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 $ 3,000,000 1,800,000 3,300,000 14,700,000 (2.800,000) $ 20,000,000 $ 980,000 1,242,500 1977 500 14,700,000 (1.400,000) $ 17,500 000 Accounts receivable Inventory Buildings Loss Accumulated depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Contingent liability Common stock Retained earings Total liabilities and stockholders' equity $ 2,187,500 $ 1,920,000 1,840,000 9,100,000 7.140,000 $ 20,000,000 9.100.000 6,212,500 $ 17,500,000 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. Decreoses should be indicated by a minus sign. Round your percentage answers to 1 decimal ploce.) Increase (Decrease) Amount % FEDERER SPORTS APPAREL Balance Sheet December 31 Year 2022 2021 Assets Cash $3,000,000 980,000 Accounts receivable 1,800,000 1,242 500 Inventory 3,300,000 1.977,500 Buildings 14,700,000 14,700,000 Loss Accumulated depreciation (2,800,000) (1.400.000) Total assets $ 20,000,000 $17.500,000 Liabilities and Stockholders' Equity Accounts payable $ 1920 000 $ 2.187.500 Contingent liability 1.840,000 Common stock 0.100.000 9.100.000 Retained earings 7.140,000 6.212.500 Total liabilities and stockholders equity $ 20,000,000 5 17,500,000 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 $ 3,000,000 1,800,000 3,300,000 14,700 000 (2 800 000) $ 20,000,000 $ 980,000 1 242,500 1,977,500 14,700,000 (1,400,000) $ 17,500,000 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 $ 2,187,500 S 1.920,000 1.840,000 9,100,000 7,140,000 $ 20,000,000 9,100,000 6,212,500 $17.500.000 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.) 2022 Increase (Decrease) Amount FEDERER SPORTS APPAREL Balance Sheet December 31 Year 2021 Assets Cash $3,000,000 $ 980,000 Accounts receivable 1.800.000 1 242 500 Inventory 3,300.000 1,077,500 Buildings 14,700,000 14,700,000 Less Accumulated depreciation (2,300,000) (1,400,000) Total assets $ 20.000.000 S 17,500,000 Liabilities and Stockholders' Equity Accounts payable $1,020.000 S 2.187.500 Contingent habity 1840.000 Common stock 9.100.000 9.100.000 Retained earnings 7,140,000 6.212.500 Total liabilities and stockholders oquity $ 20,000,000 $17.500,000
