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Accounting 117 Homework # 1 . to be graded Due October 9, 2018 To follow is the year end balances in the accounts of Vern Corporation at 12/31/17 Common Stock $20,000 24,250 3,100 $10,150 $380 $5,840 $13,960 $20,955 $4,700 $20,450 $6,600 $3.200 $2,800 $700 $300 $350 $175 $660 Equipment Accounts Payable Accounts Receivable Prepaid rent Salary & Wage Expense Retained Earnings, beginning 1/1/2013 Cash Notes Payable (due in 2018) Sales Revenue Accumulated Depreciation-equipment Depreciation Expense Dividends ncome tax expense Income tax payable Interest expense Interest payable Rent expense Requirements: Prepare in good form the following financial statements a) Statement of Operations b) Statement of retained earnings c) Classified balance sheet Requirements: Calculate the following ratios a) Gross profit % b) Working Capital c) Current ratio d) Quick Ratio Vern Corporation Statement of Operations For the period ending 12/31/17 Sales Revenue Cost of Goods Sold Gross Profit GP % $20,450 $20,450 100% Selling, General & Administrative (SGA) Salary & Wage Expense Depreciation Expense Rent expense Total SG&A EBIT (Earnings before Interest & Taxes) Other Expenses Income tax expense 5,840 3,200 660 9,700 $10,750 700 Total Other Net Income Ni % $9,700 47.43% Vern Corporation Statement of Retained Earnings For the period ending 12/31/17 Retained Earnings, beginning 1/1/2017 Net Income for the period $13,960 $9.700 $23,660 Retained Earnings, ending 12/31/17 Vern Corporation Balance Sheet At 12/31/17 ASSETS Current Assets Accounts Receivable Prepaid rent $20,955 $10,150 $380 Total Current Assets $31,485 PP&E Equipment Less Accumulated Depreciation$6,600 $24,250 Total Assets LIABILITIES Current Liabilities Accounts Payable Income tax payable Interest payable Notes Payable (due in 2018) Total Current Liabilities $3,100 $175 $8,275 Stockholders Equity Common Stock Retained Earnings Stockholders Equity Total Liabilities & Stockholders Equity $20,000 $20,860 $23,210 b) Working Capital c) Current ratio d) Quick Ratio 3.80 to 1 3.76 to 1