[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 a 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 $ 99,900 82,800 28,800 108,900 238,500 206,100 (76,500) 900,000 $ 75,600 $ 28,800 21,600 243,900 2023 140,800 50,400 154,400 14,400 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

[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 a 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 $ 99,900 82,800 28,800 108,900 238,500 206,100 (76,500) 900,000 $ 75,600 $ 28,800 21,600 243,900 2023 140,800 50,400 154,400 14,400 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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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