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(The following information applies to the questions displayed below.) The balance sheets for Federer Sports Apparel for 2022 and 2021 are presented below. Required: 1.
(The following information applies to the questions displayed below.) 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.) 2021 Amount % FEDERER SPORTS APPAREL Balance Sheet December 31 2022 Amount % Assets Cash $ 2,300,000 Accounts receivable 1,500,000 Inventory 2,800,000 Buildings 11,000,000 Less: Accumulated depreciation (2,000,000) Total assets $ 15,600,000 Liabilities and Stockholders' Equity Accounts payable $ 1,450,000 Contingent liability 1,500,000 Common stock 8,000,000 Retained earnings 4,650,000 Total liabilities and stockholders' equity $ 15,600,000 $ 800,000 1.200,000 1.700.000 11,000,000 (1,000,000) $ 13,700,0001 $ 1,700,000 8,000,000 4,000,000 $ 13,700,000 Required information (The following information applies to the questions displayed below.) 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.) FEDERER SPORTS APPAREL Balance Sheet December 31 Year 2022 2021 Increase (Decrease) Amount % Assets Cash $ 2,300,000 1,500,000 2,800,000 11,000,000 (2,000,000) $ 15,600,000 $ 800,000 1,200,000 1,700,000 11,000,000 (1,000,000) $ 13,700,000 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 $ 1,700,000 $ 1,450,000 1,500,000 8,000,000 4,650,000 S 15,600,000 8,000,000 4,000,000 $ 13,700,000
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