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FEDERER SPORTS APPAREL Balance Sheet December 31 Year Increase (Decrease) 2022 2021 Amount % Assets Cash Accounts receivable $ 2,640,000 $ 1,820,000 990,000 1,512,000 Inventory 3,300,000 2,178,000 Buildings 14,400,000 14,400,000 Less: Accumulated depreciation (1,080,000) $ 20,000,000 $ 18,000,000 (2,160,000) Total assets Liabilities and Stockholders' Equity Accounts payable Contingent liability Common stock $ 1,640,000 $ 2,178,000 1,900,000 9,360,000 7,100,000 $ 20,000,000 $ 18,000,000 9,360,000 Retained earnings 6,462,000 Total liabilities and stockholders' equity

FEDERER SPORTS APPAREL Balance Sheet December 31 Year Increase (Decrease) 2022 2021 Amount % Assets Cash Accounts receivable $ 2,640,000 $ 1,820,000 990,000 1,512,000 Inventory 3,300,000 2,178,000 Buildings 14,400,000 14,400,000 Less: Accumulated depreciation (1,080,000) $ 20,000,000 $ 18,000,000 (2,160,000) Total assets Liabilities and Stockholders' Equity Accounts payable Contingent liability Common stock $ 1,640,000 $ 2,178,000 1,900,000 9,360,000 7,100,000 $ 20,000,000 $ 18,000,000 9,360,000 Retained earnings 6,462,000 Total liabilities and stockholders' equity

FINANCIAL ACCOUNTING
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.)

 

## Federer Sports Apparel Balance Sheet ### As of December 31 --- ### Assets - **Cash** - 2022: $2,640,000 - 2021: $990,000 - **Accounts Receivable** - 2022: $1,820,000 - 2021: $1,512,000 - **Inventory** - 2022: $3,300,000 - 2021: $2,178,000 - **Buildings** - 2022: $14,400,000 - 2021: $14,400,000 - **Less: Accumulated Depreciation** - 2022: $(2,160,000) - 2021: $(1,080,000) - **Total Assets** - 2022: $20,000,000 - 2021: $18,000,000 --- ### Liabilities and Stockholders' Equity - **Accounts Payable** - 2022: $1,640,000 - 2021: $2,178,000 - **Contingent Liability** - 2022: $1,900,000 - **Common Stock** - 2022: $9,360,000 - 2021: $9,360,000 - **Retained Earnings** - 2022: $7,100,000 - 2021: $6,462,000 - **Total Liabilities and Stockholders' Equity** - 2022: $20,000,000 - 2021: $18,000,000 --- This balance sheet provides a financial snapshot of Federer Sports Apparel as of December 31, comparing the years 2022 and 2021 with the amounts of assets, liabilities, and stockholders' equity.
Transcribed Image Text:## Federer Sports Apparel Balance Sheet ### As of December 31 --- ### Assets - **Cash** - 2022: $2,640,000 - 2021: $990,000 - **Accounts Receivable** - 2022: $1,820,000 - 2021: $1,512,000 - **Inventory** - 2022: $3,300,000 - 2021: $2,178,000 - **Buildings** - 2022: $14,400,000 - 2021: $14,400,000 - **Less: Accumulated Depreciation** - 2022: $(2,160,000) - 2021: $(1,080,000) - **Total Assets** - 2022: $20,000,000 - 2021: $18,000,000 --- ### Liabilities and Stockholders' Equity - **Accounts Payable** - 2022: $1,640,000 - 2021: $2,178,000 - **Contingent Liability** - 2022: $1,900,000 - **Common Stock** - 2022: $9,360,000 - 2021: $9,360,000 - **Retained Earnings** - 2022: $7,100,000 - 2021: $6,462,000 - **Total Liabilities and Stockholders' Equity** - 2022: $20,000,000 - 2021: $18,000,000 --- This balance sheet provides a financial snapshot of Federer Sports Apparel as of December 31, comparing the years 2022 and 2021 with the amounts of assets, liabilities, and stockholders' equity.
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