Required information [The following information applies to the questions displayed below.] The balance sheets for Fantasy Football for 2024 and 2023 are provided below. 2. Prepare a horizontal analysis of Fantasy Football's 2024 balance sheet using 2023 as the base year. (Values to be deducted and decreases should be indicated by a minus sign. Round your percentage answers to 1 decimal place.) Assets Current assets: Cash Accounts receivable Inventory Supplies Long-term assets: Equipment Less: Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings Total liabilities and stockholders' equity FANTASY FOOTBALL Balance Sheets December 31 $ $ $ $ 2024 Year 92,400 S 571,200 1,545,600 86,800 86,800 $ 0 67,200 2023 772,800 772,800 (268,800) (134,400) 2,800,000 $ 2,400,000 571,200 177,600 640,800 890,400 52,800 76,800 2,400 67,200 571,200 511,200 511,200 1,563,600 1,171,200 2,800,000 $ 2,400,000 Increase (Decrease) % Amount
Required information [The following information applies to the questions displayed below.] The balance sheets for Fantasy Football for 2024 and 2023 are provided below. 2. Prepare a horizontal analysis of Fantasy Football's 2024 balance sheet using 2023 as the base year. (Values to be deducted and decreases should be indicated by a minus sign. Round your percentage answers to 1 decimal place.) Assets Current assets: Cash Accounts receivable Inventory Supplies Long-term assets: Equipment Less: Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings Total liabilities and stockholders' equity FANTASY FOOTBALL Balance Sheets December 31 $ $ $ $ 2024 Year 92,400 S 571,200 1,545,600 86,800 86,800 $ 0 67,200 2023 772,800 772,800 (268,800) (134,400) 2,800,000 $ 2,400,000 571,200 177,600 640,800 890,400 52,800 76,800 2,400 67,200 571,200 511,200 511,200 1,563,600 1,171,200 2,800,000 $ 2,400,000 Increase (Decrease) % Amount
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Required information
[The following information applies to the questions displayed below.]
The balance sheets for Fantasy Football for 2024 and 2023 are provided below.
2. Prepare a horizontal analysis of Fantasy Football's 2024 balance sheet using 2023 as the base year. (Values to be deducted and
decreases should be indicated by a minus sign. Round your percentage answers to 1 decimal place.)
Assets
Current assets:
Cash
Accounts receivable
Inventory
Supplies
Long-term assets:
Equipment
Less: Accumulated depreciation
Total assets
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable
Interest payable
Income tax payable
Long-term liabilities:
Notes payable
Stockholders' equity:
Common stock
Retained earnings
Total liabilities and stockholders' equity
FANTASY FOOTBALL
Balance Sheets
December 31
$
$
$
S
2024
Year
92,400 S
571,200
1,545,600
86,800
86,800 $
772,800
772,800
(268,800)
(134,400)
2,800,000 $ 2,400,000
0
67,200
2023
571,200
177,600
640,800
890,400
52,800
76,800
2,400
67,200
571,200
511,200
511,200
1,563,600
1,171,200
2,800,000 $ 2,400,000
Increase (Decrease)
Amount
%](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fee137998-a758-467c-b5ec-b959251e4038%2F7efb5505-42b4-4903-ab9a-e84065eadff7%2Fml3f8za_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below.]
The balance sheets for Fantasy Football for 2024 and 2023 are provided below.
2. Prepare a horizontal analysis of Fantasy Football's 2024 balance sheet using 2023 as the base year. (Values to be deducted and
decreases should be indicated by a minus sign. Round your percentage answers to 1 decimal place.)
Assets
Current assets:
Cash
Accounts receivable
Inventory
Supplies
Long-term assets:
Equipment
Less: Accumulated depreciation
Total assets
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable
Interest payable
Income tax payable
Long-term liabilities:
Notes payable
Stockholders' equity:
Common stock
Retained earnings
Total liabilities and stockholders' equity
FANTASY FOOTBALL
Balance Sheets
December 31
$
$
$
S
2024
Year
92,400 S
571,200
1,545,600
86,800
86,800 $
772,800
772,800
(268,800)
(134,400)
2,800,000 $ 2,400,000
0
67,200
2023
571,200
177,600
640,800
890,400
52,800
76,800
2,400
67,200
571,200
511,200
511,200
1,563,600
1,171,200
2,800,000 $ 2,400,000
Increase (Decrease)
Amount
%
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