FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Required:
1. Prepare a vertical analysis of Sports Unlimited's 2024 and 2023 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.)
Assets
Current assets:
Cash
Accounts receivable
Inventory
Prepaid rent
Long-term assets:
Investment in bonds
Land
Equipment
Less: Accumulated depreciation
Total assets
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable
SPORTS UNLIMITED
Balance Sheets
For the Years Ended December 31
2024
$
$
$
Amount
191,200
76,800
79,200
9,600
122,400
202,400
165,600
(47,200)
800,000
77,600
%
Amount
2023
$ 105,000
42,000
105,600
4,800
15,500
212,400
161,400
(31,200)
$ 615,500
$ 79,200
%
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Transcribed Image Text:Required: 1. Prepare a vertical analysis of Sports Unlimited's 2024 and 2023 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.) Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: Investment in bonds Land Equipment Less: Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable SPORTS UNLIMITED Balance Sheets For the Years Ended December 31 2024 $ $ $ Amount 191,200 76,800 79,200 9,600 122,400 202,400 165,600 (47,200) 800,000 77,600 % Amount 2023 $ 105,000 42,000 105,600 4,800 15,500 212,400 161,400 (31,200) $ 615,500 $ 79,200 %
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
$
$
77,600
24,000
23,200
232,800
192,000
250,400
800,000
$
$
79,200
12,000
19,200
169,800
192,000
143,300
615,500
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Transcribed Image Text: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 $ $ 77,600 24,000 23,200 232,800 192,000 250,400 800,000 $ $ 79,200 12,000 19,200 169,800 192,000 143,300 615,500
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