Question
Bernoulli Glass Company provides the following information at the end of its current year: Sales revenue earned during the year 120,000 Cash remaining at end
Bernoulli Glass Company provides the following information at the end of its current year:
Sales revenue earned during the year | 120,000 |
Cash remaining at end of year | 13,200 |
Salaries owed to employees at end of year | 2,000 |
Accounts receivable from customers | 7,700 |
Loan borrowed from bank that is due in two years | 8,800 |
Cost of equipment purchased in prior years, expected to last four more years | 14,000 |
Salary earned by employees during the year | 6,400 |
Cost of inventory sold during the year | 8,500 |
Inventory purchases that are still unpaid and owed to suppliers at end of year | 3,900 |
Dividends declared and paid during the year | 14,900 |
Capital contributions received from shareholders during prior years | 44,000 |
Capital contributions received from shareholders during the current year | 1,000 |
Cost of delivery van purchased at end of year; expected to last six years | 26,200 |
Cost of research expenditures sustained during the year | 17,900 |
Retained earnings at end of year | ? |
Cost of rent used up during the year | 25,000 |
Income taxes paid during the year attributable to income earned during the year | 15,600 |
Cost of inventory still on hand at end of year | 32,400 |
Retained earnings at beginning of year | 2,100 |
Required:
- Using this information, prepare (1) a classified income statement and (2) a classified balance sheet, for Bernoulli Glass Company.
- After preparing these reports, calculate Bernoulli Glass Companys (3) debt-equity ratio and (4) gross profit margin.
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