The following balance sheets for The Sports Shack are provided.

Required:

1. Prepare a vertical analysis of The Sports Shack's 2021 and 2020 balance sheets. Express each amount as a percentage of total assets for that year.
2. Prepare a horizontal analysis of The Sports Shack's 2021 balance sheet using 2020 as the base year.

Prepare a vertical analysis of The Sports Shack'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.)

The Sports Shack
Balance Sheets
December 31
	2021		2020
	Amount	%	Amount	%
Assets
Current assets:
Cash	$218,000		$196,000
Accounts receivable	680,000		880,000
Inventory	1,250,000		1,100,000
Supplies	90,000		65,000
Long-term assets:
Equipment	1,200,000		900,000
Less: Accumulated depreciation	(350,000)		(250,000)
Total assets	$3,088,000		$2,891,000
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable	$65,000		$55,000
Interest payable	4,000		6,000
Income tax payable	40,000		30,000
Long-term liabilities:
Notes payable	400,000		300,000
Stockholders' equity:
Common stock	900,000		900,000
Retained earnings	1,679,000		1,600,000
Total liabilities and stockholders equity	$3,088,000		$2,891,000