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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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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