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2. Prepare a horizontal analysis of Sports Unlimited's 2018 balance sheet using 2017 as the...

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Accounting

2. Prepare a horizontal analysis of Sports Unlimited's 2018 balance sheet using 2017 as the base year. (Negative amounts and Decreases should be indicated by a minus sign. Round your percentage answers to 1 decimal place.)

SPORTS UNLIMITED
Balance Sheets
December 31
Year Increase (Decrease)
2018 2017 Amount %
Assets
Current assets:
Cash $95,200 $63,700
Accounts receivable 44,400 24,150
Inventory 37,600 59,850
Prepaid rent 5,600 2,800
Long-term assets:
Investment in bonds 45,200 0
Land 103,200 125,300
Equipment 104,000 92,050
Less: Accumulated depreciation (35,200) (17,850)
Total assets $400,000 $350,000
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $26,800 $38,150
Interest payable 16,800 8,400
Income tax payable 6,000 5,600
Long-term liabilities:
Notes payable 143,200 137,200
Stockholders' equity:
Common stock 112,000 112,000
Retained earnings 95,200 48,650
Total liabilities and stockholders equity $400,000 $350,000

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