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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 Cash 1,820,000 625,000 Accounts receivable 1,386,000 1,000,000 Inventory 3,094,000 2,125,000 Buildings 9,800,000 9,800,000 Less: Accumulated depreciation (2,100,000) (1,050,000) $ 14,000,000 $ 12,500,000 Total assets Liabilities and Stockholders' Equity Accounts payable 1,372,000 1,225,000 Contingent liability 1,316,000 Common stock 6,650,000 6,650,000 Retained earnings 4,625,000 4,662,000 $ 14,000,000 $ 12,500,000 Total liabilities and stockholders' equity
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