Solution-Prepare a horizontal analysis of sports unlimiteds

Prepare a horizontal analysis of sports unlimiteds

Assignment Help Financial Accounting

Reference no: EM131715478

Prepare a horizontal analysis of Sports Unlimited's 2015 balance sheet using 2014 as the base year. (Round your percentage answers to 1 decimal place.)

SPORTS UNLIMITED
Balance Sheet
For the Years Ended December 31, 2015 and 2014
Year		Increase (Decrease)
2015	2014	Amount	%
Assets
Current assets:
Cash	$126,000	$86,000
Accounts receivable	68,400	35,500
Inventory	70,800	93,500
Prepaid rent	9,000	4,500
Long-term assets:
Investment in bonds	77,400	0
Land	159,000	168,000
Equipment	142,800	139,500
Less: Accumulated depreciation	(53,400)	(27,000)
Total assets	$600,000	$500,000
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable	$36,600	$53,500
Interest payable	24,000	12,000
Income tax payable	16,800	13,500
Long-term liabilities:
Notes payable	178,800	124,500
Stockholders' equity:
Common stock	234,000	234,000
Retained earnings	109,800	62,500
Total liabilities and stockholders' equity	$600,000	$500,000

Reference no: EM131715478

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Prepare a horizontal analysis of sports unlimiteds

Reference no: EM131715478

Reference no: EM131715478

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