Accounting for Different Types of Firms_UA (3) (1) ..ni Share S File Edit View Insert Format Tools Extensions Help be A g 100% - Normal text Arial 14 + Editing F. 2 Unit Activity Summary Unit: Accounting for Different Types of Firms Outline This activity will help you meet these educational goals: Content Knowledge-You will analyze financial statements for liquidity, solvency, and Headings you add to the document will profitability. appear here. . 215 Century Skills-You will use critical thinking and problem-solving skills, and communicate effectively. Introduction In this activity, you will analyze the annual financial statements of Gerup Garments Inc., an apparel-manufacturing corporation. You will use solvency, liquidity, and profitability ratios to determine the firm's financial condition. Directions and Analysis Analyze the income statement and balance sheet of Gerup Garments Inc. and perform the assigned tasks. Income Statement for Gerup Garments Inc. for 2021 YEARL Jan Fel Mar Ap May Jun Ju Aug Se Oct Now Dec Y Revenue (Sales) Garment 205,08 209,72 241,18 245,00 238,62 229,07 233,05 245,34 247,79 232,75 278,02 301,43 2,989,31 Sales Accessory Sales 15,343 13,542 15.542 17,873 18,231 10,975 17,310 18,182 18 304 18,731 20.504 210.588 Total Revenue 221,22 225,20 256,72 263,87 256,85 246,70 250,03 202,80 205,97 271,11 290,73 182,04 3,199,90 (Sales) 9D Nutrislice | | X [CK https://core x C Clever | Por x & Unit Activity x W Accounting X W Accounting X 5 Accounting X M Inbox (1,60 X Ask a Ques X + X C docs.google.com/document/d/1tVI0_YYilf_HGHnbEbbce0CFqLfdPnZMxOMEUKm3vwl/edit CP on # Ba MSD Warren Township Awseeeeeeeeeeedf... 4 Adding and Subtra.. New folder Accounting for Different Types of Firms_UA (3) (1) File Edit View Insert Format Tools Extensions Help -.ni Share S 100% * Normal text . Arial 14 + Editing Summary Expenses Salary expenses 15,530 15.401 15,273 17,564 17,915 17,378 10,083 17,018 17,867 18,048 8,407 20,247 207,347 Outline Payrol expenses 40,400 42 928 43,799 43,799 43,799 43,799 43,799 43.799 43,799 43.799 43,799 43,799 Supplies 527,315 Headings you add to the document will (office and appear here. operating) 6EL 568 561 501 561 561 561 561 561 561 561 6,719 Repairs and maintenanc 938 977 993 993 993 993 993 993 993 993 993 993 11,870 Advertising 887 809 836 856 836 856 836 856 836 850 836 850 Telephone 10315 1,300 DEE'T 8LET 1378 1 378 1,378 1378 1,378 1 378 1,378 1378 16,407 Utilities 722 738 730 730 730 730 730 730 730 730 730 730 8,754 Insurance 825 873 878 878 878 878 878 873 878 878 878 Taxes (real 10469 estate, etc.) 2,500 2 502 2,505 2 500 2,506 2,505 2,560 2,565 2,506 2,505 2 560 30,719 Interest 802 1.728 800 800 800 800 800 800 800 800 800 300 10,532 Depreciation n 5.205 3.957 5,047 5.647 5,047 3.647 5.047 3.647 5,047 3.647 5,047 3.647 67,636 Total Expenses 75,089 73,921 73,481 75.772 70,123 74,890 75 224 70,075 76.254 70,014 78.455 908,083 Net Profit Before EV'EZT 119,32 110.37 103,12 110,41 120,79 119,93 148,05 Taxes 124,19 80,344 224,29 90,907 1,481,38 Income Taxe 30,220 31817 43,200 41.703 38,700 36.093 38,045 42 279 41,977 43 407 31,821 78 503 Net 518,485 Operating Income 145,79 50,124 59,090 80,229 77,359 71,872 07,030 71,769 78,518 77,956 80,725 90,239 902,9020 Nutrislice | Met X (CK) https://core-do x C Clever | Portal X @ Unit Activity: A x W Accounting fo x W Accounting for X 5 Accounting for X Dashboard X + X - G docs.google.com/document/d/1tVI0_YYilf_HGHnbEb6ce0CFqLfdPnZMxOMEUKm3vwl/edit LP B MSD Warren Township Awseeeeeeeeeeedf... 