FEDERER SPORTS APPAREL Balance Sheet December 31 2022 2021 Amount % Amount % Assets Cash $ 2,300,000 800,000 Accounts receivable 1,500,000 1,200,000 Inventory 2,800,000 1,700,000 Buildings 11,000,000 11,000,000 Less: Accumulated depreciation (2,000,000) (1,000,000) Total assets $ 15,600,000 $ 13,700,000 Liabilities and Stockholders' Equity Accounts payable $ 1,450,000 $ 1,700,000 Contingent liability 1,500,000 Common stock 8,000,000 8,000,000 Retained earnings 4,650,000 4,000,000 Total liabilities and stockholders' equity $ 15,600,000 $ 13,700,000
FEDERER SPORTS APPAREL Balance Sheet December 31 2022 2021 Amount % Amount % Assets Cash $ 2,300,000 800,000 Accounts receivable 1,500,000 1,200,000 Inventory 2,800,000 1,700,000 Buildings 11,000,000 11,000,000 Less: Accumulated depreciation (2,000,000) (1,000,000) Total assets $ 15,600,000 $ 13,700,000 Liabilities and Stockholders' Equity Accounts payable $ 1,450,000 $ 1,700,000 Contingent liability 1,500,000 Common stock 8,000,000 8,000,000 Retained earnings 4,650,000 4,000,000 Total liabilities and stockholders' equity $ 15,600,000 $ 13,700,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Required information Skip to question [The following information applies to the questions displayed below.] The balance sheets for Federer Sports Apparel for 2022 and 2021 are presented below. Required: 1. Prepare a vertical analysis of the
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.)
Transcribed Image Text:FEDERER SPORTS APPAREL
Balance Sheet
December 31
2022
2021
Amount
%
Amount
%
Assets
Cash
$ 2,300,000
$
800,000
Accounts receivable
1,500,000
1,200,000
Inventory
2,800,000
1,700,000
Buildings
11,000,000
11,000,000
Less: Accumulated depreciation
(2,000,000)
(1,000,000)
Total assets
$ 15,600,000
$ 13,700,000
Liabilities and Stockholders' Equity
Accounts payable
$
1,450,000
$
1,700,000
Contingent liability
1,500,000
Common stock
8,000,000
8,000,000
Retained earnings
4,650,000
4,000,000
Total liabilities and stockholders' equity
$ 15,600,000
$ 13,700,000
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