The following information for Golden Valley Furniture, a retail furniture and design firm. Golden Valley Furniture Balance Sheets December 31 2021 December 31 2020 Assets Current assets: Cash $41,328 $52.376 Accounts receivable 571,704 445 196 Inventory 5.035.128 4,812,045 Prepaid expenses 82.656 78.564 5.730,816 5,388,181 1.157.184 1.158.819 $6,888.000 $6,547,000 $599.256 $628,512 681.912 621.965 Total current assets Building and equipment, net Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Bank loan payable Other accrued payables Total current liabilities Long-term debt Total liabilities Stockholders' equity Common stock Retained earnings Total stockholders'equity 213.528 314256 1.494,696 1.564.733 1722,000 1,813,519 3.216,696 3,378,252 1.363.824 1,363,824 2.307.480 1.804 924 3,671,304 3.168.748 $6,888.000 $6,547.000 Total liabilities and stockholders' equity Golden Valley Furniture Golden Valley Furniture Statement of Earnings Year Ended December 31, 2021 Year Ended December 31, 2020 Net sales $5,531,000 $5,299,000 2,820,810 2,644,201 2,710,190 2,654,799 497.790 635,880 835,181 778,953 Cost of goods sold Gross margin Operating expenses: Selling expenses General and administrative expenses Total operating expenses Operating income Interest expense Income before taxes Income taxes Net income 1,332,971 1,414,833 1,377.219 1,239,966 138,275 158,970 1,238,944 1,080,996 247.789 216,199 $991,155 $864,797 Perform a vertical analysis of the balance sheets for Golden Valley Furniture (Round answers to 1 decimal place, c.8.5.2%) Vertical Analysis Golden Valley Furniture Balance Sheets December 31. 2021 December 31 2020 Assets Current assets: Cash $41.328 % $52,376 Accounts receivable 571,704 X 445.196 Inventory 5,035.128 % 4,812,045 Prepaid expenses 82.656 78,564 Total current assets 5,730,816 % 5,388,181 Building and equipment, net 1.157.184 % 1.158,819 Total assets $6,888,000 % $6,547.000 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $599,256 %6 $628,512 Bank loan payable 681,912 % 621,965 213,528 % Other accrued payables 314,256 1494,696 36 Total current liabilities 1,564,733 Long-term debt 1.722.000 1.813,519 3216,696 % Total liabilities 3.378,252 Stockholders equity Long-term debt 1,722,000 % 1,813,519 Total liabilities 3,216,696 % 3,378,252 Stockholders' equity: Common stock 1,363,824 % 1,363,824 Retained earnings 2,307,480 % 1.804,924 Total stockholders' equity 3,671,304 %6 3,168,748 Total liabilities and stockholders' equity $6,888,000 % $6,547,000 eTextbook and Media
