[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 S $ 2024 Year 192,000 $ 892,800 2,659 200 172,800 2023 1.545,600 1,545,600 (662,400) (331,200) 4,800,000 $ 4,600,000 0 110,400. 414,000 1,251,200 1,587,000 133,400 148,800 $ 105,800 4,600 110,400 1,104,000 1,104,000 1,012.000 1,012.000 2,424,800 2,263,200 $ 4,800,000 $ 4,600,000 Increase (Decrease) Amount

[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 S $ 2024 Year 192,000 $ 892,800 2,659 200 172,800 2023 1.545,600 1,545,600 (662,400) (331,200) 4,800,000 $ 4,600,000 0 110,400. 414,000 1,251,200 1,587,000 133,400 148,800 $ 105,800 4,600 110,400 1,104,000 1,104,000 1,012.000 1,012.000 2,424,800 2,263,200 $ 4,800,000 $ 4,600,000 Increase (Decrease) Amount

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Use the following financial statements and additional information. Assets Cash STREAMLINE INCORPORATED Comparative Balance Sheets June 30, 2021 and 2020 Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accumulated depreciation-Equipment Total assets Liabilities and Equity Accounts payable Wages payable. Income taxes payable Total current liabilities Notes payable (long term) Total liabilities Equity Common stock, $5 par value Retained earnings Total liabilities and equity STREAMLINE INCORPORATED Income Statement For Year Ended June 30, 2021 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense Other expenses Total operating expenses Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income 2021 $ 100,200 73,000 63,000 4,900 241,100 147,000 (36,000) $ 352,100 $ 26,000 7,000 4,700 37,700 33,000 70,700 240,000 41,400 $ 352,100 $ 66,000 74,000 195,200 136,000 (12,000) $319,200 $ 772,000…
The balance sheets for Fantasy Football for 2021 and 2020 are provided below. FANTASY FOOTBALLBalance SheetsDecember 31 2021 2020 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 $ 208,000 856,000 1,900,000 124,000 1,292,000 (380,000) $ 4,000,000 $ 168,000 0 76,000 760,000 786,600 2,209,400 $ 4,000,000 $ 262,200 999,400 1,349,000 87,400 1,292,000 (190,000) $ 3,800,000 $ 129,200 3,800 76,000 760,000 786,600 2,044,400 $ 3,800,000 Required: 1. Prepare a vertical analysis of Fantasy Football’s 2021 and 2020 balance sheets. Express each amount as a percentage of total assets for that year. 2. Prepare a horizontal…
Comparative balance sheets for 2024 and 2023 and a statement of income for 2024 are given below for Metagrobolize Industries. Additional information from the accounting records of Metagrobolize also is provided. METAGROBOLIZE INDUSTRIES Comparative Balance Sheets December 31, 2024 and 2023 ($ in thousands) 2024 2023 Assets Cash $ 450 $ 160 Accounts receivable 490 260 Inventory 640 385 Land 650 590 Building 800 800 Less: Accumulated depreciation (250) (230) Equipment 2,850 2,570 Less: Accumulated depreciation (472) (440) Patent 1,700 1,950 $ 6,858 $ 6,045 Liabilities Accounts payable $ 740 $ 440 Accrued liabilities 220 155 Lease liability—land 130 0 Shareholders' Equity Common stock 2,600 2,500 Paid-in capital—excess of par 600 515 Retained earnings 2,568 2,435 $ 6,858 $ 6,045 METAGROBOLIZE INDUSTRIES Income Statement For the Year Ended December 31, 2024 ($ in thousands) Revenues Sales revenue $…
Skysong Inc. had the following condensed balance sheet at the end of operations for 2024. Cash Current assets other than cash Equity investments Plant assets (net) Land 1. During 2025, the following occurred. 2. 3. 4. 5. 6. 7. 8. Skysong Inc. Balance Sheet December 31, 2024 $8,400 29,200 19,800 66,900 (a) 40,100 $164,400 Current liabilities Long-term notes payable Bonds payable Common stock Retained earnings $15,000 25,500 25,000 75,000 23,900 $164,400 A tract of land was purchased for $8,900. Bonds payable in the amount of $15,000 were redeemed at par. An additional $10,000 in common stock was issued at par. Dividends totaling $9,400 were paid to stockholders. Net income was $29,900 after allowing depreciation of $13,600. Land was purchased through the issuance of $22,600 in bonds. Skysong Inc. sold part of its investment portfolio for $13,000. This transaction resulted in a gain of $2,000 for the comp No unrealized gains or losses were recorded on these investments in 2025. Both…
