Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The balance sheets for Sports Unlimited for 2021 and 2020 are provided below. 2 of 2 2. Prepare a horizontal analysis of Sports Unlimited's 2021

image text in transcribed
image text in transcribed
The balance sheets for Sports Unlimited for 2021 and 2020 are provided below. 2 of 2 2. Prepare a horizontal analysis of Sports Unlimited's 2021 balance sheet using 2020 as the base year. (Negative amounts and Decreases 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 03-11-03 Year Increase (Decrease) 2021 2020 Amount Book Assets Current assets Print Cash $ rences 95,200 44.400 37.600 5,600 63,700 24.150 59.850 2.800 Accounts receivable Inventory Prepaid rent Long-term assets: Investment in bonds Land Equipment Loss: Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: 45.200 103.200 104,000 (35.200) 400,000 125,300 92,050 (17.850) 350,000 $ $ Required information on 2,800 2001 or 103,200 104,000 (35,200) 400,000 125,300 92,050 (17,850) 350,000 $ 1 248 Prepaid rent Long-term assets: Investment in bonds Land 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 $ 26,800 16,800 6,000 8 38,150 ,400 5,600 143,200 1 37,200 112,000 95,200 00,000 112,000 48,650 350,000 $

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing And Assurance Services With ACL CD

Authors: McGraw Hill

1st Edition

1259071200, 978-1259071201

More Books

Students also viewed these Accounting questions