Prepare a Balance Sheet from the particulars furnished hereunder: Inventories velocity 6 Gross profit margin 20% Capital
Question:
Prepare a Balance Sheet from the particulars furnished hereunder:
Transcribed Image Text:
Inventories velocity 6 Gross profit margin 20% Capital tumover ratio 2 Gross profit 60,000 Difference in Balance Sheet represents bank balance Fixed assets turnover 4 Debt collection period 2 months Creditors payment period 73 days Excess of closing inventories over opening inventories was * 5,000 The entire sales and purchases are made on credit basis
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 66% (3 reviews)
To prepare a Balance Sheet based on the given information well use the formulas for various financial ratios and make some assumptions about the value...View the full answer
Answered By
User l_998468
I have extensive tutoring experience, having worked as a private tutor for over three years. I have tutored students from different academic levels, including high school, undergraduate, and graduate levels. My tutoring experience has taught me to be patient, attentive to student needs, and effective in communicating difficult concepts in simple terms.
I have a strong background in statistics, probability theory, data analysis, and data visualization. I am proficient in using statistical software such as R, Python, and SPSS, which are commonly used in academic research and data analysis. Additionally, I have excellent communication and interpersonal skills, which enable me to establish rapport with students, understand their learning styles, and adapt my teaching approach to meet their needs.
I am passionate about teaching and helping students achieve their academic goals.
0.00
0 Reviews
10+ Question Solved
Related Book For
Corporate Accounting As Per The Companies Act 2013 Including Rules 2014 And 2015
ISBN: 9789352605569
2nd Edition
Authors: M Hanif, A Mukherjee
Question Posted:
Students also viewed these Business questions
-
Shri Devdas asks you to prepare his Balance Sheet from the particulars furnished hereunder: Inventories velocity 6; Gross profit margin 20%; Capital turnover ratio 2; Fixed assets turnover ratio 4;...
-
The Balance Sheet of Tripathi Ltd. dated 31.3.2016 is as follows: The fixed Assets are much over-valued. The Debentureholders are prepared to accept modification of their claims in consideration of a...
-
Recording Transactions, Preparing Journal Entries, Posting to T-Accounts, Preparing the Balance Sheet, and Evaluating the Current Ratio Dell Inc., headquartered in Austin, Texas, is the global leader...
-
A Norman window has the outline of a semicircle on top of a rectangle. Suppose there are 8 + feet of wood trim available. Discuss why a window designer might want to maximize the area of the window....
-
Arnold Industries has pretax accounting income of $33 million for the year ended December 31, 2011. The tax rate is 40%. The only difference between accounting income and taxable income relates to an...
-
Youre giving your first major presentation at your new job and you notice at least half the people in the small conference room are looking at their mobile devices more than they are looking at you....
-
Below you will find stock price, dividend, and split data for IBM. Calculate the dividend and split-adjusted returns for each of the years, their mean and their standard deviation. 1 A B C D IBM...
-
Sprint Nextel is one of the largest digital wireless service providers in the United States. In a recent year, it had approximately 33.3 million direct subscribers (accounts) that generated revenue...
-
\f
-
Based on the following information of the financial ratios prepare Balance Sheet of Star Enterprises Ltd as of December 31, 2015. Explain your workings and assumptions: Current Ratio 2.5 Liquidity...
-
From the following information, prepare the Balance Sheet of Rameshpathy as on 31.3.2016: Fixed Assets Working capital Current ratio Fixed assets to turnover G.P. Debtors' velocity Creditors'...
-
Construct a generalized linear mixed-effects model for the longitudinal DOS data with the fixed-effects component similar to that in Problem9.12 and a random intercept and assess the model fit....
-
On August 18, 2011, Hewlett-Packard, a computer hardware manufacturer, announced that it would purchase Autonomy, a search and data analysis company. HP paid $11.1 billion for the acquisition,...
-
2. Andy Company applies the weighted-average method of process costing.The Molding Department reported the following information for March. PhysicalUnits Percent complete with respect to materials...
-
Choose five Indian companywhich fits to the concepts of : (a) Strategically Adrift; (b)Distracted (c) Capability Constrained (d)In the Game (e) Ready for Growth; and explain the reasons how and why...
-
6) While on Spring break visiting New Zealand, you encounter a little man with hairy feet, named Bilbo. He takes a liking to you and can not resist peppering you with questions about the world of...
-
Discuss the implementation of advanced land valuation methodologies, such as spatial hedonic pricing models and geostatistical analysis techniques, in assessing the economic feasibility and market...
-
Ammonia, NH3, is a base that ionizes to give NH4+ and OH (Kb = 1.8 10-5). You add magnesium sulfate to an ammonia solution. Calculate the concentration of Mg2+ ion when magnesium hydroxide, Mg(OH)2,...
-
Cornell and Roberts are partners who agree to admit Stanley to their partnership. Cornell has a capital balance of $80,000 and Roberts has a capital balance of $120,000. Cornell and Roberts share net...
-
What is the limit placed on medical expense deductions? When can a deduction be taken for medical care? What if the medical care is prepaid?
-
a. Which taxes are specifically deductible for federal income tax purposes under Sec. 164? b. If a tax is not specifically listed in Sec. 164, under what circumstances may it still be deductible?
-
If Susan overpays her state income tax because of excess with holdings, can she deduct the entire amount in the year withheld? When Susan receives a refund from the state how must she treat that...
-
Case 2 : Koplaye Instruments Inc. Note: Use the financial spreadsheet ( Template 6 : Project Analysis ) to do this calculation. The board of directors of Koplaye Instruments Inc. is considering...
-
Julia is a data entry clerk, age 2 6 , and single. Julia has investment income and a consolidated broker s statement. Julia is self - employed delivering groceries for Quick Market on the weekends....
-
Carter Wilson is a painting contractor who specializes in painting commercial buildings. At the beginning of June, his firm s financial records showed the following assets, liabilities, and owner s...
Study smarter with the SolutionInn App