FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Required information
[The following information applies to the questions displayed below.]
The balance sheets for Sports Unlimited for 2024 and 2023 are provided below.
2. Prepare a horizontal analysis of Sports Unlimited's 2024 balance sheet using 2023 as the base year. (Values to be deducted and
decreases 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
Interest payable
Income tax payable
Long-term liabilities:
Notes payable
Stockholders' equity:
Common stock
Retained earnings
Total liabilities and stockholders' equity
SPORTS UNLIMITED
Balance Sheets
For the Years Ended December 31
Year
$
$
$
$
2024
211,500 $ 140,800
99,900
50,400
82,800
154,400
28,800
14,400
108,900
238,500
206,100
(76,500)
900,000 $
75,600 $
28,800
21,600
2023
243,900
16,900
280,000
202,400
(42,400)
816,900
88,800
14,400
16,000
234,400
288,000
288,000
242,100
175,300
900,000 $ 816,900
Increase (Decrease)
Amount
%
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Transcribed Image Text:Required information [The following information applies to the questions displayed below.] The balance sheets for Sports Unlimited for 2024 and 2023 are provided below. 2. Prepare a horizontal analysis of Sports Unlimited's 2024 balance sheet using 2023 as the base year. (Values to be deducted and decreases 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 Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings Total liabilities and stockholders' equity SPORTS UNLIMITED Balance Sheets For the Years Ended December 31 Year $ $ $ $ 2024 211,500 $ 140,800 99,900 50,400 82,800 154,400 28,800 14,400 108,900 238,500 206,100 (76,500) 900,000 $ 75,600 $ 28,800 21,600 2023 243,900 16,900 280,000 202,400 (42,400) 816,900 88,800 14,400 16,000 234,400 288,000 288,000 242,100 175,300 900,000 $ 816,900 Increase (Decrease) Amount %
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