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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
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 to 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 $ Accounts receivable 2,925,000 1,560,000 3,744,000 13,923,000 $ 765,000 1,428,000 2,210,000 13,923,000 (1,326,000) $ 17,000,000 (2,652,000) $ 19,500,000 Inventory Buildings Less: Accumulated depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Contingent liability Common stock $ 1,794,000 $ 1,887,000 1,891,500 Retained earnings Total liabilities and stockholders' equity 7,293,000 8,521,500 $ 19,500,000 7,293,000 7,820,000 $ 17,000,000
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