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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 presented below.
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.) FEDERER SPORTS APPAREL Balance Sheet December 31 2022 2021 % Amount Amount Assets S $ Cash 2,925,000 765,000 Accounts receivable 1,560,000 1,428,000 Inventory 3,744,000 2,210,000 13,923,000 Buildings 13,923,000 Less: Accumulated depreciation (2,652,000) (1,326,000) $ 19,500,000 17,000,000 Total assets Liabilities and Stockholders' Equity Accounts payable 1,794,000 1,887,000 Contingent liability 1,891,500 Common stock 7,293,000 7,293,000 Retained earnings 7,820,000 8,521,500 $ 19,500,000 $ 17,000,000 Total liabilities and stockholders' equity 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. 2. Prepare a horizontal analysis for 2022 using 2021 as the base year. (Decreases should be indicated by a minus sign. Round your percentage answers to 1 decimal place.) FEDERER SPORTS APPAREL Balance Sheet December 31 Increase (Decrease) Year 2021 2022 Amount Assets Cash 2,925,000 765,000 Accounts receivable 1,560,000 1,428,000 2,210,000 Inventory 3,744,000 13,923,000 Buildings 13,923,000 Less: Accumulated depreciation (2,652,000) (1,326,000) 19,500,000 17,000,000 Total assets Liabilities and Stockholders' Equity Accounts payable 1,794,000 1,887,000 Contingent liability 1,891,500 Common stock 7,293,000 7,293,000 Retained earnings 8,521,500 7,820,000 $ 17,000,000 Total liabilities and stockholders' equity 19,500,000
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