2010 200,000 150,000 50,000 10,000 14,000 26,000 5,000 21,000 120,000 12.00 2010 Income Statement for year 2011 Net Sales Revenue (all Credit Sales) 230,000 Cost of Goods Sold 165,000 Gross Profit 65,000 Salaries & admin Expense 9,500 Depreciation Expense 14,500 Income before Tax 41,000 Tax expense 11,000 Net Income 30,000 Shares Outstanding 120,000 Stock Price 16.00 $ Balance sheet @ year end 2011 Current Assets Cash 33,000 Accounts Receivables, net (2009 ending 20,000) 33,000 Inventory (2009 ending 25,000) 27,000 Total Current Assets 93,000 Property Plant & Equipment 60,000 Accumulated depreciation (29,000) Total Assets 124 000 Accounts Payable 29,000 Income Tax Payable 7,000 Total Current Liabilities 36,000 Bonds Payable 27,000 Total Liabilities 63,000 Common Stock 18,000 Retained Earnings 43 000 Total Liabilities and Shareholders Equity 124.000 Find 2011 20,000 14,000 20,000 54,000 78,000 (24,000) 108,000 15,000 8,000 23,000 33,000 56,000 14,000 38,000 108,000 2010 1 Current Ratio 2 Debt Ratio 3 Accounts Receivable Turnover 4 Quick ratio (Acid Test) 5 Earning per share (Ignore Dividends) 6 Price/Earnings Ratio 7 Inventory Turnover 8 Do a Horizontal Analysis of the Balance sheet above difference and % do it right next to the balance sheet 9 Do a Vertical analysis of the Income Statement above do it right next to the income statement 2011 2010 ADDITIONAL INFORMATION Dividends declared and paid 25000 ADDITIONAL INFORMATION Dividends declared and paid 25000 Equipment was sold for 8,500, it was bought for 18,000 and had a book value of 8,500 when sold All sales are credit sales 10 In the space below, create the Cash Flow Statement for 2011 You are the accountant for Security Software. The month just ended 1/31/2002 Create journal entries for the following 11. During the month software sales were 50,000, all on account, and sales tax is 8.5% in addition to that amount. Describe the above with a journal entry Account Debit Credit 12. On Feb 15th you send this sales tax from number 11 to the state. Make the Journal Account Debit Credit 13. Customers also were invoiced $12,000 for 1 year maintenance contracts. Describe the transaction (there is no sales tax on this) Account Debit Credit 14. The month's payroll, paid on 1/31 needs to be recorded. Total payroll is $20,000 4,000 is withheld for federal taxes, 1,000 for state taxes, and 7 65% is withheld for FICA tax Account Debit Credit 15. On 10/31/2011 The company takes out a $120,000 bank loan and signs a 4 year note at 8% interest paid every 3 months Make Journals for the following a. 10/31/2011 - record the loan b. 12/31/2011 - year end needs to have everything accurate including interest liabilities c 1/31/2012 - it has been 3 months Date Account Debit Credit Given the following Trial Balance for Year Ended 2019 Trial Balance Debit Credit Cash 27,000.00 Accounts Receivable 5,000.00 Prepaid Insurance 2,000.00 Inventory 1.500.00 Computer Eauipment 8,500.00 Accumulated Depreciation 2.000.00 Long term Investments 10,000.00 Accounts Payable 17 500.00 Salary Payable 1.150.00 Uneared Revenue 1,000.00 Long term Loan Payable 2.000.00 Common stock 17,500.00 Retained earnings (beginning) 11.250.00 Dividends 3,200.00 Sales/Revenue 9,000.00 Cost of Goods Sold 1,000.00 Salary Expense 1,500.00 Advertising Expense 1.000.00 Insurance Expense 400.00 Depreciation Expense 300 00 Totals 61,400.00 61.400.00 16 Create the Multi step Income Satement below 17 Create the Statement of Retained Earnings 18 Create the Classified Balance Sheet