(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 $ $ $ $ $ % % % % %

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Description: (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, $1

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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