Required information [The following information applies to the questions displayed below.] The balance sheets for Fantasy Football for 2024 and 2023 are provided below. Required: 1. Prepare a vertical analysis of Fantasy Football'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 Supplies Long-term assets: 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 FANTASY FOOTBALL Balance Sheets December 31 $ S $ Amount 2024 189,000 819,000 2,344,500 202,500 1,449,000 (504,000) 4,500,000 157,500 0 63,000 1,386,000 945,000 1,948,500 $ 4,500,000 % $ Amount 2023 $ 252,000 1,205,400 1,428,000 117,600 1,449,000 (252,000) $ 4,200,000 $ 121,800 4,200 63,000 1,386,000 945,000 1,680,000 4,200,000 %

Required information [The following information applies to the questions displayed below.] The balance sheets for Fantasy Football for 2024 and 2023 are provided below. Required: 1. Prepare a vertical analysis of Fantasy Football'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 Supplies Long-term assets: 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 FANTASY FOOTBALL Balance Sheets December 31 $ S $ Amount 2024 189,000 819,000 2,344,500 202,500 1,449,000 (504,000) 4,500,000 157,500 0 63,000 1,386,000 945,000 1,948,500 $ 4,500,000 % $ Amount 2023 $ 252,000 1,205,400 1,428,000 117,600 1,449,000 (252,000) $ 4,200,000 $ 121,800 4,200 63,000 1,386,000 945,000 1,680,000 4,200,000 %

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter8: Current And Contingent Liabilities

Section: Chapter Questions

Problem 2MCQ

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