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13. (22 pts) Not-real Corporation reported the following financial status as of December 31st,2021 (in thousands of dollars): cash and security of $200, accounts receivable
13. (22 pts) Not-real Corporation reported the following financial status as of December 31st,2021 (in thousands of dollars): cash and security of $200, accounts receivable of $190, and inventory of raw materials of 100 and finished goods of 150 . Property, plant and equipment were valued at their original cost of $650, less accumulated depreciation of $290. Current liabilities other than tax owed (see details that follow) were $140 and long-term debt was $300. Stockholder's equity consists of $150 capital stock investment, and accumulated retained earnings of $130 at the end of 2020 . Net sales for 2021 were $1150. Expenses include $550 cost of goods sold, $60 allowance for depreciation and depletion, $80 selling expense, and general and administrative cost of $90. Interest income and expense were $6 and $26 respectively, and income taxes for the year (unpaid at year's end) were $140. Dividends had been paid in the amount of $70 at year's end. a) Prepare balance sheet and income statement that reflect these figures. For your convenience, the templates for both forms have been provided to you. Note that it may not be necessary to fill every single entry in the table. b) Calculate the following ratios: 1) acid test ratio; 2) debit-to-equity ratio; 3) inventory turnover; 4) profit margin f the company has paid off the owed tax, how will the financial tables/change? Please prepare new financial tables by REVISING entries that are affected. Indicate the new values by icing it in parenthesis. 13. (22 pts) Not-real Corporation reported the following financial status as of December 31st,2021 (in thousands of dollars): cash and security of $200, accounts receivable of $190, and inventory of raw materials of 100 and finished goods of 150 . Property, plant and equipment were valued at their original cost of $650, less accumulated depreciation of $290. Current liabilities other than tax owed (see details that follow) were $140 and long-term debt was $300. Stockholder's equity consists of $150 capital stock investment, and accumulated retained earnings of $130 at the end of 2020 . Net sales for 2021 were $1150. Expenses include $550 cost of goods sold, $60 allowance for depreciation and depletion, $80 selling expense, and general and administrative cost of $90. Interest income and expense were $6 and $26 respectively, and income taxes for the year (unpaid at year's end) were $140. Dividends had been paid in the amount of $70 at year's end. a) Prepare balance sheet and income statement that reflect these figures. For your convenience, the templates for both forms have been provided to you. Note that it may not be necessary to fill every single entry in the table. b) Calculate the following ratios: 1) acid test ratio; 2) debit-to-equity ratio; 3) inventory turnover; 4) profit margin f the company has paid off the owed tax, how will the financial tables/change? Please prepare new financial tables by REVISING entries that are affected. Indicate the new values by icing it in parenthesis
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