,300,000 8.2 1,443,000 7.40 0.2 2,223,000 0.1X Buildings 16,302,000 0.7 16,302,000 0.9 Less: Accumulated depreciation (2,574,000) 0.1 (1,287,000) (6.6) $ Total assets $ 22,000,000 100.0 19,500,000 100.0 Liabilities and Stockholders' Equity Accounts payable $1,936,000 8.80 $ 2,496,000 0.1 X Contingent liability 2,156,000 9.8 0.0 Common stock 8,580,000 0.4 Retained earnings 9,328,000 0.4 8,580,000 8,424,000 0.4 0.4 Total liabilities and stockholders' equity $ $ 22,000,000 100.0 19,500,000 100.0
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