Required: 1. Prepare a vertical analysis of Sports Unlimited's 2021 and 2020 balance sheets. Express each...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Required: 1. Prepare a vertical analysis of Sports Unlimited's 2021 and 2020 balance sheets. Express each amount as a percentage of to assets for that year. (Amounts to be deducted should be indicated by a minus sign. Round your percentage answers to 1 de place.) SPORTS UNLIMITED Balance Sheets For the years ended December 31 2021 2020 ook Amount Amount rint Assets rences Current assets: 206,150 144,500 Cash 119,700 60,350 Accounts receivable 157 250 102,600 32,300 Inventory 16,150 Prepaid rent Long-term assets: Investment in bonds 129,200 198,550 305,150 Land 211,850 207,400 Equipment Less: Accumulated depreciation (50,350) (40,800) 950,000 %24 850.000 Total assets Liabilities and Stockholders' Equity Current liabilities: Liabilities and Stockholders' Equity Current liabilities: Accounts payable 93,100 122,400 Interest payable 32,300 16,150 Income tax payable 22,800 15,300 Long-term liabilities: Notes payable 281,200 264,350 Stockholders' equity: 323,000 197,600 950,000 Common stock 323,000 Retained earnings 108,800 Total liabilities and stockholders' equity 2$ 850,000 %24 %24 Required: 1. Prepare a vertical analysis of Sports Unlimited's 2021 and 2020 balance sheets. Express each amount as a percentage of to assets for that year. (Amounts to be deducted should be indicated by a minus sign. Round your percentage answers to 1 de place.) SPORTS UNLIMITED Balance Sheets For the years ended December 31 2021 2020 ook Amount Amount rint Assets rences Current assets: 206,150 144,500 Cash 119,700 60,350 Accounts receivable 157 250 102,600 32,300 Inventory 16,150 Prepaid rent Long-term assets: Investment in bonds 129,200 198,550 305,150 Land 211,850 207,400 Equipment Less: Accumulated depreciation (50,350) (40,800) 950,000 %24 850.000 Total assets Liabilities and Stockholders' Equity Current liabilities: Liabilities and Stockholders' Equity Current liabilities: Accounts payable 93,100 122,400 Interest payable 32,300 16,150 Income tax payable 22,800 15,300 Long-term liabilities: Notes payable 281,200 264,350 Stockholders' equity: 323,000 197,600 950,000 Common stock 323,000 Retained earnings 108,800 Total liabilities and stockholders' equity 2$ 850,000 %24 %24 Required: 1. Prepare a vertical analysis of Sports Unlimited's 2021 and 2020 balance sheets. Express each amount as a percentage of to assets for that year. (Amounts to be deducted should be indicated by a minus sign. Round your percentage answers to 1 de place.) SPORTS UNLIMITED Balance Sheets For the years ended December 31 2021 2020 ook Amount Amount rint Assets rences Current assets: 206,150 144,500 Cash 119,700 60,350 Accounts receivable 157 250 102,600 32,300 Inventory 16,150 Prepaid rent Long-term assets: Investment in bonds 129,200 198,550 305,150 Land 211,850 207,400 Equipment Less: Accumulated depreciation (50,350) (40,800) 950,000 %24 850.000 Total assets Liabilities and Stockholders' Equity Current liabilities: Liabilities and Stockholders' Equity Current liabilities: Accounts payable 93,100 122,400 Interest payable 32,300 16,150 Income tax payable 22,800 15,300 Long-term liabilities: Notes payable 281,200 264,350 Stockholders' equity: 323,000 197,600 950,000 Common stock 323,000 Retained earnings 108,800 Total liabilities and stockholders' equity 2$ 850,000 %24 %24 Required: 1. Prepare a vertical analysis of Sports Unlimited's 2021 and 2020 balance sheets. Express each amount as a percentage of to assets for that year. (Amounts to be deducted should be indicated by a minus sign. Round your percentage answers to 1 de place.) SPORTS UNLIMITED Balance Sheets For the years ended December 31 2021 2020 ook Amount Amount rint Assets rences Current assets: 206,150 144,500 Cash 119,700 60,350 Accounts receivable 157 250 102,600 32,300 Inventory 16,150 Prepaid rent Long-term assets: Investment in bonds 129,200 198,550 305,150 Land 211,850 207,400 Equipment Less: Accumulated depreciation (50,350) (40,800) 950,000 %24 850.000 Total assets Liabilities and Stockholders' Equity Current liabilities: Liabilities and Stockholders' Equity Current liabilities: Accounts payable 93,100 122,400 Interest payable 32,300 16,150 Income tax payable 22,800 15,300 Long-term liabilities: Notes payable 281,200 264,350 Stockholders' equity: 323,000 197,600 950,000 Common stock 323,000 Retained earnings 108,800 Total liabilities and stockholders' equity 2$ 850,000 %24 %24
Expert Answer:
Answer rating: 100% (QA)
Sports Unlimited Balance sheet For the years ended Dec 31 2021 2020 Amount Am... View the full answer
Related Book For
College Accounting Chapters 1-30
ISBN: 978-1259631115
15th edition
Authors: John Price, M. David Haddock, Michael Farina
Posted Date:
Students also viewed these accounting questions
-
The statement of comprehensive income for the years ended December 31, 2006 and 2007, plus selected items from comparative balance sheets of McClain Wholesalers, Inc., are as follows: There were no...
