i only need part 2-4

Part 1) Prepare the first three Financial Statements using the Account Names and Account Balances listed below. (You will need more account names than are listed) Account balances are as of the end of the year unless specified. In the Financial Statements, where you see a box to the left, type an Account Name. Where you see a box to the right, type either an Account Balance or compute a Total Amount. Account Names Account Balances Selling Expenses Common Stock Cash Notes Payable (Current Portion) Enterprises Revenues Land Accounts Receivable Notes Payable (Long-Term Portion) Purchases Uneamed Revenues Notes Receivable (Current Portion) Wages Payable Inventory (Beginning) Accounts Payable Dividends Buildings (Historical value) Enterprises Returns & Allowances Prepaid Insurance Taxes Payable (Current) Equipment (Historical Value) Retained Earnings (Beginning) General & Administrative Expenses Supplies Notes Receivable (Long-Term Portion) $57,000 $312,000 $33,500 $117,000 $1,302,000 $452,000 $72,000 $1,451,000 $552,000 $42,000 $32,000 $101,000 $154,000 $72,000 $19,000 $1,002,000 $52,000 $10,000 $16,000 $732,000 $190,677.50 $302,000 $10,000 $344,000 Other Information: 110 Chart of Accounts Cash Accounts Receivable Allowance For Doubtful Accounts Notes Receivable Inventory Prepaid Insurance Supplies Buildings Accumulated Depreciation - Buildings Equipment Accumulated Depreciation - Equipment Land Accounts Payable Unearned Revenue Wages Payable Taxes Payable Notes Payable Common Stock Retained Earnings Dividends Enterprises Revenues Enterprises Returns & Allowances Cost Of Goods Sold Selling Expenses General & Administrative Expenses Income Taxes 115 118 120 122 134 136 139 140 145 146 150 210 220 222 225 227 310 340 345 410 420 510 520 530 535 $19.000 Other Information 1) The company estimates that it the amount it will be able to collect on it's accounts receivable will be (Assume that the expense component of this amount is already included in Selling Expenses) 2) The company depreciates all Fixed Assets coa Double-Declining Balance basis The company has of accumulated depreciation is building of and accumulated depreciation on inquipment of (Assume that the expense components of these mounts are already included in General & Administrative Expenses) 3) The company keeps record of its inventory wing a periodic system The company perfomed a physical invocat the end of the year and determined that it's value was $152.000 592.000 $125.000 1 Prepare a Condensed Income Statement assuming & Tax Rate of Also assume that the company sold building for again of 215 $27.750 This gain was both a frequent Cost of Goods Sold Calculation Investoy Beginning! Parchases Cost Or Goods Available For Sale Ending Leventos Cost of Goods Sold VSU Enterprises Inc Income Statement For the Year Ended 12/31/2020 Lapises Revens Florises Returns & Allowances NE Cost of Goods Sold Grosse Selling to General Administrative Operating Income Other Reves Incoee Before Themes Tecome Net Income 1 2) Prepare a statement of Retained Earnings VSU Enterprise - Income Statement 5 For the Year Ended 12/21/2020 8 Retained Earnings (Beginning) 7 Net Income 8 Dividends 9 Net Increase in Retained Earnings . Retained Earnings (Ending) 11 2 33) Prepare a Balance Sheet 35 36 VSU Fiterprises Inc Balance Sheet 123 Part 2) After you have created the Balance Sheet, please compute the following ratios: 124 125 126 1) What proportion (percentage) of total assets is financed by owners? 127 128 129 Answer 130 131 2) What proportion (percentage) of total assets is financed by nonowners? 132 133 134 135 Answer 136 137 138 3) How much working capital does the company have for the year presented? 139 140 141 142 143 4) Liquidity ratios: 144 145 Current Ratio: Quick/Acid-Test Ratio: 146 147 148 149 150 151 152 153 154 155 156 157 158 159 Activity ratios Accounts Receivable Turnover: (Assume prior year A/R was the same as current year) Activity ratios Accounts Receivable Tumover: (Assume prior year A/R was the same as current year) Answer Inventory Tumover Answer Profitability ratios Profit Margin on Enterprises: Answer Return on Assets: (Assume that you do not have to average the assets, but can use 12/31/19 numbers) Answer Return on Common Stockholders Equity Answer (Assume all dividends paid were to common stockholders and there were no preferred dividends. Also assume that you do not have to average the common stockholder's equity, but can use 12/31/19 numbers) te of the com v2 5) What information do the Liquity Ratios in particular tell you about the current economic Is this a company you would want to invest in? Why or why not? Assume that VSU Enterprises In this is an accounting firm, Go online to search and compare these ratios to those of other accounting firms like EY, PWC, KPMG & Deloitte. How does VSU Enterprises Inc Compare to these firms? Would you still want to invest in this company? Why or why not? Part 3) After you have computed the ratios, answer the following questions: Give good detail in your answers because I want to see how you think. 1) In what order is the Balance Sheet prepared when the General Financial Statements are being prepared? Why? 2) Describe the Purpose of the Balance Sheet. 3) Describe how the Balance Sheet can be of use to Financial Statement Users. 4. What types of accounts go on the Balance Sheet? Are they closed at the end of each year? Why or why not? Part 4) The CEO of Intermediate Accounting One, Inc has come to you and told you that he thinks the company's Net Income is too low He has admitted that he doesn't know much about accounting, but he wants you to switch from Double Declining Balance Depreciation to Straight-Line Depreciation because that will increase Net Income." 