Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Financial Data collected 20X1 20X2 Financial Department Note 24,000 Business bank account balance at the end of the year 153,420 Common shares at the

Financial Data collected20X120X2Financial Department NoteCashCommon StockAccounts ReceivableRetained earningsInventor

Financial Data collected 20X1 20X2 Financial Department Note 24,000 Business bank account balance at the end of the year 153,420 Common shares at the end of the year 60,000 Outstanding Accounts Receivable at the end of the year 589,100 Accumulated earning for previous years 73,000 Warehouse inventory balance at the end of the year 3,320 Advance payment for future 168,500 Land property balance at the end of the year 1,078,000 Building property balance at the end of the year 370,000 Other investment assets property Cash 18,000 Common Stock 145,587 Accounts Receivable 40,000 480,500 Retained earnings Inventories 15,000 Prepaid Expenses 3,500 Land 168,500 Building 1,078,000 China, Glass, etc. 300,000 Accumulated depreciation 560,000 Total accumulated depreciation 48,600 Current deferred income tax owing 47,500 Owing balance at the end of the year 460,000 Total long-term loan borrowed from the bank 58,000 Current portion of the loan owing 3,200 Owing to utility providers 85,000 Investment in GIC and securities 460,263 Deferred income taxes -Current 48,750 Accounts payable Long-term debt Current portion of long-term debt Accrued Expense 46,200 500,000 61,000 2,700 Marketable Securities 61,000 Required 1) Rearrange the Accounts order following the Balance Sheet Format 2) Calculate the sub-total for each category accounts on the Balance sheet 3) Calculate net working capital for 20x1 and 20x2 4) Calculate the amount change and percentage changes from 20x1 to 20x2. 5) Calculate the following ratio Current Ratio Acid Test Ratio A/R turn-over Ratio and Avg collection period Solvency Ratio Debt to Equity Ratio Asset turn-over Ratio

Step by Step Solution

3.40 Rating (144 Votes )

There are 3 Steps involved in it

Step: 1

Answer 1 2 Balance Sheet 20X1 20X2 Assets Current assets cash 18000 24000 AR 40000 60000 Inventories ... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Intermediate Accounting

Authors: James D. Stice, Earl K. Stice, Fred Skousen

17th Edition

032459237X, 978-0324592375

More Books

Students also viewed these Accounting questions

Question

What is the purpose of the journal wizard?

Answered: 1 week ago

Question

Determine a value index for 2013 using 1990 as the baseperiod.

Answered: 1 week ago