-
The statement of comprehensive income for the years ended December 31, 2008 and 2009, plus selected items from comparative balance sheets of Johnson Wholesalers Inc. are as follows: There were no...
-
Prepare a Vertical Analysis of Income Statement. (Show your % out to 2 Decimals, example =9.55% ) 1) Jan-1 The JW-Corp Received $120,000 from Investors in Exchange for 6,000 shares of Common Stock....
-
Pls Show the answers and explanation 5. AJD Company had a production run of 8,000 pairs of jeans during the last week of June, with the following unit costs: Final inspection revealed that 600 pairs,...
-
Selected worksheet data for Rosa Company are presented below. Instructions (a) Fill in the missing amounts. (b) Prepare the adjusting entries that weremade. Adjusted Trial Balance Account Titles...
-
Explore the challenges and benefits of maintaining investment in a subsidiary account using different equity and cost methods. Discuss situations where one method might be preferred over others and...
-
Describe a variety of negligent errors that have application to all healthcare professionals.
-
Mikita Inc. experienced the following accounting events during its 2014 accounting period: 1. Paid cash to settle an account payable. 2. Collected a cash advance for services that will be provided...
-
Jane Corp. had a net profit margin of 6% last year and an equity multiplier of 4.0. If its total assets are $250 million, what is the firm's return on equity? b). Excerpts of The Tree Ltd.'s...
-
1. Using the spreadsheet model from Case 2.1 as a starting point, use Solver to find the optimal set of projects to approve. The solution should maximize the total NPV from the approved projects, and...
-
2018 was an exciting year for Avery Brothers, Inc. Their big expansion was completed and their new line went live. The expansion cost $4,000,000. They had some issues in construction but they managed...
-
A production possibility frontier for each of the following countries. Put both on the same graph, with figs on the vertical axis. Assume that opportunity costs are constant. Be sure to label each...
-
Jasper Ltd is a retailer and has the following transactions in the quarter ended 31 March 2022: Supplies made (excluding VAT) How much input tax can Jasper Ltd recover for the quarter ended 31 March...
-
Leon de Beer (Leon) is a 58-year-old tax resident of South Africa. The following relates to his 2022 year of assessment: Description Amount in Rands Income: Restraint of trade payment received from...
-
Consider a perfectly competitive market in which all firms have the same technology characterized by the cost function C ( q ) = 2 5 + ( 1 / 4 ) q 2 , in which the first part is the Fixed Cost of...
-
You have been appointed an investment adviser with one of the investment banking firms in Wonderland. Your main role is to advise clients as to which investment strategies will aid them meet their...
-
Consider the sections of two circuits illustrated above. Select True or False for all statements.After connecting a and b to a battery, the voltage across R1 always equals the voltage across R2.Rcd...
-
Why do some wholesale businesses offer cash discounts to their customers?
-
What is the relevant range of activity as used in budgeting?
-
Beasley Realty Group had two completed unsold buildings on hand on January 1, 2019. Unit 06-92: Cost, $395,000; retail price, $482,000 Unit 06-94: Cost, $436,500; retail price, $504,000 During the...
-
A diploid organism has a total of 14 chromosomes and about 20,000 genes per haploid genome. Approximately how many genes are in each linkage group?
-
By conducting testcrosses, researchers have found that the sweet pea plant has seven linkage groups. How many chromosomes would you expect to find in leaf cells of sweet pea plants?
-
Describe the unique features of ascomycetes that facilitate genetic analysis of these fungi.
Study smarter with the SolutionInn App