FEDERER SPORTS APPAREL Balance Sheet December 31 2022 2021 Amount % Amount Assets Cash Accounts receivable Inventory $ 2,640,000 1,820,000 3,300,000 14,400,000 (2,160,000) $ 20,000,000 990,000 1,512,000 2,178,000 14,400,000 (1,080,000) $ 18,000,000 Buildings Less: Accumulated depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Contingent liability Common stock $ 2,178,000 $ 1,640,000 1,900,000 9,360,000 9,360,000 6,462,000 $ 18,000,000 Retained earnings 7,100,000 Total liabilities and stockholders' equity $ 20,000,000
FEDERER SPORTS APPAREL Balance Sheet December 31 2022 2021 Amount % Amount Assets Cash Accounts receivable Inventory $ 2,640,000 1,820,000 3,300,000 14,400,000 (2,160,000) $ 20,000,000 990,000 1,512,000 2,178,000 14,400,000 (1,080,000) $ 18,000,000 Buildings Less: Accumulated depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Contingent liability Common stock $ 2,178,000 $ 1,640,000 1,900,000 9,360,000 9,360,000 6,462,000 $ 18,000,000 Retained earnings 7,100,000 Total liabilities and stockholders' equity $ 20,000,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
The balance sheets for Federer Sports Apparel for 2022 and 2021 are presented below.
Required:
1. Prepare a vertical analysis of the
Transcribed Image Text:Required information
FEDERER SPORTS APPAREL
Balance Sheet
December 31
2022
2021
Amount
Amount
%
Assets
Cash
Accounts receivable
990,000
1,512,000
2,178,000
14,400,000
(1,080,000)
$ 18,000,000
$ 2,640,000
$
1,820,000
3,300,000
14,400,000
(2,160,000)
$ 20,000,000
Inventory
Buildings
Less: Accumulated depreciation
Total assets
Liabilities and Stockholders' Equity
$ 2,178,000
Accounts payable
Contingent liability
Common stock
$ 1,640,000
1,900,000
9,360,000
7,100,000
$ 20,000,000
9,360,000
6,462,000
$ 18,000,000
Retained earnings
Total liabilities and stockholders' equity
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