The balance sheets for Sports Unlimited for 2015 and 2014 are provided below.

Required:
1. Prepare a vertical analysis of Sports Unlimited€™s 2015 and 2014 balance sheets. Express each amount as a percentage of total assets for that year.
2. Prepare a horizontal analysis of Sports Unlimited€™s 2015 balance sheet using 2014 as the baseyear.

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SPORTS UNLIMITED Balance Sheets For the years ended December 31, 2015 and 2014 2015 2014 Assets Current assets: Cash Accounts receivable Inventory Prepaid rent $103,500 46,800 A4,550 7,200 S 70,400 32,000 71,200 3,600 Long-term assets: Investment in bonds Land 54,900 117,450 106,200 (30 600) $450,000 141,600 102,000 (20,800) S400,000 Less: Accumulated depreciation Total assets Liabilities and Stockholders' E Current liabilities: Accounts payable Interest payable Income tax payable 30,150 7,200 12,150 S 46,800 3,600 10,000 Long-term liabilities: Notes payable 138,150 127,600 Stockholders' equity: Common stock Retained earnings 144,000 118,350 $450,000 144,000 68,000 Total liabilities and stockholders' equity