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The balance sheets for Sports Unlimited for 2021 and 2020 are provided below. Required: 1. Prepare a vertical analysis of Sports Unlimited's 2021 and 2020
The balance sheets for Sports Unlimited for 2021 and 2020 are provided below. Required: 1. Prepare a vertical analysis of Sports Unlimited'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.) SPORTS UNLIMITED Balance Sheets For the years ended December 31 2021 2020 Amount % Amount % Assets Current assets: Cash $ $ 128,800 51,800 Accounts receivable Inventory Prepaid rent Long-term assets: Investment in bonds 172,800 94,400 91,200 22,400 120,400 11,200 0 Land 101,600 171,200 188,800 (42,400) 800,000 238,700 172,200 (23,100) 700,000 $ $ $ 77,600 $ 103,600 5,600 Equipment Less: Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings Total liabilities and stockholders' equity 11,200 12,800 11,200 261,600 208,600 252,000 252,000 184,800 800,000 119,000 700,000 $ $
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