2024 Year Increase (Decrease) 2023 Amount Assets Current assets: Cash Accounts receivable Inventory Supplies $ 206,400 $ 292,500 1,104,000 1,237,500 2,371,200 1,575,000 182,400 135,000 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 1,584,000 1,584,000 (648,000) (324,000) $ 4,800,000 $4,500,000 $ 201,600 $ 117,000 0 4,500 72,000 72,000 1,368,000 1,368,000 922,500 922,500 Retained earnings 2,235,900 2,016,000 Total liabilities and stockholders' equity $ 4,800,000 $ 4,500,000 %
2024 Year Increase (Decrease) 2023 Amount Assets Current assets: Cash Accounts receivable Inventory Supplies $ 206,400 $ 292,500 1,104,000 1,237,500 2,371,200 1,575,000 182,400 135,000 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 1,584,000 1,584,000 (648,000) (324,000) $ 4,800,000 $4,500,000 $ 201,600 $ 117,000 0 4,500 72,000 72,000 1,368,000 1,368,000 922,500 922,500 Retained earnings 2,235,900 2,016,000 Total liabilities and stockholders' equity $ 4,800,000 $ 4,500,000 %
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
The balance sheets for Fantasy Football for 2024 and 2023 are provided below.
2. Prepare a horizontal analysis of Fantasy Football’s 2024
Transcribed Image Text:2024
Year
Increase (Decrease)
2023
Amount
Assets
Current assets:
Cash
Accounts receivable
Inventory
Supplies
$ 206,400 $ 292,500
1,104,000
1,237,500
2,371,200
1,575,000
182,400
135,000
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
1,584,000
1,584,000
(648,000)
(324,000)
$
4,800,000 $4,500,000
$
201,600 $ 117,000
0
4,500
72,000
72,000
1,368,000
1,368,000
922,500
922,500
Retained earnings
2,235,900
2,016,000
Total liabilities and stockholders' equity
$
4,800,000 $ 4,500,000
%
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