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DO ALL!!! Below is the 2018 and 2019 Statement of Financial Position and Statement of Income for Meadow Farns Inc. Dec 31, 2019 Dec 31,
DO ALL!!! Below is the 2018 and 2019 Statement of Financial Position and Statement of Income for Meadow Farns Inc. Dec 31, 2019 Dec 31, 2018 Cash Short term investments Accounts receivable $300,000 900,000 1,000,000 $150,000 650,000 750,000 Inventory 400,000 2.600,000 250,000 1.800,000 Land Building, at cost Building, accumulated depreciation 400,000 900,000 (300.000) 1,000,000 400,000 900,000 (250,000) 1 050 000 Total Assets $3,600,000 $2,850,000 Accounts payable Long-term debt 450.000 615,000 350,000 300.000 Common shares Datina minn 1,000 7524 1,000 100 D. Focus Accounts payable Long-term debt 450.000 615.000 350.000 300.000 Common shares Retained Earnings 1,000 2.534,000 2.535.000 1,000 2.199,000 2,200,000 Total Liabilities and Equity $3,600,000 $2,850,000 Sales $4,000,000 Cost of goods sold Gross Profit 3,000,000 1,000,000 $5,700,000 5,000,000 700,000 Depreciation expense Operating expenses 50,000 280,000 330,000 75,000 290,000 365,000 Net Income before taxes $670.000 $335,000 Required A From the data above, calculate the following (two decimal places and show calculations for part marks) A formula sheet is found at the back of the exam. 2019 2018 1. Current Ratio at Dec 31, 2019 and 2018 (2marks) a b 2. Debt to equity ratio at Dec 31, 2019 and 2018 (2 marks) 3. Gross Profit Percentage at Dec 31, 2019 and 2018 @ marks) f
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