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.] 76,300; property, plant, and equipment, $43,500; investments and other assets orting Goods

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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, $42,000; investments and other assets, $35,800; current liabilities, $21,100; and long-term liabilities, $54,400. (Round percents to one decimal.)
(b) The following financial information is for Victory Lane Sporting Goods as of December 31, 2019: current assets, $176,300; property, plant, and equipment, $13,500; investments and other assets, $39,100; current liabilities, $27,600; and long-
term liabilities, $53,000. 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.)
Victory Lane Sporting Goods
Comparative Balance Sheet
December 31, 2018 and 2019
Increase (Decrease)
Percent
2019
2018
Current Assets
$
Property, Plant, Equipment
Investments & Other Assets $
Total Assets
$
Liabilities & Owner's Equity
Current Liabilities
Long-Term Liabilities
Total Liabilities
Assets
$
$
$
Owners Equity
$
Total Liability & Owner's Equity $
2019
$
$
$
$
$
$
$
2018
$
$
$
Amount
$
$
$
95
Increase (Decrease)
Amount
Percent
Transcribed Image Text:(b) The following financial information is for Victory Lane Sporting Goods as of December 31, 2019: current assets, $176,300; property, plant, and equipment, $13,500; investments and other assets, $39,100; current liabilities, $27,600; and long- term liabilities, $53,000. 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.) Victory Lane Sporting Goods Comparative Balance Sheet December 31, 2018 and 2019 Increase (Decrease) Percent 2019 2018 Current Assets $ Property, Plant, Equipment Investments & Other Assets $ Total Assets $ Liabilities & Owner's Equity Current Liabilities Long-Term Liabilities Total Liabilities Assets $ $ $ Owners Equity $ Total Liability & Owner's Equity $ 2019 $ $ $ $ $ $ $ 2018 $ $ $ Amount $ $ $ 95 Increase (Decrease) Amount Percent
(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, $42,000; investments and other assets, $35,800; current liabilities, $21,100; and long-term liabilities, $54,400. (Round percents to one decimal.)
Victory Lane Sporting Goods
Balance Sheet
December 31, 2018
Liabilities & Owner's Equity
Current Assets
$
Current Liabilities
$
Long-Term Liabilities
$
Property, Plant, Equipment
Investments & Other Assets
Total Liabilities
$
Total Assets
$
S
Assets
$
$
$
%
Owners Equity
Total Liabilities
& Owner's
Equity
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, $42,000; investments and other assets, $35,800; current liabilities, $21,100; and long-term liabilities, $54,400. (Round percents to one decimal.) Victory Lane Sporting Goods Balance Sheet December 31, 2018 Liabilities & Owner's Equity Current Assets $ Current Liabilities $ Long-Term Liabilities $ Property, Plant, Equipment Investments & Other Assets Total Liabilities $ Total Assets $ S Assets $ $ $ % Owners Equity Total Liabilities & Owner's Equity
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