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.) Assets Current assets: Cash Accounts receivable Inventory Supplies Long-term assets: Equipment Less: Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings Total liabilities and stockholders' equity FANTASY FOOTBALL Balance Sheets December 31 $ $ $ $ 2024 Year 92,400 S 571,200 1,545,600 86,800 86,800 $ 0 67,200 2023 772,800 772,800 (268,800) (134,400) 2,800,000 $ 2,400,000 571,200 177,600 640,800 890,400 52,800 76,800 2,400 67,200 571,200 511,200 511,200 1,563,600 1,171,200 2,800,000 $ 2,400,000 Increase (Decrease) % Amount

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.) Assets Current assets: Cash Accounts receivable Inventory Supplies Long-term assets: Equipment Less: Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings Total liabilities and stockholders' equity FANTASY FOOTBALL Balance Sheets December 31 $ $ $ $ 2024 Year 92,400 S 571,200 1,545,600 86,800 86,800 $ 0 67,200 2023 772,800 772,800 (268,800) (134,400) 2,800,000 $ 2,400,000 571,200 177,600 640,800 890,400 52,800 76,800 2,400 67,200 571,200 511,200 511,200 1,563,600 1,171,200 2,800,000 $ 2,400,000 Increase (Decrease) % Amount

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter8: Current And Contingent Liabilities

Section: Chapter Questions

Problem 2MCQ

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