1) Are there any ethical issues with what the CEO wants to do? If so, explain Ethics and ethical practices in Accounitng are extremely important. But why? Consider the work that Accountants do and explain why it is necessary that they act with integrity and truthfulness Part 1) Prepare the first three Financial Statements using the Account Names and Account Balances listed below. (You will need more account names than are listed) Account balances are as of the end of the year unless specified. In the Financial Statements, where you see a box to the left, type an Account Name. Where you see a box to the right, type either an Account Balance or compute a Total Amount. Account Names Account Balances Selling Expenses Common Stock Cash Notes Payable (Current Portion) Enterprises Revenues Land Accounts Receivable Notes Payable (Long-Term Portion) Purchases Uneamed Revenues Notes Receivable (Current Portion) Wages Payable Inventory (Beginning) Accounts Payable Dividends Buildings (Historical value) Enterprises Returns & Allowances Prepaid Insurance Taxes Payable (Current) Equipment (Historical Value) Retained Earnings (Beginning) General & Administrative Expenses Supplies Notes Receivable (Long-Term Portion) $57,000 $312,000 $33,500 $117,000 $1,302,000 $452,000 $72,000 $1,451,000 $552,000 $42,000 $32,000 $101,000 $154,000 $72,000 $19,000 $1,002,000 $52,000 $10,000 $16,000 $732,000 $190,677.50 $302,000 $10,000 $344,000 Other Information: 110 Chart of Accounts Cash Accounts Receivable Allowance For Doubtful Accounts Notes Receivable Inventory Prepaid Insurance Supplies Buildings Accumulated Depreciation - Buildings Equipment Accumulated Depreciation - Equipment Land Accounts Payable Unearned Revenue Wages Payable Taxes Payable Notes Payable Common Stock Retained Earnings Dividends Enterprises Revenues Enterprises Returns & Allowances Cost Of Goods Sold Selling Expenses General & Administrative Expenses Income Taxes 115 118 120 122 134 136 139 140 145 146 150 210 220 222 225 227 310 340 345 410 420 510 520 530 535 $19.000 Other Information 1) The company estimates that it the amount it will be able to collect on it's accounts receivable will be (Assume that the expense component of this amount is already included in Selling Expenses) 2) The company depreciates all Fixed Assets coa Double-Declining Balance basis The company has of accumulated depreciation is building of and accumulated depreciation on inquipment of (Assume that the expense components of these mounts are already included in General & Administrative Expenses) 3) The company keeps record of its inventory wing a periodic system The company perfomed a physical invocat the end of the year and determined that it's value was $152.000 592.000 $125.000 1 Prepare a Condensed Income Statement assuming & Tax Rate of Also assume that the company sold building for again of 215 $27.750 This gain was both a frequent Cost of Goods Sold Calculation Investoy Beginning! Parchases Cost Or Goods Available For Sale Ending Leventos Cost of Goods Sold VSU Enterprises Inc Income Statement For the Year Ended 12/31/2020 Lapises Revens Florises Returns & Allowances NE Cost of Goods Sold Grosse Selling to General Administrative Operating Income Other Reves Incoee Before Themes Tecome Net Income 1 2) Prepare a statement of Retained Earnings VSU Enterprise - Income Statement 5 For the Year Ended 12/21/2020 8 Retained Earnings (Beginning) 7 Net Income 8 Dividends 9 Net Increase in Retained Earnings . Retained Earnings (Ending) 11 2 33) Prepare a Balance Sheet 35 36 VSU Fiterprises Inc Balance Sheet 123 Part 2) After you have created the Balance Sheet, please compute the following ratios: 124 125 126 1) What proportion (percentage) of total assets is financed by owners? 127 128 129 Answer 130 131 2) What proportion (percentage) of total assets is financed by nonowners? 132 133 134 135 Answer 136 137 138 3) How much working capital does the company have for the year presented? 139 140 141 142 143 4) Liquidity ratios: 144 145 Current Ratio: Quick/Acid-Test Ratio: 146 147 148 149 150 151 152 153 154 155 156 157 158 159 Activity ratios Accounts Receivable Turnover: (Assume prior year A/R was the same as current year) Activity ratios Accounts Receivable Tumover: (Assume prior year A/R was the same as current year) Answer Inventory Tumover Answer Profitability ratios Profit Margin on Enterprises: Answer Return on Assets: (Assume that you do not have to average the assets, but can use 12/31/19 numbers) Answer Return on Common Stockholders Equity Answer (Assume all dividends paid were to common stockholders and there were no preferred dividends. Also assume that you do not have to average the common stockholder's equity, but can use 12/31/19 numbers) te of the com v2 5) What information do the Liquity Ratios in particular tell you about the current economic Is this a company you would want to invest in? Why or why not? Assume that VSU Enterprises In this is an accounting firm, Go online to search and compare these ratios to those of other accounting firms like EY, PWC, KPMG & Deloitte. How does VSU Enterprises Inc Compare to these firms? Would you still want to invest in this company? Why or why not? Part 3) After you have computed the ratios, answer the following questions: Give good detail in your answers because I want to see how you think. 1) In what order is the Balance Sheet prepared when the General Financial Statements are being prepared? Why? 2) Describe the Purpose of the Balance Sheet. 3) Describe how the Balance Sheet can be of use to Financial Statement Users. 4. What types of accounts go on the Balance Sheet? Are they closed at the end of each year? Why or why not? Part 4) The CEO of Intermediate Accounting One, Inc has come to you and told you that he thinks the company's Net Income is too low He has admitted that he doesn't know much about accounting, but he wants you to switch from Double Declining Balance Depreciation to Straight-Line Depreciation because that will increase Net Income." 1) Are there any ethical issues with what the CEO wants to do? If so, explain Ethics and ethical practices in Accounitng are extremely important. But why? Consider the work that Accountants do and explain why it is necessary that they act with integrity and truthfulness