FEDERER SPORTS APPAREL Balance Sheet December 31 2022 2021 Amount % Amount Assets Cash Accounts receivable Inventory $ 2,640,000 1,820,000 3,300,000 14,400,000 (2,160,000) $ 20,000,000 990,000 1,512,000 2,178,000 14,400,000 (1,080,000) $ 18,000,000 Buildings Less: Accumulated depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Contingent liability Common stock $ 2,178,000 $ 1,640,000 1,900,000 9,360,000 9,360,000 6,462,000 $ 18,000,000 Retained earnings 7,100,000 Total liabilities and stockholders' equity $ 20,000,000
FEDERER SPORTS APPAREL Balance Sheet December 31 2022 2021 Amount % Amount Assets Cash Accounts receivable Inventory $ 2,640,000 1,820,000 3,300,000 14,400,000 (2,160,000) $ 20,000,000 990,000 1,512,000 2,178,000 14,400,000 (1,080,000) $ 18,000,000 Buildings Less: Accumulated depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Contingent liability Common stock $ 2,178,000 $ 1,640,000 1,900,000 9,360,000 9,360,000 6,462,000 $ 18,000,000 Retained earnings 7,100,000 Total liabilities and stockholders' equity $ 20,000,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
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.)
Transcribed Image Text:Required information
FEDERER SPORTS APPAREL
Balance Sheet
December 31
2022
2021
Amount
Amount
%
Assets
Cash
Accounts receivable
990,000
1,512,000
2,178,000
14,400,000
(1,080,000)
$ 18,000,000
$ 2,640,000
$
1,820,000
3,300,000
14,400,000
(2,160,000)
$ 20,000,000
Inventory
Buildings
Less: Accumulated depreciation
Total assets
Liabilities and Stockholders' Equity
$ 2,178,000
Accounts payable
Contingent liability
Common stock
$ 1,640,000
1,900,000
9,360,000
7,100,000
$ 20,000,000
9,360,000
6,462,000
$ 18,000,000
Retained earnings
Total liabilities and stockholders' equity
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education