70.2K

Verified Solution

Link Copied!

Required information [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.) Required information \begin{tabular}{|c|c|c|c|c|c|c|} \hline \multicolumn{7}{|c|}{ vecembers1 } \\ \hline & \multicolumn{4}{|c|}{ Year } & \multicolumn{2}{|c|}{ Increase (Decreaso) } \\ \hline & & 2024 & & 2023 & Amount & % \\ \hline \multicolumn{7}{|l|}{ Assets } \\ \hline \multicolumn{7}{|l|}{ Current assets: } \\ \hline Cash & $ & 185,600 & $ & 367,200 & & \\ \hline Accounts receivable & & 1,067,200 & & 1,566,000 & & \\ \hline Inventory & & 3,404,600 & & 2,030,400 & & \\ \hline Supplies & & 203,000 & & 183,600 & & \\ \hline \multicolumn{7}{|l|}{ Long-term assets: } \\ \hline Equipment & & 1,566,000 & & 1,566,000 & & \\ \hline Less: Accumulated depreciation & & (626,400) & & (313,200) & & \\ \hline Total assets & $ & 5,800,000 & $ & 5,400,000 & & \\ \hline \multicolumn{7}{|l|}{ Liabilities and Stockholders' Equity } \\ \hline \multicolumn{7}{|l|}{ Current liabilities: } \\ \hline Accounts payable & $ & 255,200 & $ & 167,400 & & \\ \hline Interest payable & & 0 & & 5,400 & & \\ \hline Income tax payable & & 156.600 & & 156,600 & & \\ \hline \multicolumn{7}{|l|}{ Long-term tlabilities: } \\ \hline Notes payabie & & 1.879,200 & & 1,879,200 & & \\ \hline \multicolumn{7}{|l|}{ Stockholders'equity: } \\ \hline Common stock & & 1,155,600 & & 1,155,600 & & \\ \hline Retained earnings & & 2,353,400 & & 2,035,800 & & \\ \hline Total liabilities and stockholders' equity & $ & 5,800,000 & $ & 5,400,000 & & \\ \hline \end{tabular}

Answer & Explanation Solved by verified expert

See Answer