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Prepare a horizontal analysis of sports unlimiteds

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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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