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The balance sheets for Fantasy Football for 2021 and 2020 are provided below. Required: 1. Prepare a vertical analysis of Fantasy Football's 2021 and
The balance sheets for Fantasy Football for 2021 and 2020 are provided below. Required: 1. Prepare a vertical analysis of Fantasy Football's 2021 and 2020 balance sheets. Express each amount as a percentage of total assets for that year. (Amounts to be deducted should be indicated by a minus sign. Round your percentage answers to 1 decimal place.) Assets Current assets: FANTASY FOOTBALL Balance Sheets December 31 2021 2020 Amount Amount % Cash $ 148,500 $ 312,000 Accounts receivable 958,500 1,076,000 Inventory 2,380,500 1,448,000 Supplies 184,500 120,000 Long-term assets: Equipment Less: Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Intant unle 1,260,000 (432,000) $ 4,500,000 1,260,000 (216,000) $ 4,000,000 $ 184,500 $ 116,000
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