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! Required information Problem 12-3B Perform vertical and horizontal analysis (LO12-1, 12-2) [The following information applies to the questions displayed below.) The balance sheets for Fantasy Football for 2021 and 2020 are provided below. Problem 12-3B Part 1 Required: 1. Prepare a vertical analysis of Fantasy Football's 2021 and 2020 balance sheets. Express each amount as a percentage of total assets for that year. (Amounts to be deducted should be indicated by a minus sign. Round your percentage answers to 1 decimal place.) Required information Required: 1. Prepare a vertical analysis of Fantasy Football's 2021 and 2020 balance sheets. Express each amount as a percentage of total assets for that year. (Amounts to be deducted should be indicated by a minus sign. Round your percentage answers to 1 decimal place.) FANTASY FOOTBALL Balance Sheets December 31 2021 Amount 2020 % Amount % Assets Current assets Cash $ $ Accounts receivable 206,400 1,104,000 2,371,200 182,400 292.500 1,237,500 1,575,000 135,000 1,584,000 (648,000) 4,800,000 1,584,000 (324,000) $ 4,500,000 $ Inventory Supplies Long-term assets: 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 $ $ 201,600 0 72.000 117,000 4,500 72,000 1,368,000 1,368.000 922.500 2,235,900 $ 4,800,000 922.500 2,016,000 4,500,000 $ 2. Prepare a horizontal analysis of Fantasy Football's 2021 balance sheet using 2020 as the base year. (Negative amounts and Decreases should be indicated by a minus sign. Round your percentage answers to 1 decimal place.) FANTASY FOOTBALL Balance Sheets December 31 Year 2021 Increase (Decrease) Amount % 2020 $ 206,400 $ 1,104,000 2,371,200 182,400 292.500 1,237,500 1,575,000 135,000 1,584,000 1,584,000 (648,000) (324,000) $ 4,800,000 $ 4,500,000 Assets Current assets: Cash Accounts receivable Inventory Supplies Long-term assets: 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 $ 201,600 $ 0 117,000 4,500 72,000 72,000 1,368,000 1,368,000 922,500 922.500 2,235,900 2,016,000 $ 4,800,000 $ 4,500,000