Case Suision - AOCTX h Cans 2 ACCT 1660_F20 X 3 Cargege learning Ceng NOW 2 x Final Grade Cal board. uwindsor.ca/bbc webd1813514 dt contenid-20548071/SNACCT1510-2 R:2021F/CAM20N222_ACCT 201560_72021X2812 $50_F2021(1).pdf 1001 CASE: NEWBIE TAKES CHARGE You have just been hired as the Junior Controller for SPI-W, and Billy Bob the Controller wants you to take the Balance Sheet and Income Statement as of June 30, 2021 (Exhibit 1 and 2). and prepare a statement of Cash Flows using the Indirect method. The company is a private enterprise and chooses to follow ASPE. The Controller also wants you to evaluate the results from the Statement of Cash Flows, specifically summarize the changes that occurred. In addition, because you have been highly touted by your professor who taught you ACCT 1510 in Fall 2021, Billy Bob wants you to also do an analysis using the financial tools you have leared in the past. They include the following: Current Ratio Debt to Equity Ratio Accounts Receivable Turnover Ratio Inventory Turnover Ratio ROE Additional Data: a. Bought equipment for cash $12,000 b. Pald $6,000 on Long Term Debt Issued new shares for $16,000 cash d. No dividends were declared e Other expenses included depreciation, $5,000 wages, $20,000; taxes $6,000; other, $6,800 1. Accounts Payable includes only inventory purchases made on credit. Because there are no liability accounts relating to taxes or other expenses, assume these expenses were fully paid in cash MacBook Pro Search or type URL Care thubmission - ACCUX B Care2_AOCT 1550 F 20 X Cengage Learning x Cangre NOW2 Assigne x Final Grade Calculator sor.ca/bbcswebdavid-1813614-di-content-id-26543871_ICONACCT1510-2-R-2021F/Case 20%212 ACCT%201550_F2021281%29.pdf 3/4 100+ 3.pdf Exhibit 1 SPLW Balance Sheet June 30, 2021 2021 2020 Assets Cash Accounts Receivable Inventory Long-Term Assets Equipment Accumulated Depreciation $ 34,000 35,000 41 000 110,000 $ 29,000 28,000 38.000 95.000 121,000 30,000 $1,000 100,000 25,000 $ 75,000 Total Assets $ 201,000 $ 170,000 I Current Liabilities Accounts Payable Salaries Payable $36.000 $ 1200 5 37200 $ 27,000 $ 1.400 $ 28.400 Long-term Liabilites Notes Payable 38.000 44.000 Shareholders' Equity Common Shares Retained Eaming Total Shareholders' Equity Total Liabilities and Shareholders' Equity 88,600 37200 5 125,800 72.600 25 000 $ 97.600 5 201,000 $ 170,000 MacBook Pro c G Search or type URL Case Submission - ACCTE X Be Care ACCT 1860 F20 X Cengage Learning CengagNow Asia Final Grade Calculate d. uwindsor.catbouwebdavid113514-6-cot-rid-26663871./course/ACCT1610-2R 2021F/ CM206232_ACCT 201550_F20215281920.pdf F2021(1).pl 1000 + H Exhibit 2 SPEW Income Statement June 30, 2021 2020 Revenue Cost of Goods Sold Gross Margin Expenses Other Expenses 2021 $120,000 70,000 $ 50,000 $ 110,000 67,500 $ 42,500 $ 37,800 $ 31,000 Net Income $ 12.200 $ 11,500 MacBook Pro Search or type URL Case Suision - AOCTX h Cans 2 ACCT 1660_F20 X 3 Cargege learning Ceng NOW 2 x Final Grade Cal board. uwindsor.ca/bbc webd1813514 dt contenid-20548071/SNACCT1510-2 R:2021F/CAM20N222_ACCT 201560_72021X2812 $50_F2021(1).pdf 1001 CASE: NEWBIE TAKES CHARGE You have just been hired as the Junior Controller for SPI-W, and Billy Bob the Controller wants you to take the Balance Sheet and Income Statement as of June 30, 2021 (Exhibit 1 and 2). and prepare a statement of Cash Flows using the Indirect method. The company is a private enterprise and chooses to follow ASPE. The Controller also wants you to evaluate the results from the Statement of Cash Flows, specifically summarize the changes that occurred. In addition, because you have been highly touted by your professor who taught you ACCT 1510 in Fall 2021, Billy Bob wants you to also do an analysis using the financial tools you have leared in the past. They include the following: Current Ratio Debt to Equity Ratio Accounts Receivable Turnover Ratio Inventory Turnover Ratio ROE Additional Data: a. Bought equipment for cash $12,000 b. Pald $6,000 on Long Term Debt Issued new shares for $16,000 cash d. No dividends were declared e Other expenses included depreciation, $5,000 wages, $20,000; taxes $6,000; other, $6,800 1. Accounts Payable includes only inventory purchases made on credit. Because there are no liability accounts relating to taxes or other expenses, assume these expenses were fully paid in cash MacBook Pro Search or type URL Care thubmission - ACCUX B Care2_AOCT 1550 F 20 X Cengage Learning x Cangre NOW2 Assigne x Final Grade Calculator sor.ca/bbcswebdavid-1813614-di-content-id-26543871_ICONACCT1510-2-R-2021F/Case 20%212 ACCT%201550_F2021281%29.pdf 3/4 100+ 3.pdf Exhibit 1 SPLW Balance Sheet June 30, 2021 2021 2020 Assets Cash Accounts Receivable Inventory Long-Term Assets Equipment Accumulated Depreciation $ 34,000 35,000 41 000 110,000 $ 29,000 28,000 38.000 95.000 121,000 30,000 $1,000 100,000 25,000 $ 75,000 Total Assets $ 201,000 $ 170,000 I Current Liabilities Accounts Payable Salaries Payable $36.000 $ 1200 5 37200 $ 27,000 $ 1.400 $ 28.400 Long-term Liabilites Notes Payable 38.000 44.000 Shareholders' Equity Common Shares Retained Eaming Total Shareholders' Equity Total Liabilities and Shareholders' Equity 88,600 37200 5 125,800 72.600 25 000 $ 97.600 5 201,000 $ 170,000 MacBook Pro c G Search or type URL Case Submission - ACCTE X Be Care ACCT 1860 F20 X Cengage Learning CengagNow Asia Final Grade Calculate d. uwindsor.catbouwebdavid113514-6-cot-rid-26663871./course/ACCT1610-2R 2021F/ CM206232_ACCT 201550_F20215281920.pdf F2021(1).pl 1000 + H Exhibit 2 SPEW Income Statement June 30, 2021 2020 Revenue Cost of Goods Sold Gross Margin Expenses Other Expenses 2021 $120,000 70,000 $ 50,000 $ 110,000 67,500 $ 42,500 $ 37,800 $ 31,000 Net Income $ 12.200 $ 11,500 MacBook Pro Search or type URL