Required information [The following information applies to the questions displayed below.] The balance sheets for Fantasy Football for 2024 and 2023 are provided below. Required: 1. Prepare a vertical analysis of Fantasy Football's 2024 and 2023 balance sheets. Express each amount as a percentage of total assets for that year. (Amounts to be deducted 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 $ Amount 2024 189,000 819,000 2,344,500 202,500 1,449,000 (504,000) 4,500,000 157,500 0 63,000 1,386,000 945,000 1,948,500 $ 4,500,000 % $ Amount 2023 $ 252,000 1,205,400 1,428,000 117,600 1,449,000 (252,000) $ 4,200,000 $ 121,800 4,200 63,000 1,386,000 945,000 1,680,000 4,200,000 %
Required information [The following information applies to the questions displayed below.] The balance sheets for Fantasy Football for 2024 and 2023 are provided below. Required: 1. Prepare a vertical analysis of Fantasy Football's 2024 and 2023 balance sheets. Express each amount as a percentage of total assets for that year. (Amounts to be deducted 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 $ Amount 2024 189,000 819,000 2,344,500 202,500 1,449,000 (504,000) 4,500,000 157,500 0 63,000 1,386,000 945,000 1,948,500 $ 4,500,000 % $ Amount 2023 $ 252,000 1,205,400 1,428,000 117,600 1,449,000 (252,000) $ 4,200,000 $ 121,800 4,200 63,000 1,386,000 945,000 1,680,000 4,200,000 %
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
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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.
Required:
1. Prepare a vertical analysis of Fantasy Football's 2024 and 2023 balance sheets. Express each amount as a percentage of total
assets for that year. (Amounts to be deducted 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
$
Amount
$
2024
189,000
819,000
2,344,500
202,500
1,449,000
(504,000)
$ 4,500,000
157,500
0
63,000
1,386,000
945,000
1,948,500
$ 4,500,000
%
$
Amount
2023
252,000
1,205,400
1,428,000
117,600
1,449,000
(252,000)
$ 4,200,000
$ 121,800
4,200
63,000
1,386,000
945,000
1,680,000
$ 4,200,000
%](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc8ba04fc-1570-45e0-8a29-d848c02c3c3e%2Fe72a5aeb-b383-4203-801b-e0e9bf5ae5bd%2Fkxmgvir_processed.png&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.
Required:
1. Prepare a vertical analysis of Fantasy Football's 2024 and 2023 balance sheets. Express each amount as a percentage of total
assets for that year. (Amounts to be deducted 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
$
Amount
$
2024
189,000
819,000
2,344,500
202,500
1,449,000
(504,000)
$ 4,500,000
157,500
0
63,000
1,386,000
945,000
1,948,500
$ 4,500,000
%
$
Amount
2023
252,000
1,205,400
1,428,000
117,600
1,449,000
(252,000)
$ 4,200,000
$ 121,800
4,200
63,000
1,386,000
945,000
1,680,000
$ 4,200,000
%
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