Question

2. Prepare a horizontal analysis for 2019 using 2018 as the base year. (Decreases should be...

2. Prepare a horizontal analysis for 2019 using 2018 as the base year. (Decreases should be indicated by a minus sign. Round your percentage answers to 1 decimal place.)

FEDERER SPORTS APPAREL
Balance Sheet
December 31
Year Increase (Decrease)
2019 2018 Amount %
Assets
Cash $2,327,500 $615,000
Accounts receivable 1,487,500 1,155,000
Inventory 3,185,000 1,680,000
Buildings 12,600,000 12,600,000
Less: Accumulated depreciation (2,100,000) (1,050,000)
Total assets $17,500,000 $15,000,000
Liabilities and Stockholders' Equity
Accounts payable $1,592,500 $1,890,000
Contingent liability 1,592,500 0
Common stock 7,665,000 7,665,000
Retained earnings 6,650,000 5,445,000
Total liabilities and stockholders' equity      $17,500,000 $15,000,000
Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

2. Prepare a horizontal analysis for 2019 using 2018 as the base year.

FEDERER SPORTS APPAREL
Balance Sheet
December 31
Year Increase (Decrease)
2019 2018 Amount %
Assets
Cash $2,327,500 $615,000 1712500 2.8%
Accounts receivable 1,487,500 1,155,000 332500 28.8%
Inventory 3,185,000 1,680,000 1505000 89.6%
Buildings 12,600,000 12,600,000 0 %
Less: Accumulated depreciation (2,100,000) (1,050,000) 1050000 100%
Total assets $17,500,000 $15,000,000 2500000 16.7%
Liabilities and Stockholders' Equity
Accounts payable $1,592,500 $1,890,000 -297500 -15.7%
Contingent liability 1,592,500 0 1592500 0%
Common stock 7,665,000 7,665,000 0 0%
Retained earnings 6,650,000 5,445,000 1205000 22.1%
Total liabilities and stockholders' equity      $17,500,000 $15,000,000 2500000 16.7%
0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Prepare a horizontal analysis of the balance sheet. (Negative answers should be indicated by a minus...
Prepare a horizontal analysis of the balance sheet. (Negative answers should be indicated by a minus sign. Round your answers to 1 decimal place. (i.e., .234 should be entered as 23.4).) ALLENDALE COMPANY Horizontal Analysis of Balance Sheets 2019 2018 Percentage Change Assets Current assets Cash $40,000 $36,000 Marketable securities 20,000 6,000 Accounts receivable (net) 54,000 46,000 Inventories 135,000 143,000 Prepaid items 25,000 10,000 Total current assets 274,000 241,000 Investments 27,000 20,000 Plant (net) 270,000 255,000 Land 29,000 24,000 Total...
prepare a vertical analysis of the balance sheet data for 2022 and 2021. express each amount...
prepare a vertical analysis of the balance sheet data for 2022 and 2021. express each amount as a percentage of total assets. cash 2300000 % 800000 %... accounts receivable 1500000 % 1200000 %... inventory 2800000 % 1700000 %... buildings 11000000 % 11000000 %.... less:accumulated depreciation (2000000) % (1000000) %... total assets 15600000 100 13700000 100... accounts payable 1450000 % 1700000 %... contingent liability 1500000 % 0.0.... common stock 8000000 % 8000000 %... retained earnings 4650000 % 4000000 %.... total liabilities...
Use this balance sheet to do horizontal analysis of the Howard Company. 2019 2018 amount percent...
Use this balance sheet to do horizontal analysis of the Howard Company. 2019 2018 amount percent Assets Current Assets $13,000 $10,000 Plant Assets $44,000 $50,000 Total Assets $57,000 $60,000 Liabilities $11,000 $20,000 Stockholders' Equity $46,000 $40,000 Total Liabilities and Equity $57,000 $60,000 What is the percent increase or decrease for plant assets? decrease of 13.6% increase of 12% decrease of 12% increase of 13.6%
Income statement and balance sheet data for The Sports Shack are provided below. The Sports Shack...
Income statement and balance sheet data for The Sports Shack are provided below. The Sports Shack Income Statements For the years ended December 31 2019 2018 Sales revenue $8,200,000 $6,600,000 Cost of goods sold 6,100,000 4,700,000 Gross profit 2,100,000 1,900,000        Expenses:            Operating expenses 1,450,000 1,400,000            Depreciation expense 90,000 100,000            Interest expense 25,000 50,000            Income tax expense 95,000 80,000                Total expenses 1,660,000 1,630,000 Net income $440,000 $270,000 The Sports Shack Balance Sheets December 31 Assets 2019 2018 2017 Current assets:         Cash...
