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PLUS int to accompany Hoggett, Accounting, 10 Help | System Announcements on Assignment OURCES Question 7 Match Lid and Box Led both began operations on 1 January 2020. For illustrative purposes, assume that at that date their statement of financial positions were Identical and that their operations during 2020 were also identical. The only difference between the two companies is that they elected to use different accounting methods as can be seen below; Match Led Box Led FIFO Weighted average cost perty, plant and equipment Straight-line depreciation Diminishing-balance depreciation mary financial information for both companies at the end of 2020 is presented below. Statement of profit or loss for the year ended 31 December 2020 Match Ltd Box Lid Revenues $252,000 5252,000 Less: Cost of sales 139,104 151,200 Gross profit 112,896 100,800 Other expenses" 37,000 51,000 Profit 75,896 49,800 Includes finer costs of $HOO0, Depreciation exprice was $10900 for Match Lid and 1:2:1090 for Brox Lid, Assume nin income till Statement of financial position for the year ended 31 December 2020 Match Lid Box Lid Cast $17,000 517,000 Receivables 50,000 50,000 Version 421 1904 Anc. All Rights Reserved A Division of khin Wiley & Sons, Inc.eyPLUS Help | System Announcements nt > Open Assignment TIMER PRINTER VERSION TRACK ENT RESOURCES Statement of financial position FINAL for the year ended 31 December 2020 TION Match Led Box Ltd Cash $17,0DO $17,000 Receivables 50,000 50,000 Inventories 46,000 35,000 Property, plant and equipment (net) 49.000 39.000 $162,000 $141,000 Current liabilities 529,000 $29,000 Non-current liabilities 33,000 33,000 Equity 100 000 79,000 $162,000 $141,000 Calculate the following ratios for each company: (Round answers to 1 decimal place, e.g. 52.7.) Match Ltd Box Ltd 1. Return on assets 2. Rate of return on ordinary equity 3. Profit margin 4. Current ratio 1 1 5. Receivables turnover times times 6. Inventory turnover times times Agreement | Privacy Policy | :2000 2020 John Wiley & Sons, Inc. All Rights Reserved. A Division of John Wiley & Sons Inc. Version 474,1MENT RESOURCES Current liabilities $29,000 $29,000 1 FINAL ATION Non-current liabilities 33,000 33,000 Equity 100,000 79,000 $162,000 $141,000 tion 3 tion 4 Calculate the following ratios for each company: (Round answers to 1 decimal place, e.g. 52.7.) Match Ltd Box Led 1. Return on assets Score 2. Rate of return on ordinary equity 3. Profit margin 4. Current ratio :1 5. Receivables turnover times times 6. Inventory turnover times times 7. Debt ratio Question Attempts: 0 of 1 used Agreement | Privacy Policy | 6 2000-2020 John Wiley & Sons, Inc. All Rights Reserved. A Division of John Wiley & Sons, Inc