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2. Prepare a horizontal analysis of Sports Unlimited'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 Prepaid rent Long-term assets: Investment in bonds Land 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 SPORTS UNLIMITED Balance Sheets For the Years Ended December 31 Year $ $ $ $ 2024 172,800 $ 94,400 91,200 22,400 101,600 171,200 188,800 (42,400) 800,000 $ 77,600 $ 11,200 12,800 261,600 2023 128,800 51,800 120,400 11,200 16,800 238,700 172,200 (23,100) 716,800 103,600 5,600 11,200 208,600 252,000 252,000 184,800 135,800 800,000 $ 716,800 Increase (Decrease) Amount

2. Prepare a horizontal analysis of Sports Unlimited'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 Prepaid rent Long-term assets: Investment in bonds Land 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 SPORTS UNLIMITED Balance Sheets For the Years Ended December 31 Year $ $ $ $ 2024 172,800 $ 94,400 91,200 22,400 101,600 171,200 188,800 (42,400) 800,000 $ 77,600 $ 11,200 12,800 261,600 2023 128,800 51,800 120,400 11,200 16,800 238,700 172,200 (23,100) 716,800 103,600 5,600 11,200 208,600 252,000 252,000 184,800 135,800 800,000 $ 716,800 Increase (Decrease) Amount

FINANCIAL ACCOUNTING
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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2. Prepare a horizontal analysis of Sports Unlimited'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 Prepaid rent Long-term assets: Investment in bonds Land 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 SPORTS UNLIMITED Balance Sheets For the Years Ended December 31 Year $ $ $ $ 2024 172,800 $ 94,400 91,200 22,400 101,600 171,200 188,800 (42,400) 800,000 $ 77,600 $ 11,200 12,800 261,600 2023 128,800 51,800 120,400 11,200 16,800 238,700 172,200 (23,100) 716,800 103,600 5,600 11,200 208,600 252,000 252,000 184,800 135,800 800,000 $ 716,800 Increase (Decrease) Amount
Transcribed Image Text:2. Prepare a horizontal analysis of Sports Unlimited'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 Prepaid rent Long-term assets: Investment in bonds Land 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 SPORTS UNLIMITED Balance Sheets For the Years Ended December 31 Year $ $ $ $ 2024 172,800 $ 94,400 91,200 22,400 101,600 171,200 188,800 (42,400) 800,000 $ 77,600 $ 11,200 12,800 261,600 2023 128,800 51,800 120,400 11,200 16,800 238,700 172,200 (23,100) 716,800 103,600 5,600 11,200 208,600 252,000 252,000 184,800 135,800 800,000 $ 716,800 Increase (Decrease) Amount
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