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Required information [The following information applies to the questions displayed below.] The balance sheets for Sports Unlimited for 2021 and 2020 are provided below. 2.
Required information [The following information applies to the questions displayed below.] The balance sheets for Sports Unlimited for 2021 and 2020 are provided below. 2. Prepare a horizontal analysis of Sports Unlimited's 2021 balance sheet using 2020 as the base year. (Negative amounts and Decreases 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 Year Increase (Decrease) 2021 2020 Amount % Assets Current assets: S Cash 95,200 63,700 Accounts receivable 44,400 24,150 Inventory 37,600 59,850 Prepaid rent 5,600 2,800 Long-term assets: Investment in bonds 45,200 0 103,200 125.300 Land 92,050 Equipment 104,000 (35,200) (17,850) Less: Accumulated depreciation 350,000 $ 400,000 Total assets Liabilities and Stockholders' Equity Current liabilities: S Accounts payable 26,800 $ 38,150 Interest payable 16,800 8,400 Income tax payable 5,600 6,000 Long-term liabilities: Notes payable 143,200 137,200 Stockholders' equity Common stock 112,000 112,000 Retained earnings 95,200 48,650 400,000 $ 350,000 Total liabilities and stockholders' equity
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