(a) Use the following financial information to calculate the owner's equity and prepare a balance sheet...

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(a) Use the following financial information to calculate the owner's equity and prepare a balance sheet with vertical analysis as of December 31, 2018, for Victory Lane Sporting Goods, a sole proprietorship owned by Kyle Pressman: current assets, $157,700; property, plant, and equipment, $41,000; investments and other assets, $35,600; current liabilities, $21,100; and long-term liabilities, $55,400. (Round percents to one decimal.) Victory Lane Sporting Goods Balance Sheet December 31, 2018 Assets Current Assets $ % Property, Plant, Equipment $ % Investments & Other Assets $ % Total Assets $ % Liabilities & Owner's Equity Current Liabilities $ % Long-Term Liabilities $ % Total Liabilities $ % Owners Equity $ % Total Liabilities & Owner's Equity $ % b) The following financial information is for Victory Lane Sporting Goods as of December 31, 2019: current assets, $174,300; property, plant, and equipment, $43,700; investments and other assets, $39,100; current liabilities, $27,800; and long-ter liabilities, $52,000. Calculate the owner's equity for 2019 and prepare a comparative balance sheet with horizontal analysis for 2018 and 2019. (Round percents to one decimal.) Victory Lane Sporting Goods Comparative Balance Sheet December 31, 2018 and 2019 Assets Increase (Decrease) 2019 2018 Amount Percent Current Assets $ $ $ % Property, Plant, Equipment $ $ $ % Investments & Other Assets $ $ $ % Total Assets $ $ $ % Liabilities & Owner's Equity Increase (Decrease) 2019 2018 Amount Percent Current Liabilities $ $ % Long-Term Liabilities $ $ $ % Total Liabilities $ $ $ % Owners Equity $ $ $ % Total Liability & Owner's Equity $ $ $ % (a) Use the following financial information to calculate the owner's equity and prepare a balance sheet with vertical analysis as of December 31, 2018, for Victory Lane Sporting Goods, a sole proprietorship owned by Kyle Pressman: current assets, $157,700; property, plant, and equipment, $41,000; investments and other assets, $35,600; current liabilities, $21,100; and long-term liabilities, $55,400. (Round percents to one decimal.) Victory Lane Sporting Goods Balance Sheet December 31, 2018 Assets Current Assets $ % Property, Plant, Equipment $ % Investments & Other Assets $ % Total Assets $ % Liabilities & Owner's Equity Current Liabilities $ % Long-Term Liabilities $ % Total Liabilities $ % Owners Equity $ % Total Liabilities & Owner's Equity $ % b) The following financial information is for Victory Lane Sporting Goods as of December 31, 2019: current assets, $174,300; property, plant, and equipment, $43,700; investments and other assets, $39,100; current liabilities, $27,800; and long-ter liabilities, $52,000. Calculate the owner's equity for 2019 and prepare a comparative balance sheet with horizontal analysis for 2018 and 2019. (Round percents to one decimal.) Victory Lane Sporting Goods Comparative Balance Sheet December 31, 2018 and 2019 Assets Increase (Decrease) 2019 2018 Amount Percent Current Assets $ $ $ % Property, Plant, Equipment $ $ $ % Investments & Other Assets $ $ $ % Total Assets $ $ $ % Liabilities & Owner's Equity Increase (Decrease) 2019 2018 Amount Percent Current Liabilities $ $ % Long-Term Liabilities $ $ $ % Total Liabilities $ $ $ % Owners Equity $ $ $ % Total Liability & Owner's Equity $ $ $ %

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a To calculate the owners equity and prepare a balance sheet with vertical analysis as of December 3... View the full answer