4 Adding and Subtra... New folder Accounting for Different Types of Firms_UA (3) (1) -.ni Share S File Edit View Insert Format Tools Extensions Help 100% * Normal text . Arial 14 + Editing Balance Sheet of Gerup Garments Inc. as of December 31, 2021 12/31/2020 12/31/2021 Assets Summary Current Assets Cash in bank $ 57,000 $ 65,000 Outline Accounts receivable 75, 000 82,000 Inventory 66,000 75,000 Headings you add to the document will Prepaid expenses 6,000 3.00 appear here. Total Current Assets $ 204,000 $ 230,000 Fixed Assets Machinery & equipment $ 25,200 $ 18,000 Total Fixed Assets (net of depreciation) $ 25,200 $ 18,000 TOTAL Assets $ 229,200 $ 248,000 Liabilities and Equity 20 Nutrislice | Met X (CK) https://core-do x C Clever | Portal X @ Unit Activity: A x W Accounting fo x W Accounting for X 5 Accounting for X Dashboard X + X - G docs.google.com/document/d/1tVI0_YYilf_HGHnbEb6ce0CFqLfdPnZMxOMEUKm3vwl/edit LP B MSD Warren Township Awseeeeeeeeeeedf... 4 Adding and Subtra... New folder Accounting for Different Types of Firms_UA (3) (1) -.ni Share S File Edit View Insert Format Tools Extensions Help 100% * Normal text . Arial 14 + Editing Current Liabilities Accounts payable $ 89,000 $ 90,000 Summary Total Current Liabilities $ 89,000 $ 90,000 Long-term Debt Bank loans payable $ 62,000 $ 50,000 Total Long-term Debt $ 62,000 $ 50,000 Outline Total Liabilities $ 151,000 $ 140,000 Headings you add to the document will 108,000 appear here. Owners' Equity 78,200 Total Liabilities & Equity $ 229,200 $ 248,000 Task 1: Liquidity Analysis Calculate the following ratios in 2021 for Gerup Garments Inc. Write 100 words describing the company's liquidity condition: . current ratio quick ratio accounts receivable turnover . days sales outstanding inventory turnover average days to sell inventory Type your response here:0 Nutrislice | Met X (CK) https://core-do x C Clever | Portal X @ Unit Activity: A x W Accounting fo x W Accounting for X 5 Accounting for X Dashboard X + X - G docs.google.com/document/d/1tVI0_YYilf_HGHnbEb6ce0CFqLfdPnZMxOMEUKm3vwl/edit LP B MSD Warren Township Awseeeeeeeeeeedf... 4 Adding and Subtra... New folder Accounting for Different Types of Firms_UA (3) (1) -.ni Share S File Edit View Insert Format Tools Extensions Help 100% * Normal text * Arial 14 + BIUAD CH EV 13 B BV BEX Editing Task 2: Solvency Analysis Calculate the following ratios for Raymond Garments Inc. Write 100 words describing the Summary company's solvency condition: debt-to-assets ratio debt-to-equity ratio . interest coverage ratio Outline plant assets to long-term liabilities Headings you add to the document will appear here. Type your response here: 3 Task 3: Profitability Analysis Calculate the following ratios for Raymond Garments Inc. Write 100 words describing the company's profitability condition: net margin ratio0 Nutrislice | Met X (CK) https://core-do x C Clever | Portal X @ Unit Activity: A x W Accounting fo x W Accounting for X 5 Accounting for X Dashboard X + X - G docs.google.com/document/d/1tVI0_YYilf_HGHnbEb6ce0CFqLfdPnZMxOMEUKm3vwl/edit LP B MSD Warren Township Awseeeeeeeeeeedf... 4 Adding and Subtra... New folder Accounting for Different Types of Firms_UA (3) (1) -.ni Share S File Edit View Insert Format Tools Extensions Help 100% * Normal text Arial 14 + Editing Summary Task 3: Profitability Analysis Calculate the following ratios for Raymond Garments Inc. Write 100 words describing the company's profitability condition: . net margin ratio Outline asset turnover ratio Headings you add to the document will return on equity appear here. Type your response here: Task 4: Financial Analysis Using your ratios, write 200 words describing the company's overall financial condition. Type your response here:0 Nutrislice | Met X (CK) https://core-do x