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MGT 1 Financial Statement Worksheet SP20 ASSETS ASSETS Current Assets LIABILITIES & OWNERS' EQUITY LIABILITIES Current Liabilities Total Current Liabilities Total Current Assets Long-Term Liabilities
MGT 1 Financial Statement Worksheet SP20 ASSETS ASSETS Current Assets LIABILITIES & OWNERS' EQUITY LIABILITIES Current Liabilities Total Current Liabilities Total Current Assets Long-Term Liabilities Fixed Assets Balance Sheet and Income Statement Items Accounts Payable $ 300,000 Accounts Receivable $ 350,000 Accrued Wages 40,000 Accumulated Depreciation $ 150,000 Beginning Inventory 1/1/12 $ 225,000 Bonds Payable (due in 24 months) $ 200,000 Buildings $ 1,100,000 Land $ 800,000 Cash 150,000 Cost of Goods Sold 300,000 Ending Inventory 12/31/12 275,000 Operating Expenses 400,000 Goodwill 50,000 Notes Receivable 200,000 Revenue from Sales $ 1,400,000 Number of Shares Outstanding 2,000,000 Tax Rate 21% Vehicles and Equipment $ 400,000 Total Long-Term Liabilities Total Liabilities Total Fixed Assets OWNERS' EQUITY Common Stock (2,000,000) Retained Earnings Total Owners' Equity Intangible Assets Total Intagible Assets Use the table above to calculate the following: TOTAL ASSETS TOTAL LIABILITIES & OWNERS EQUITY INCOME STATEMENT 1 Owners Equity 2 Current Ratio 3 Acid Test Ratio 4 Debt to Owners' Equity ratio 5 Basic Earnings per Share 6 Gross Profit 7 Net Income before Taxes 8 Taxes 9 Net Income (Net Loss) 10 Return on Sales 11 Return on Equity 12 Inventory Turnover Revenue from Sales less returns, allowances, & discounts Net Sales less Cost of Goods Sold Gross Profit (gross margin) less Operating Expenses Net Income before taxes less Taxes Net Income or Loss
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