Question
Below is the trial balance for company x. Prepare a balance sheet and income statement and then answer the following 10 questions. Enter all numbers
Below is the trial balance for company "x". Prepare a balance sheet and income statement and then answer the following 10 questions. Enter all numbers in decimal format (no percentages) with two decimals (example - .34 not 34%).
What is the Gross Profit Margin?
What is the amount of total fixed assets?
What is the amount of the total current liabilities?
What is the amount of the total equity section of the balance sheet?
What is the current ratio?
What is the quick ratio?
What is the long-term debt ratio to Total Asset Ratio?
What is the AR turnover ratio?
What is the ROA ratio?
What is the ROE ratio?
|
|
|
| General Ledger |
|
|
|
|
| Account Balance |
|
| Account Name |
| Debit |
| Credit |
|
|
|
|
|
|
| Cash in checking |
| 50,000.00 |
|
|
| Cash in savings |
| 50,000.00 |
|
|
| Accounts receivable |
| 50,000.00 |
|
|
| Inventory |
| 50,000.00 |
|
|
| Vehicles |
| 10,000.00 |
|
|
| Furniture and fixtures |
| $15,000.00 |
|
|
| Equipment |
| $10,000.00 |
|
|
| Accumulated depreciation |
|
|
| $5,000.00 |
| Accounts payable |
|
|
| 12,500.00 |
| Sales tax payable |
|
|
| 2,500.00 |
| Payroll Tax Payable |
|
|
| 5,000.00 |
| Current Portion Long-Term Debt |
|
|
| 5,000.00 |
| Bank loan payable - Long Term Debt |
|
|
| 20,000.00 |
| Notes payable (less than 1 year) |
|
|
| 12,500.00 |
| Common stock |
|
|
| 25,000.00 |
| Preferred stock |
|
|
| 12,500.00 |
| Retained earnings |
|
|
| 50,000.00 |
| Sales |
|
|
| 1,250,000.00 |
| Cost of goods sold |
| 825,000.00 |
|
|
| Depreciation |
| 5,000.00 |
|
|
| Insurance |
| 5,000.00 |
|
|
| Advertising |
| 2,500.00 |
|
|
| Interest expense |
| 2,500.00 |
|
|
| Office expense |
| 2,500.00 |
|
|
| Payroll taxes |
| 35,000.00 |
|
|
| Rent |
| 5,000.00 |
|
|
| Utilities |
| 2,500.00 |
|
|
| Vehicle expenses |
| 5,000.00 |
|
|
| Wages |
| 250,000.00 |
|
|
| Income taxes |
| 25,000.00 |
|
|
|
|
|
|
|
|
| Totals |
| 1,400,000.00 |
| $1,400,000.00 |
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GMP/ISO Quality Audit Manual For Healthcare Manufacturers And Their Suppliers Volume 2
Authors: Leonard Steinborn
6th Edition
978-0849318474
