Question
Freshly graduated students from Near East University decided to create a company on October 1, 2021. This small company aims to offer pancakes to users
Freshly graduated students from Near East University decided to create a company on October 1, 2021. This small company aims to offer pancakes to users of the Near East campus.
For this, they had collected the sum of $ 250,000 from promoters (Master students 2021/2022) and $150,000 borrowed from third parties. The repayment of this loan will take place in October 2022. The interest rate for this loan is set at 5%.
When the company was created, the following operations were carried out:
Purchase of a microwave: $100,000
Purchase of a cash register: $100,000
Purchase of a table: $30,000
Purchase of a chair: $12,000
Purchase of frozen pancakes: $100,000
Calculate:
-Present the balance sheet of this company on October 1, 2021
- Current ratio
-Cash ratio
- Debt equity ratio
During the year 2021/2022, the following operations were carried out:
Sales of pancakes: $450,000 of which $66,000 payable on January 1, 2022
Purchase cost of goods sold: $164,000
Purchases of frozen pancakes: $197,000 of which $66,000 payable on January 1, 2022
Preparation and distribution of flyers: $66,000
Purchase of a second microwave: $132,000
Accounting for the depreciation of the 1st microwave: $20,000
New bank loan: $132,000 repayable in 2 years
This company is subject to corporate tax at the rate of 25%.
Assuming that no other transaction is carried out until December 31, 2022:
Present the income statement of this company on 31/12/2022.
-Net profit margin
-Gross margin
-Operating margin
-Return on Equity
Present balance sheet of this company on 31/12/2022
-current ratio
-cash ratio
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