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complete a Trial Balance, Income Statement, Statement of Retained Earnings, Balance Sheet, and calculate all of the ratios. Accounts Receivable 16,250 Accumulated depreciation: Office equipment
complete a Trial Balance, Income Statement, Statement of Retained Earnings, Balance Sheet, and calculate all of the ratios.
Accounts Receivable | 16,250 | |
Accumulated depreciation: Office equipment | 25,000 | |
Cash | 25,300 | |
Land | 58,500 | |
Merchandise inventory | 25,250 | |
Office equipment | 41,000 | |
Office supplies | 4,410 | |
Prepaid rent | 1,800 | |
Cost of Goods Sold | 112,575 | |
Depreciation expense: office equipment | 2,750 | |
Income tax expense | 9,000 | |
Insurance expense | 1,900 | |
Office supplies expense | 520 | |
Rent expense | 5,700 | |
Salaries expense | 98,095 | |
Utilities expense | 5,650 | |
Accounts Payable | 35,600 | |
Bonds Payable (due Dec 31, 2021 | 25,750 | |
Deferred income taxes | 5,750 | |
Note payable (due Dec 31, 2010) | 4,750 | |
Premium on bonds payable | 8,900 | |
Sales taxes payable | 5,850 | |
Additional paid-in capital (common stock) | 7,000 | |
Common Stock (1,800 shares, $10 par value) | 18,000 | |
Dividends declared | 5,000 | |
Preferred stock (250 shares, $20 par value) | 5,000 | |
Retained earnings (Jan 2018) | 24,650 | |
Treasury stock (200 common shares at cost) | 2,250 | |
Sales | 253,000 | |
Sales returns and allowances | 3,300 | |
Beginning Inventory | 32,000 | |
Beginning Accounts Receivable | 22,000 | |
Use this data to create a Trial Balance. | ||
Then Create a multiple-step income statement, statement of retained | ||
earnings, and a classified balance sheet. | ||
Provide the following ratios | ||
Current ratio | ||
Acid test ratio | ||
Accounts receivable turnover | ||
Inventory | ||
Days' sales uncollected | ||
Days' Sales in inventory | ||
Debt-to-equity ratio | ||
Profit Margin |
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