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1. calculate net income or net loss 2. prepare a balance sheet 3. solve for ratios The following accounts in no particular order 31, 2017.
1. calculate net income or net loss
The following accounts in no particular order 31, 2017. (S/TShort-Term: LT = Long-Term) REQUIRED: $5,000 A) Calculate Perfect Reb Corporation's net income ornet loss for the 2017 fiscal year. It is HIGHLY RECOMMENDED that your work follow the format of a multiple step income statement B) Using proper form, prepare Perfect Reb Corporation's balance sheet for 2017 c) Using the information provided, solve for the requested ratios. 27722 Sales Discounts $52.000 of IBIT) 142.000 20,000 Income Tax Expense (25 Common Stock (13.000 shares outstanding) Accrued Expenses (Payables) 4,000 Cash 50,000 62,000 Miscellaneous Operating Expenses 20,000 Interest Expense Marketable Securities 12,000 Accounts Receivable 186,000 11,000 Notes Payable (due in 5 years) 777777 Buildings 19,000 Rent Expense Retained Earnings 60,000 15,000 Unearned Revenue 40,000 Wages Expense 433,000 48,000 Allowance for Uncollectible Accounts Inventory 144,000 Sales 41,000 Accumulated Depreciation - Buildings 12,000 62,000 11,000 Accounts Payable Mortgage Payable ($12,000 S/T) Sales Returns & Allowances Depreciation Expense 50,000 Gain on Sale of Equipment 109,000 2,000 Land 3,000 Cost of Goods Sold 7,000 Bad Debt Expense Interest Revenue 13,000 L/T Investments Notes Receivable ($2,000 S/T) $2,000 15,000 RATIOS AND ANALYSIS (6 points): Use the financial statements and additional information to calculate the rain a information to calculate the ratios. Round your answers to two decimal Be sure to label your answer correctly example, times, days, etc.). WAN ANSWER EXPRESSED AS A PERCENTAGE, DO NOT LEAVE IT IN DECIMAL FORM 0.5025 = 50.15% 139,000 $94.50/share $1.25/share Previous (December 31, 2016) year end balances for: Accounts receivable, net of allowance Inventory Stockholders' Equity ANSWER CALCULATION Market price per share for one share of common stock at Dec 31, 2017 Dividend per share for one share of common stock for FYE Dec 31, 2017 The number of shares outstanding of common stock was the same throughout 2017. RATIO 1) Quick (Acid-Test) Ratio (1 point) 2) Dividend Yield (1 point) 3) Gross Profit Percentage (1 point) 4) Accounts Receivable Turnover (1 point) 5) Inventory Turnover (1 point) 6) Price-Earnings Ratio (1 point) 2. prepare a balance sheet
3. solve for ratios
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