The balance sheets for Fantasy Football for 2015 and 2014 are provided below. Required: 1. Prepare a
Question:
Required:
1. Prepare a vertical analysis of Fantasy Footballs 2015 and 2014 balance sheets. Express each amount as a percentage of total assets for that year.
2. Prepare a horizontal analysis of Fantasy Footballs 2015 balance sheet using 2014 as the baseyear.
Transcribed Image Text:
FANTASY FOOTBALL Balance Sheets 2015 2014 Assets Current assets: Cash Accounts receivable Inventory Supplies $ 208,000 856,000 1,900,000 124,000 $ 262,200 999,400 1,349,000 87,400 Long-term assets: 1,292,000 000) $4,000,000 1,292,000 (190,000) $3,800,000 Less: Accumulated depreciation Total assets Liabilities and Stockholders Equit Current liabilities: Accounts payable Interest payable Income tax payable $ 168,000 76,000 760,000 $129,200 3,800 76,000 Long-term liabilities: Notes payable 760,000 Common stock Retained earnings 786,600 2.209 400 $4,000,000 786,600 2,044 400 $3,800,000 Total liabilities and stockholders' equity
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Related Book For
Financial Accounting
ISBN: 978-0078025549
3rd edition
Authors: J. David Spiceland, Wayne Thomas, Don Herrmann
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