2. Prepare a horizontal analysis of Fantasy Football's 2024 balance sheet using 2023 as the base year. (Values to be deducted and decreases should be indicated by a minus sign. Round your percentage answers to 1 decimal place.) 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 FANTASY FOOTBALL Balance Sheets December 31 $ $ $ SA 2024 Year 190,800 $ 748,800 1,839,600 158,400 151,200 $ 0 86,400 1,123,200 (460,800) 3,600,000 $3,200,000 950,400 2023 713,600 1,698,400 $ 3,600,000 284,800 835,200 1,094,400 92,800 1,123,200 (230,400) 80,000 3,200 86,400 950,400 713,600 1,366,400 $3,200,000 Increase (Decrease) Amount %

2. Prepare a horizontal analysis of Fantasy Football's 2024 balance sheet using 2023 as the base year. (Values to be deducted and decreases should be indicated by a minus sign. Round your percentage answers to 1 decimal place.) 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 FANTASY FOOTBALL Balance Sheets December 31 $ $ $ SA 2024 Year 190,800 $ 748,800 1,839,600 158,400 151,200 $ 0 86,400 1,123,200 (460,800) 3,600,000 $3,200,000 950,400 2023 713,600 1,698,400 $ 3,600,000 284,800 835,200 1,094,400 92,800 1,123,200 (230,400) 80,000 3,200 86,400 950,400 713,600 1,366,400 $3,200,000 Increase (Decrease) Amount %

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The balance sheets for Fantasy Football for 2021 and 2020 are provided below. FANTASY FOOTBALLBalance SheetsDecember 31 2021 2020 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 $ 208,000 856,000 1,900,000 124,000 1,292,000 (380,000) $ 4,000,000 $ 168,000 0 76,000 760,000 786,600 2,209,400 $ 4,000,000 $ 262,200 999,400 1,349,000 87,400 1,292,000 (190,000) $ 3,800,000 $ 129,200 3,800 76,000 760,000 786,600 2,044,400 $ 3,800,000 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. 2. Prepare a horizontal…
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