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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 Amount 2021 Amount Assets $ 2,640,000 1,820,000 3,300,000 14,400,000 (2,160,000) $ 20,000,000 Cash Accounts receivable Inventory Buildings Less: Accumulated depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Contingent liability Common stock Retained earnings Total liabilities and stockholders' equity $ 990,000 1,512,000 2,178,000 14,400,000 (1.080,000) $ 18,000,000 $ 2,178,000 $ 1,640,000 1,900,000 9,360,000 7,100,000 $ 20,000,000 9,360,000 6,462,000 $ 18,000,000 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. (Note: If the percentage increase or decrease cannot be calculated, then leave the cell blank. Decreases should be indicated by a minus sign. Round your percentage answers to 1 decimal place.) FEDERER SPORTS APPAREL Balance Sheet December 31 Year Increase (Decrease) Amount 2022 2021 Assets Cash Accounts receivable Inventory Buildings Less: Accumulated depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Contingent liability Common stock Retained earnings Total liabilities and stockholders' equity $ 2,640,000 $ 990,000 1,820,000 1,512,000 3,300,000 2,178,000 14,400,000 14,400,000 (2,160,000) (1,080,000) $ 20,000,000 $ 18,000,000 $ 1,640,000 $ 2,178,000 1,900,000 9,360,000 9,360,000 7,100,000 6,462,000 $ 20,000,000 $ 18,000,000
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