Use the table for the question(s) below. a. When using the book value of equity, the...
Use the table for the question(s) below. a. When using the book value of equity, the debt to equity ratio for Luther in 2018 is closest to: b. If in 2019 Luther has 10.2 million shares outstanding and these shares are trading at $16 per share, then using the market value of equity, the debt to equity ratio for Luther in 2019 is closest to: c. Luther's current ratio for 2019 is closest to: d. Luther's quick ratio for 2019...
Question 2 Oriole Company sold $5,800,000, 14%, 15-year bonds on January 1, 2019. The bonds were...
Question 2 Oriole Company sold $5,800,000, 14%, 15-year bonds on January 1, 2019. The bonds were dated January 1, 2019, and paid interest on January 1. The bonds were sold at 97. Prepare the journal entry to record the issuance of the bonds on January 1, 2019. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1, 2019 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO...
The Statement of Financial Position for Cush Limited for the year to 30 September 2019 is...
The Statement of Financial Position for Cush Limited for the year to 30 September 2019 is as follows: Non-Current Assets: 2019 2018 Land cost 300,000 200,000 Buildings cost 450,000 400,000 Buildings Accumulated Depn (215,000) (120,000) 535,000 480,000 Current Assets Inventory 25,000 22,000 Trade Receivables 36,000 39,000 Cash & Bank 15,000 17,000 76,000 78,000 Total Assets 611,000 558,000 Equity 2019 2018 Issued Share Capital 15,000 10,000 Share Premium 80,000 10,000 Retained Earnings 359,000 387,000 454,000 407,000 Non-current liabilities Debentures 120,000 100,000...
Bethesda Mining Company reports the following balance sheet information for 2018 and 2019. BETHESDA MINING COMPANY...
Bethesda Mining Company reports the following balance sheet information for 2018 and 2019. BETHESDA MINING COMPANY Balance Sheets as of December 31, 2018 and 2019 2018 2019 2018 2019 Assets Liabilities and Owners’ Equity   Current assets   Current liabilities     Cash $ 37,354 $ 47,940      Accounts payable $ 192,422 $ 200,111     Accounts receivable 59,781 80,139      Notes payable 87,520 139,088     Inventory 129,618 196,004             Total $ 279,942 $ 339,199       Total $ 226,753 $ 324,083   Long-term debt $ 242,000 $ 178,750   Owners’ equity      Common...
2- Dubai Corporation acquired 100 percent of Sharjah Company's common stock on January 1, 2019. Balance...
2- Dubai Corporation acquired 100 percent of Sharjah Company's common stock on January 1, 2019. Balance sheet data for the two companies immediately following the acquisition follows: Item Dubai Corporation Sharjah Company Cash $ 30,000 $ 25,000 Accounts Receivable 80,000 40,000 Inventory 150,000 55,000 Land 65,000 40,000 Buildings and Equipment 260,000 160,000 Less: Accumulated Depreciation (120,000 ) (50,000 ) Investment in Spin Company Stock 150,000 Total Assets $ 615,000 $ 270,000 Accounts Payable $45,000 $33,000 Taxes Payable 20,000 8,000 Bonds...
2- Dubai Corporation acquired 100 percent of Sharjah Company's common stock on January 1, 2019. Balance...
2- Dubai Corporation acquired 100 percent of Sharjah Company's common stock on January 1, 2019. Balance sheet data for the two companies immediately following the acquisition follows: Item Dubai Corporation Sharjah Company Cash $ 30,000 $ 25,000 Accounts Receivable 80,000 40,000 Inventory 150,000 55,000 Land 65,000 40,000 Buildings and Equipment 260,000 160,000 Less: Accumulated Depreciation (120,000 ) (50,000 ) Investment in Spin Company Stock 150,000 Total Assets $ 615,000 $ 270,000 Accounts Payable $45,000 $33,000 Taxes Payable 20,000 8,000 Bonds...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT