Required InfomationProblem 12-3A Perform vertical and hortzontal analysis (LO12-1, 12-2)[The following information applies to the questions displayed below.]The balance sheets for Sports Unlimited for 2021 and 2020 are provided below.Problem 12-3A Part 22 Prepare a horizontal analysis of Sports Unlimited's 2021 balance sheet using 2020 os the base year. (Negative amounts andDecreases should be Indicated by a minus sign. Round your percentage answers to 1 decimal place.)SPORTS UNLIMITEDBalance SheetaFor the yeara ended December 31YearIncrease (Decrease)Amount20212020AsseteCurrent assels:Cash103,50070,400Accounits receivable46,80032,000Inventory44,55071,200Prepaid rent7,2003,600Lang term assets.Investment in bonds54,900Land117,450141,600Equipment106,200102,000Less Accumulated depreciation(30.600)450,000 S(20.800)Total assels400,000Llablitles and stockholdere' EquityCurrent labiities.Accounts payable30,15046,0007.2003,600Interest payableIncome tax payable12.15010,000Long term liabilities100.150127.600Notes payableStuckhoiders equity:144.00000 FFCortirmon stockRetained eamings110.350Telaiabiliuca and stockip ders eguity400.000

Solution: Introduction: Horizontal Analysis or trend analysis is a technique to determine the…

Required Informmation Problem 12-3A Perform vertical and hortzontal analysis (L012-1, 12-2) [The following information applies to the questions displayed below.] The balance sheets for Sports Unlimited for 2021 and 2020 are provided below. Problem 12-3A Part 2 Prepare a horizontal analysis of Sports Unlimited's 2021 balance sheet using 2020 as the base year. (Negative amounts ani Decreases should be Indicated by a minus sign. Round your percentage answers to 1 decimal place.) SPORTS UNLIMITED Balance Sheete For the yeara ended December 31 Year Increase (Decrease) 2021 2020 Amount Assete Current assets: Cash 103,500 S 70,400 Accounts receivable 46,800 32,000 Inventory 44,550 71,200 Prepaid rent 7,200 3,600 Long term assets. Invesiment in bonds 54,900 Land 117,450 141,600 106,200 Equipment Less: Accumulated depreciation 102,000 (30.600 (20.800) 400,000 Total assels 450,000 Llablities and stockholdere' Equity Current labiities: Accounts payable 30,150 46,800 Interesi payable 7.200 3,600 Income tax payabie 12,150 10,000 Long term liabilities: 108.150 127,600 Notes payable Sluckholders' equity 144.000 144 000 Cortrmon stock Retained eamings 0,350 450 000 S 400.000

Required Informmation Problem 12-3A Perform vertical and hortzontal analysis (L012-1, 12-2) [The following information applies to the questions displayed below.] The balance sheets for Sports Unlimited for 2021 and 2020 are provided below. Problem 12-3A Part 2 Prepare a horizontal analysis of Sports Unlimited's 2021 balance sheet using 2020 as the base year. (Negative amounts ani Decreases should be Indicated by a minus sign. Round your percentage answers to 1 decimal place.) SPORTS UNLIMITED Balance Sheete For the yeara ended December 31 Year Increase (Decrease) 2021 2020 Amount Assete Current assets: Cash 103,500 S 70,400 Accounts receivable 46,800 32,000 Inventory 44,550 71,200 Prepaid rent 7,200 3,600 Long term assets. Invesiment in bonds 54,900 Land 117,450 141,600 106,200 Equipment Less: Accumulated depreciation 102,000 (30.600 (20.800) 400,000 Total assels 450,000 Llablities and stockholdere' Equity Current labiities: Accounts payable 30,150 46,800 Interesi payable 7.200 3,600 Income tax payabie 12,150 10,000 Long term liabilities: 108.150 127,600 Notes payable Sluckholders' equity 144.000 144 000 Cortrmon stock Retained eamings 0,350 450 000 S 400.000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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