Required: 1. Prepare a vertical analysis of Fantasy Footbali\'s 2018 and 2017 ba

Question

Required: 1. Prepare a vertical analysis of Fantasy Footbali's 2018 and 2017 balance sheets. Express each amount as a percentage of total assets for that year. (Amounts to be deducted should be indicated by a minus sign. Rounc your answers to 1 decimal place.) FANTASY FOOTBALL Balance Sheets December 31 2018 2017 Amount Amount Assets Current asscts Cash Accounts receivable Inventory Supplies $ 208,000 856,000 1,900 000 124 000 S 262,200 999,400 1,349,000 87,400 Long term assets Equipmeri! Less. Accumulated depreciation 1,292,000 (330,000) $4,000,000 1.292,000 190,000) S 3 800,000 Total assets Liabilities and Stockholders" Equity Current liabilities S 129,200 3,800 76.000 $ 168,000 Accounts payable Interest payable Income tax payable 76.000 Long term liabilities Noles payable 760.000 780,000 Stockholders equity. 6,600 2,209,400 Total liabilities and stockholders equity4,000,000 86,600 2,044,400 S 3,800,000 Common stock Rctaincd carnings

Explanation / Answer

Answer:

Vertical Analysis of Fantasy Football

2018

2017

Amount

%

Amount

%

Assets

Current Assets

Cash

208000

5.20%

262200

6.90%

Account Receivable

856000

21.40%

999400

26.30%

Inventory

1,900,000

47.50%

1,349,000

35.50%

Supplies

124000

3.10%

87400

2.30%

Long Term Assets

Equipment

1292000

32.30%

1292000

34.00%

less: Accumulated Dep

-380,000

-9.50%

-190,000

-5.00%

TOTAL ASSETS

4000000

100.00%

3800000

100.00%

Liabilities & Stockholder's Equity

Current Liabilities

Accounts Payable

168000

4.20%

129200

3.40%

Interest Payable

0

3800

0.10%

Income Tax payable

76000

1.90%

76000

2.00%

Long-term liabilities:

Notes Payable

760,000

19.00%

760,000

20.00%

Stockholder's Equity

Common Stock

786600

19.67%

786600

20.70%

Retained Earning

2209400

55.24%

2044400

53.80%

TOTAL LIAB. & STOCKHOLDER'S EQUITY

4000000

100.00%

3800000

100%

2018

2017

Amount

%

Amount

%

Assets

Current Assets

Cash

208000

5.20%

262200

6.90%

Account Receivable

856000

21.40%

999400

26.30%

Inventory

1,900,000

47.50%

1,349,000

35.50%

Supplies

124000

3.10%

87400

2.30%

Long Term Assets

Equipment

1292000

32.30%

1292000

34.00%

less: Accumulated Dep

-380,000

-9.50%

-190,000

-5.00%

TOTAL ASSETS

4000000

100.00%

3800000

100.00%

Liabilities & Stockholder's Equity

Current Liabilities

Accounts Payable

168000

4.20%

129200

3.40%

Interest Payable

0

3800

0.10%

Income Tax payable

76000

1.90%

76000

2.00%

Long-term liabilities:

Notes Payable

760,000

19.00%

760,000

20.00%

Stockholder's Equity

Common Stock

786600

19.67%

786600

20.70%

Retained Earning

2209400

55.24%

2044400

53.80%

TOTAL LIAB. & STOCKHOLDER'S EQUITY

4000000

100.00%

3800000

100%

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