The summary financial statements of Pedro Ltd on December 31, 2018, are as follows: Cash $...
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The summary financial statements of Pedro Ltd on December 31, 2018, are as follows: Cash $ 37,500 A/R Inventory PPE, net Total A/P Tax/P (current) LT-debt C/5 R/E Total Additional information: Current ratio at year-end TL/TE ? ? Gross profit for 2018 was $472,500. Hint: R/E can be negative. 441.000 $648,000 ? 37,500 ? 450,000 $648,000 Inventory turnover based on sales and El [(Sales/El) = 15] Inventory turnover based on CGS and EI [(CGS/EI) = 10.5] Required: Calculate the December 31, 2018, balance for each missing item. I 1.5 to 1 0.8 15 times 10.5 times The summary financial statements of Pedro Ltd on December 31, 2018, are as follows: Cash $ 37,500 A/R Inventory PPE, net Total A/P Tax/P (current) LT-debt C/5 R/E Total Additional information: Current ratio at year-end TL/TE ? ? Gross profit for 2018 was $472,500. Hint: R/E can be negative. 441.000 $648,000 ? 37,500 ? 450,000 $648,000 Inventory turnover based on sales and El [(Sales/El) = 15] Inventory turnover based on CGS and EI [(CGS/EI) = 10.5] Required: Calculate the December 31, 2018, balance for each missing item. I 1.5 to 1 0.8 15 times 10.5 times
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To calculate the missing balances for Pedro Ltd on December 31 2018 we will use the provided financi... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-1119048534
11th Canadian edition Volume 1
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Nicola M. Young, Irene M. Wiecek, Bruce J. McConomy
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