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
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 85% (7 reviews)
Requirement 1 Fantasy Football Balance Sheet December 31 Assets 2015 2014 Amount Amount Current asse...View the full answer
Answered By
Mary Boke
As an online tutor with over seven years of experience and a PhD in Education, I have had the opportunity to work with a wide range of students from diverse backgrounds. My experience in education has allowed me to develop a deep understanding of how students learn and the various approaches that can be used to facilitate their learning. I believe in creating a positive and inclusive learning environment that encourages students to ask questions and engage with the material. I work closely with my students to understand their individual learning styles, strengths, and challenges to tailor my approach accordingly. I also place a strong emphasis on building strong relationships with my students, which fosters trust and creates a supportive learning environment. Overall, my goal as an online tutor is to help students achieve their academic goals and develop a lifelong love of learning. I believe that education is a transformative experience that has the power to change lives, and I am committed to helping my students realize their full potential.
5.00+
4+ Reviews
22+ Question Solved
Related Book For
Financial Accounting
ISBN: 978-0078025549
3rd edition
Authors: J. David Spiceland, Wayne Thomas, Don Herrmann
Question Posted:
Students also viewed these Managerial Accounting questions
-
The balance sheets for Fantasy Football for 2021 and 2020 are provided below. Required: 1. Prepare a vertical analysis of Fantasy Footballs 2021 and 2020 balance sheets. Express each amount as a...
-
Using the comparative income statement, prepare a vertical analysis of all items from sales through gross profit on sales for the years shown. Canna, Inc. Comparative Income Statement Years Ended...
-
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....
-
Among the ledger accounts used by Glenwood Speedway are the following: Prepaid Rent, Rent Expense, Unearned Admissions Revenue, Admissions Revenue, Prepaid Printing, Printing Expense, Concessions...
-
Seville pic is a rapidly expanding trading and manufacturing company. It is currently seeking to extend its product range in new markets. To achieve this growth it needs to raise ¬800 000. The...
-
Quantum Computers Inc. produces mini super-computers that sell for $210,000 each. The firm's fixed costs, F, are $5 million; 200 super-computers are produced and sold each year; profits total $1.5...
-
A motor has large rotors mounted onto its dual output shafts. A design engineer has calculated the static rotor weight to be within the specifications for bearing loading. The motor ships, and on...
-
Explain why Mayo Clinic is so good at customer service. Why has it been so successful practicing medicine differently from other hospitals?
-
wwwwwwwwwww. Implement a static method, called listRange, that takes one input parameter called head of type IntNode that represents the head of a linked list. The method then finds and returns the...
-
9.Consider the reaction 3NO2(g)+H2O=2HNO3(aq)+NO(g) where Delta H=-137 kJ.How many kilojoules are released when 92.3g of NO2 reacts?
-
The income statements for Galaxy Tennis for the years ending December 31, 2015 and 2014 are provided below. Required: 1. Complete the Amount and % columns to be used in a horizontal analysis of...
-
The following income statement and balance sheets for The Athletic Attic are provided. Required: Assuming that all sales were on account, calculate the following risk ratios for 2015: 1. Receivables...
-
On January 1, 2016, Plank Company purchased 80% of the outstanding capital stock of Scoba Company for $53,000. At that time, Scoba?s stockholders? equity consisted of capital stock, $55,000; other...
-
Write a program that takes an integer command-line argument n, uses Math.random() to print n uniform random values between 0 and 1, and then prints their average value.
-
Describe the different types of competitive strategies that can be deployed contingent on the environment in which a company operates.
-
Rewrite TenHellos to make a program Hellos that takes the number of lines to print as a command-line argument. You may assume that the argument is less than 1000. Use i % 10 and i % 100 to determine...
-
Write a program that reads in text from standard input and prints the number of words in the text. For the purpose of this exercise, a word is a sequence of non-whitespace characters that is...
-
Write a code fragment that prints true if the double variables x and y are both strictly between 0 and 1, and false otherwise.
-
Consider the following unbalanced combustion reaction: (a) Balance the equation. (b) How many moles of CO 2 will be generated from using excess methane and 5.0 moles of O 2 ? (c) How many molecules...
-
What is removed during each of the three stages of wastewater treatment: primary, secondary, and tertiary? During which state would you expect items to be recovered that were accidentally flushed,...
-
Consider the following statement: "The rational expectations assumption is unrealistic because, essentially, it amounts to the assumption that every consumer has perfect knowledge of the economy."...
-
Small and Associates, a small manufacturing firm, entered into the following cash transactions during January 2012: 1. Issued 600 shares of stock for $25 each. 2. Sold services for $4,000. 3. Paid...
-
Ed's Lawn Service entered into the following transaction during 2012, its first year of operations: 1. Collected $12,000 in cash in cash from shareholders. 2. Borrowed $5,000 from a bank. 3....
-
The following cash T-account for Holcomb Manufacturing summarizes all the transactions affecting cash during 2012. a. Compute the ending cash balance.b. Prepare a statement of cash flows...
-
Establishment Industries borrows $1,040 million at an interest rate of 7.2%. It expects to maintain this debt level into the far future. Establishment will pay tax at an effective rate of 38%. What...
-
The Presentation Layer ER Diagram shown in conjunction with part a below is focused around students who participate in sports and also enroll in classes. Please base your answer to this question on...
-
The current price of one share of XYZ stock is 56.50. A long straddle (one long call and one long put) on the stock with a strike price of K and one year to expiration has a total cost of 12.00. The...
Study smarter with the SolutionInn App