FANTASY FOOTBALL Balance Sheets December 31 Year Increase (Decrease) 2021 2020 Amount Assets Current assets: Cash %24 148,500 $ 312,000 958,500 2,380,500 184,500 1,076,000 1,448,000 Accounts receivable Inventory Supplies 120,000 Long-term assets: Equipment 1,260,000 1,260,000 (216,000) $ 4,500,000 $ 4,000,000 Less: Accumulated depreciation (432,000) Total assets Liabilities and Stockholders' Equity Current liabilities: 116,000 4,000 72,000 Accounts payable 184,500 $ Interest payable Income tax payable 72,000 Long-term liabilities: Notes payable 1,260,000 1,260,000 Stockholders' equity

FANTASY FOOTBALL Balance Sheets December 31 Year Increase (Decrease) 2021 2020 Amount Assets Current assets: Cash %24 148,500 $ 312,000 958,500 2,380,500 184,500 1,076,000 1,448,000 Accounts receivable Inventory Supplies 120,000 Long-term assets: Equipment 1,260,000 1,260,000 (216,000) $ 4,500,000 $ 4,000,000 Less: Accumulated depreciation (432,000) Total assets Liabilities and Stockholders' Equity Current liabilities: 116,000 4,000 72,000 Accounts payable 184,500 $ Interest payable Income tax payable 72,000 Long-term liabilities: Notes payable 1,260,000 1,260,000 Stockholders' equity

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter2: Introduction To Financial Statements

Section: Chapter Questions

Problem 1PB: The following information is taken from the records of Rosebloom Flowers for the year 2019. A....

See similar textbooks

Similar questions

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…
Just Dew It Corporation reports the following balance sheet information for 2020 and 2021. Prepare the 2021 combined common-size, common-base year balance sheet for Just Dew It. (Do not round intermediate calculations and round your answers to 4 decimal places, e.g., 32.1616.)
Based on the financial statements provided, compute the following financial ratios. Show your workings and round your figures to 2 decimal places. Ratio 2020 2019 Current Ratio Quick Ratio Debt Ratio (%)
Using the information from question 1, calculate the current ratio for 2018 and 2019 respectively: 12/31/2018 12/31/2019 Current Assets $101,600 $97,350 Current Liabilities ($33,650) ($32,800) Working Capital (CA-CL) $67,950 $64,550
The income statements for Federer Sports Apparel for 2025 and 2024 are presented below. Required: Prepare a vertical analysis of the data for 2025 and 2024. Note: Round your percentage answers to 1 decimal place.
Summary financial information for Gandaulf Company is as follows.Compute the amount and percentage changes in 2020 using horizontal analysis, assuming 2019 is the base year. (Enter negative amounts and percentages using either a negative sign preceding the number e.g. -45, -45% or parentheses e.g. (45), (45%). Round percentages to 2 decimal places, e.g. 1.25%.) Increase (Decrease) in 2020 December 31, 2020 December 31, 2019 Amount Percent Current Assets $ 180,600 $ 210,000 $ enter a dollar amount enter your answer in percentages rounded to 2 decimal places % Plant Assets 821,600 790,000 enter a dollar amount enter your answer in percentages rounded to 2 decimal places % Total assets $ 1,002,200 $ 1,000,000 $ enter a total of the two previous amounts enter your answer in percentages rounded to 2 decimal places
Here is comparative balance sheet for 2021 and 2022, stating each asset as a percent of total assests and each liability and stockholders' equity item as a percent of the total liabilities and stockholders' equity. 2020 (%) 2021 (%) Assets Cash 43,500 8.84 55,000 14.25 Inventory 22,000 4.47 23,500 6.09 Equipment and fixures 380,000 77.24 255,000 66.08 Supplies 3,800 0.77 4,100 1.06 Prepaid expenses 9,200 1.87 12,500 3.24 Store design/Buildout 27,000 5.49 27,000 7.00 Loan Fee 4,000 0.81 5,500 1.42 Advertising and Marketing 2,500 0.51 3,300 0.86 Total assets 492,000 100.00 385,900 100.00 Bank Loan 150,000 30.49 170,000 44.05 Other liability (Balancing figure) 292,000 59.35 170,900 44.29 Owner contribution 50,000 10.16 45,000 11.66 Total equity and liability 492,000 100.00 385,900 100.00 Please explain or make an assumption of the figure
The image uploaded is the calculation of Socite Generale Bank, Ghana, Profitability ratios, shorter liquidity ratios, long-term liquidity ratios, and investment ratios for 2020, 2021, 2022. A base year of 2019 was also added. Evaluate the financial performance by comparing the three (3) years' financial performance that is 2020, 2021, and 2022 I have provided in the table with the base year.
Here is financial information for Sage Hill Inc. Prepare a schedule showing a horizontal analysis for 2020, using 2019 as the base year. (If amount and percentage are a decrease show the numbers as negative, e.g. -55,000, -20% or (55,000), (20%). Round percentages to 1 decimal place, e.g. 12.1%.) Here is financial information for Sage Hill Inc.. December 31, 2020 December 31, 2019 Current assets $101,007 $ 87,000 Plant assets (net) 367,488 319,000 Current liabilities 99,227 67,000 Long-term liabilities 126,268 96,000 Common stock, $1 par 126,000 112,000 Retained earnings 117,000 131,000
Using the following balance sheet summary information, for the two years presented calculate the current ratio for 2018 and 2019 respectively: current assets 101,600 97,350 current liabilities 33,650 32,800
True or False? You can construct a sources and use statement for 2021 if you have a company's year-end balance sheets for 2021 and 2022
Net income was $519,000 in 2020, $482,000 in 2021, and $525,000 in 2022. What is the percentage of change from (a) 2020 to 2021, and (b) from 2021 to 2022? Is the change an increase or a decrease? (If amount and percentage are a decrease show the numbers as negative, e.g. -55,000, -20% or (55,000), (20%). Round percentages to 0 decimal places, e.g. 12%.) Amount Percentage (a) 2020-2021 $Enter an increase or decrease in dollars. Enter an increase or decrease in percentages rounded to 0 decimal places. % Select between increase and decrease (b) 2021-2022 $Enter an increase or decrease in dollars. Enter an increase or decrease in percentages rounded to 0 decimal places. % Select between increase and decrease