2. Prepare a horizontal analysis for 2022 using 2021 as the base year. (Note: If the percentage increase or decrease cannot be calculated, then leave the cell blank. Decreases should be indicated by a minus sign. Round your percentage answers to 1 decimal place.) FEDERER SPORTS APPAREL Balance Sheet December 31 Year Increase (Decrease) 2022 2021 Amount % Assets ....... Cash $ 3,000,000 $ 980,000 $ 2,020,000 206.2 Accounts receivable 1,800,000 1,242,500 557,500 44.8 Inventory 3,300,000 1,977,500 1,322,500 66.8 Buildings 14,700,000 14,700,000 Less: Accumulated depreciation (2,800,000) (1,400,000) (1,400,000) 1.0 Total assets $ 20,000,000 $ 17,500,000 $ 2,500,000 14.3 Liabilities and Stockholders' Equity Accounts $ 1,920,000 $ 2,187,500 $ (2,187,500) (1.0) Contingent liability 1,840,000 Common stock 9,100,000 9,100,000 Retained earnings 7,140,000 6,212,500 927,500 14.9 Total liabilities and stockholders' equity $ 20,000,000 $ 17,500,000 $ 2,500,000 14.3

2. Prepare a horizontal analysis for 2022 using 2021 as the base year. (Note: If the percentage increase or decrease cannot be calculated, then leave the cell blank. Decreases should be indicated by a minus sign. Round your percentage answers to 1 decimal place.) FEDERER SPORTS APPAREL Balance Sheet December 31 Year Increase (Decrease) 2022 2021 Amount % Assets ....... Cash $ 3,000,000 $ 980,000 $ 2,020,000 206.2 Accounts receivable 1,800,000 1,242,500 557,500 44.8 Inventory 3,300,000 1,977,500 1,322,500 66.8 Buildings 14,700,000 14,700,000 Less: Accumulated depreciation (2,800,000) (1,400,000) (1,400,000) 1.0 Total assets $ 20,000,000 $ 17,500,000 $ 2,500,000 14.3 Liabilities and Stockholders' Equity Accounts $ 1,920,000 $ 2,187,500 $ (2,187,500) (1.0) Contingent liability 1,840,000 Common stock 9,100,000 9,100,000 Retained earnings 7,140,000 6,212,500 927,500 14.9 Total liabilities and stockholders' equity $ 20,000,000 $ 17,500,000 $ 2,500,000 14.3

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

64.) Using Financial Statements for 2018-2019. Net book value for 2019 is $8,394,200. TRUE OR FALSE?
Maples group Comparative Balance Sheet December 31, 2020 and 2019 2020 2019 Increase/(Decrease Assets Cash and cash equivalent 64,990 61,895 ? Accounts receivable 95,100 88,500 ? Inventories 72,500 79,855 ? Fixed Assets, net ? ? ? Total Assets 442,590 395,800 46,790 Liabilities Accounts payable 45,000 58,350 ? Accrued liabilities ? ? ? Long –term notes payable 99,500 128,550 ? Stockholder’ Equity: Common Stock 143,050 105,110 37,940 Retained earnings 43,540 24,290 19,250 Total liabilities and stockholders’ equity 442, 590 395, 800…
Question 18 Given: 2019 Sales $216,259 2020 Sales $290,149 2019 Operating Income = $102,258 2020 Operating Income = $174,701 2019 Net Income = $55,852 2020 Net Income = $83,735 Calculate DOL: (Enter your answer with 2 decimal places)
Depreciation for Partial Periods Malone Delivery Company purchased a new delivery truck for $45,000 on April 1, 2019. The truck is expected to have a service life of 10 years or 180,000 miles and a residual value of $3,000. The truck was driven 8,000 miles in 2019 and 14,000 miles in 2020. Malone computes depreciation expense to the nearest whole month. Required: 1. Compute depreciation expense for 2019 and 2020 using the following methods: (Round your answers to the nearest dollar.) a. Straight-line method 2019 2020 2019 b. Sum-of-the-years'-digits 2019 186 X 2020 $ c. Double-declining-balance method. $ tA 2020 d. Activity method 2019 $ 2019 326 X 2020 method 3,782 X 6,846 X 9,000 X $ 7,200 X 2020 $ 3,500 X 2. For each method, what is the book value of the machine at the end of 2019? At the end of 2020? (Round your answers to the nearest dollar.) a. Straight-line method 44,814 X $ 44,488 X b. Sum-of-the-years'-digits method 2,000 X
Provide a paragraph summary of the following figures
Year ended December 31, 2023 2022 2021 Revenues $4,578,041 $3,864,324 $3,003,610 Costs and expenses: Cost of goods sold $2,227,189 $2,089,089 $2,005,691 Selling and administrative 922,261 836,212 664,061 Interest 29,744 32,966 30,472 Other expenses (income) 1,475 2,141 (43) Total costs and expenses $3,180,669 $2,960,408 $2,700,181 Income before income taxes $1,397,372 $903,916 $303,429 Income taxes 229,500 192,600 174,700 Net income $1,167,872 $711,316 $128,729 Venus IndustriesConsolidated Balance Sheets (in thousands) December 31, ASSETS 2023 2022 Current assets: Cash and equivalents $291,284 $260,050 Accounts receivable, less allowance for doubtful accounts of $19,447 and $20,046 826,977 616,064 Inventories 592,986 512,917 Deferred income taxes 26,378 28,355 Prepaid expenses 40,663 32,977 Total current assets $1,778,288 $1,450,363 Property, plant, and equipment $571,032 $497,795 Less accumulated depreciation (193,037)…
Pls stepwise with explanation and correct only.