Question
COMPANY NAME BALANCE SHEET as at __________ (Date) ASSETS $ LIABILITIES $ Current Assets:Current Liabilities:Cash in Bank $18,500.00Accounts Payable $4,800.00Petty Cash $500.00Wages Payable $14,300.00Net Cash
COMPANY NAME BALANCE SHEET as at __________ (Date) ASSETS $ LIABILITIES $ Current Assets:Current Liabilities:Cash in Bank $18,500.00Accounts Payable $4,800.00Petty Cash $500.00Wages Payable $14,300.00Net Cash $19,000.00Office Rent Inventory $25,400.00Utilities $430.00Accounts Receivable $5,300.00Federal Income Tax Payable $2,600.00Prepaid Insurance $5,500.00Overdrafts Total Current Assets $55,200.00Customer Deposits $900.00Pension Payable $720.00 Fixed Assets:Union Dues Payable Land $150,000.00Medical Payable $1,200.00Buildings $330,000.00Sales Tax PayableLess Depreciation $50,000.00 Total Current Liabilities $24,950.00 Net Land & Buildings $430,000.00Long-Term Liabilities:Equipment $68,000.00Long-Term Loans $40,000.00 Less Depreciation $35,000.00Mortgage $155,000.00 Net Equipment $33,000.00 Total Long-Term Liabilities $195,000.00TOTAL LIABILITIES $219,950.00Owners' Equity:Common Stock $120,000.00Owner - Draws $50,000.00Retained Earnings $128,250.00Total Owners' Equity: $298,250.00TOTAL ASSETS $518,200.00 LIABILITIES AND EQUITY $518,200.00
Based on the Balance Sheet above determine the following:
1. TOTAL ASSETS 2. TOTAL LIABILITIES 3. TOTAL EQUITY 4. Current Assets 5. Current Liabilities 6. Current Ratio 7. Quick Ratio 8. Return On Equity (ROE) 9. Debt Ratio
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