BALANCE SHEET INCOME STATEMENT

ASSETS: 2019 2018 2019 2018

Cash 5,000 4,000 Net Sales 200,000 150,000

Accounts Receivable 12,000 15,000 Cost of Goods Sold 110,000 80,000

Inventory 27,000 30,000 Gross Profit 90,000 70,000

Prepaid Rent 17,000 10,000 Wages Expense 22,000 20,000

Land 50,000 50,000 Rent Expense 25,000 12,000

Buildings (net) 95,000 109,000 Operating Expenses 17,000 18,000

Total Assets 206,000 218,000 Net Income 24,000 20.000

LIABILITIES:

Accounts Payable 7,800 6,000

Wages Payable 2,200 2,000

Bonds Payable 50,000 50,000

Total Liabilities 60,000 58,000

EQUITY:

Baumann, Capital 146,000 160,000

Total Liab. & O.E. 206,000 218,000

Requirements (If necessary, round answers to one decimal place, XX.X)

1. Pick any two lines of the balance sheet and do a horizontal analysis. (Do it up there.)
2. Pick any three lines of the income statement and do a vertical analysis for 2019. (Do it up there.)
3. Calculate the current ratio and the acid-test (quick) ratio for 2019.
4. Calculate the accounts receivable turnover and the average days in receivables.
5. Calculate the inventory turnover and the average days in inventory.
6. Calculate cash received from customers
7. Calculate cash paid for wages
8. Calculate cash paid for insurance