(a) Use the following financial information to calculate the owner's equity and prepare a balance sheet with vertical analysis as of December 31, 2018, for Victory Lane Sporting Goods, a sole proprietorship owned by Kyle Pressman: current assets, $157,500; property, plant, and equipment, $41,000; investments and other assets, $35,600; current liabilities, $21,100; and long-term liabilities, $54,400. (Round percents to one decimal.) Victory Lane Sporting Goods Balance Sheet December 31, 2018 Assets Current Assets Property, Plant, Equipment Investments & Other Assets Total Assets $ $ $ $ % % % % Liabilities & Owner's Equity Current Liabilities Long-Term Liabilities Total Liabilities Owners Equity Total Liabilities & Owner's Equity $ $ $ $ $ % % % % %
(a) Use the following financial information to calculate the owner's equity and prepare a balance sheet with vertical analysis as of December 31, 2018, for Victory Lane Sporting Goods, a sole proprietorship owned by Kyle Pressman: current assets, $157,500; property, plant, and equipment, $41,000; investments and other assets, $35,600; current liabilities, $21,100; and long-term liabilities, $54,400. (Round percents to one decimal.) Victory Lane Sporting Goods Balance Sheet December 31, 2018 Assets Current Assets Property, Plant, Equipment Investments & Other Assets Total Assets $ $ $ $ % % % % Liabilities & Owner's Equity Current Liabilities Long-Term Liabilities Total Liabilities Owners Equity Total Liabilities & Owner's Equity $ $ $ $ $ % % % % %
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
![(a) Use the following financial information to calculate the owner's equity and prepare a balance sheet with vertical analysis as of December 31, 2018, for Victory Lane Sporting Goods, a sole proprietorship owned by Kyle Pressman: current assets, $157,500; property,
plant, and equipment, $41,000; investments and other assets, $35,600; current liabilities, $21,100; and long-term liabilities, $54,400. (Round percents to one decimal.)
Victory Lane Sporting Goods
Balance Sheet
December 31, 2018
Assets
Current Assets
Property, Plant, Equipment
Investments & Other Assets
Total Assets
Victory Lane Sporting Goods
Comparative Balance Sheet
December 31, 2018 and 2019
Assets
Current Assets
Property, Plant, Equipment
Investments & Other Assets
Total Assets
Liabilities & Owner's Equity
$
$
$
$
Current Liabilities
Long-Term Liabilities
Total Liabilities
$
$
$
$
2019
$
$
$
Owners Equity
$
Total Liability & Owner's Equity $
2019
$
$
$
$
2018
%
%
$
$
$
$
$
%
%
(b) The following financial information is for Victory Lane Sporting Goods as of December 31, 2019: current assets, $174,300; property, plant, and equipment, $43,500; investments and other assets, $39,300; current liabilities, $27,600; and long-term liabilities,
$52,000. Calculate the owner's equity for 2019 and prepare a comparative balance sheet with horizontal analysis for 2018 and 2019. (Round percents to one decimal.)
2018
Liabilities & Owner's Equity
Current Liabilities
$
$
$
$
Long-Term Liabilities
Total Liabilities
Owners Equity
Total Liabilities
& Owner's
Equity
Amount
$
$
$
$
$
$
$
$
$
$
Increase (Decrease)
Amount
Percent
Increase (Decrease)
%
%
%
%
Percent
%
%
%
%
%
%
%
%
%
%](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F50a71912-1329-40aa-8265-543930452dcb%2F2678999f-5974-4f9e-bceb-c1249ef4401e%2Fqhjjds_processed.png&w=3840&q=75)
Transcribed Image Text:(a) Use the following financial information to calculate the owner's equity and prepare a balance sheet with vertical analysis as of December 31, 2018, for Victory Lane Sporting Goods, a sole proprietorship owned by Kyle Pressman: current assets, $157,500; property,
plant, and equipment, $41,000; investments and other assets, $35,600; current liabilities, $21,100; and long-term liabilities, $54,400. (Round percents to one decimal.)
Victory Lane Sporting Goods
Balance Sheet
December 31, 2018
Assets
Current Assets
Property, Plant, Equipment
Investments & Other Assets
Total Assets
Victory Lane Sporting Goods
Comparative Balance Sheet
December 31, 2018 and 2019
Assets
Current Assets
Property, Plant, Equipment
Investments & Other Assets
Total Assets
Liabilities & Owner's Equity
$
$
$
$
Current Liabilities
Long-Term Liabilities
Total Liabilities
$
$
$
$
2019
$
$
$
Owners Equity
$
Total Liability & Owner's Equity $
2019
$
$
$
$
2018
%
%
$
$
$
$
$
%
%
(b) The following financial information is for Victory Lane Sporting Goods as of December 31, 2019: current assets, $174,300; property, plant, and equipment, $43,500; investments and other assets, $39,300; current liabilities, $27,600; and long-term liabilities,
$52,000. Calculate the owner's equity for 2019 and prepare a comparative balance sheet with horizontal analysis for 2018 and 2019. (Round percents to one decimal.)
2018
Liabilities & Owner's Equity
Current Liabilities
$
$
$
$
Long-Term Liabilities
Total Liabilities
Owners Equity
Total Liabilities
& Owner's
Equity
Amount
$
$
$
$
$
$
$
$
$
$
Increase (Decrease)
Amount
Percent
Increase (Decrease)
%
%
%
%
Percent
%
%
%
%
%
%
%
%
%
%
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