FANTASY FOOTBALL Balance Sheets December 31 Year Increase (Decrease) 2021 2020 Amount Assets Current assets: Cash %24 148,500 $ 312,000 958,500 2,380,500 184,500 1,076,000 1,448,000 Accounts receivable Inventory Supplies 120,000 Long-term assets: Equipment 1,260,000 1,260,000 (216,000) $ 4,500,000 $ 4,000,000 Less: Accumulated depreciation (432,000) Total assets Liabilities and Stockholders' Equity Current liabilities: 116,000 4,000 72,000 Accounts payable 184,500 $ Interest payable Income tax payable 72,000 Long-term liabilities: Notes payable 1,260,000 1,260,000 Stockholders' equity

FANTASY FOOTBALL Balance Sheets December 31 Year Increase (Decrease) 2021 2020 Amount Assets Current assets: Cash %24 148,500 $ 312,000 958,500 2,380,500 184,500 1,076,000 1,448,000 Accounts receivable Inventory Supplies 120,000 Long-term assets: Equipment 1,260,000 1,260,000 (216,000) $ 4,500,000 $ 4,000,000 Less: Accumulated depreciation (432,000) Total assets Liabilities and Stockholders' Equity Current liabilities: 116,000 4,000 72,000 Accounts payable 184,500 $ Interest payable Income tax payable 72,000 Long-term liabilities: Notes payable 1,260,000 1,260,000 Stockholders' equity

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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The balance sheets for Federer Sports Apparel for 2022 and 2021 are presented below. Prepare a horizontal analysis for 2022 using 2021 as the base year. (Note: If the percentage increase or decrease cannot be calculated, then leave the cell blank. Decreases should be indicated by a minus sign. Round your percentage answers to 1 decimal place.)
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