Epsilon Golf Company's balance sheet at December 31, 2021 is as follows: (Click the icon to view the balance sheet.) Requirement 1. Perform a vertical analysis of Epsilon Golf Company's balance sheet to determine the component percentages of its assets, liabilities, and stockholders' equity. (Round the percentages to the nearest hundredth percent, X.XX%. Do not enter the % symbol in any of the input fields.) Assets Total current assets Property, plant, and equipment, net Other assets Total assets Liabilities Total current liabilities December 31, 2021 Long-term debt Total liabilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity $ $ $ $ Amount 42,465 203,775 38,760 285,000 46,455 107,730 154,185 130,815 285,000 % of total % % % % % % % % %
Prepare the balance sheet and income statement by rearranging the above items. Note: Be sure to list the assets and liabilities in order of their liquidity. Enter all amounts as positive values. Cash Receivables Inventories BALANCE SHEET Assets Liabilities and Shareholders' Equity $ 15 Payables $ 35 35 Debt due for repayment 25 50 Total current assets $ 100 Total current liabilities $ 60 Property, plant, and equipment 520 Long-term debt Total liabilities 350 $ 410 Net fixed assets Total assets $ 520 Shareholders' equity 90 $ 620 Total liabilities and shareholders' equity $ 500
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 balance sheet data for 2022 and 2021. Express each amount as a percentage of total assets. (Amounts to be deducted should be indicated by a minus sign. Round your answers to 1 decimal place.) 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.)
Problem 17-2A (Algo) Ratios, common-size statements, and trend percer [The following information applies to the questions displayed below.] Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity 2021 $546,242 328,838 217,404 77,566 49,162 126,728 90,676 16,866 $ 73,810 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income KORBIN COMPANY Comparative Balance Sheets December 31 2020 $ 418,466 263,634 2021 % 154,832 57,748 36,825 94,573 60, 259 12,353 $ 47,906 % $61,141 0 113,547…
The current sections of Headlands Corp.'s balance sheets at December 31, 2021 and 2022, are presented here. Headlands Corp.'s net income for 2022 was $330,200. Depreciation expense was $54,600. Current assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Current liabilities Accrued expenses payable Accounts payable Total current liabilities 2022 $80,600 110,500 101,400 22,100 $314,600 $7,800 114,400 $122,200 2021 $ 115,700 89,700 80,600 24,700 $310,700 $20,800 93,600 $ 114,400 Prepare the net cash provided by operating activities section of the company's statement of cash flows for the year ended December 31, 2022, using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)
The following summary financial statement information is provided for Denbury Industries: Cash and cash equivalents Short-term investments Accounts receivable Inventory Property, plant, and equipment Long-term investments Total assets Net income Interest expense Investment income Multiple Choice O 2024 2023 $ 239,850 $ 368,740 Calculate the return on investments ratio for 2024. 2.5% 25,640 18,740 658,930 690,760 345,920 415,380 859,710 735,480 83,670 65,300 2,213,720 2,294,400 $ 279,630 $ 199,850 39,540 25,670 5,750 3,170
The balance sheets for Federer Sports Apparel for 2022 and 2021 are presented below. Required: 1. Prepare a vertical analysis of the balance sheet data for 2022 and 2021. Express each amount as a percentage of total assets. (Amounts to be deducted should be indicated by a minus sign. Round your answers to 1 decimal place.)
Required information [The following information applies to the questions displayed below.] The balance sheets for Federer Sports Apparel for 2025 and 2024 are presented below. 2. Prepare a horizontal analysis for 2025 using 2024 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.) Assets Cash Accounts receivable Inventory Buildings Less: Accumulated depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Contingent liability Common stock Retained earnings Total liabilities and stockholders' equity FEDERER SPORTS APPAREL Balance Sheet December 31 2025 $ Year 2024 $ 2,431,000 $ 754,000 1,581,000 1,305,000 3,128,000 1,595,000 11,832,000 11,832,000 (1,972,000) (986,000) $ 17,000,000 $ 14,500,000 1,496,000 $ 1,360,000 7,888,000 6,256,000 3,656,000 $ 17,000,000 $ 14,500,000 1,856,000 1,100,000 7,888,000 Increase…