need help with part 2

Info) You are the Chief Financial Officer and lead accountant for a small business you helped to start, The name of the business is VSU Fntaprises Inc The business prepares it's financial statements as of the end of every year. The financial statements are being prepared for the year 2020, Part 1) Prepare the first three Financial Statements using the Account Names and Account Balances listed below. (You will need more account Dames 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 computea Total Amount Account Names Account Balance Selling Expenses Common Stock Cash Notes Payable (Current Portion) Enterprises Reveries Land Accounts Receivable Notes Payable (Long-Term Portion) Purchase Uneamed Revenues Notes Receivable (Current Portion) Wages Payable Inventory (Beginnin Accounts Payable Dividende Buildings istorical value) Enterprises Returns & Allowances Trepaid Insurance Taxes Payable (Current) Equipment Historical Value) Retained aming(Beginning) General & Administrative Expenses Supplies Notes Receivable (Long Term Portion) $57,000 $312,000 $33,500 $117.000 $1,300,000 5452,000 572,000 $1,451,000 $552,000 $42,000 $32,000 $101,000 $154,000 572,000 $19,000 $1,002,000 $52,000 $10,000 516,000 $732,000 $190,672.50 $102,000 $10,000 $144,000 9 20 11 12 13 14 15 NG 12 3 19 40 41 $19.000 43 44 45 46 4 Other Information 1) The company estimates that the amount it will be unable to collect on it's accounts receivable will be (Assume that the expense component of this amount is already included in Selling Expense) 2) The company deprecies all Fixed Assets on a Double Declining Balance basis The company has of sumulated depreciation on it's building of and sumulated depreciation on it's equipment (Asume that the expense components of these amounts we already included in General & Adminsititive Expenses) 3) The company kopecond of it's inventory using a periodic system The company parfomed a physical inventory count at the end of the your and determined that it's value wa $1$2,000 $92,000 $125,000 40 SO 53 32 53 1) Prepare a Condensed Income Statement suming & Tax Rate of Also me that the company sold a building for an of 219 $27.750 This gain wal both and infoquent x M O H C D Cost of Goods Sold Csodation Laventory. Herning Purchases Cost Of Goods A For Inding Inventory Cost Of Goods Sold $154 000 5552.000 $206.000 ($125,000 SSR1,000 VSU Finanses Inc Income Statement For the Year-Ended 12/31/2020 Entries Revenues 51,302,000 Enterprise Retums & Allowances 1852.0001 Net pris $1.250,000 Cost of Goods Sold (55R1.000) Gross Profit $69.000 Sding Expo $57,000 General Administrative Expensel 5302,000 5359,000 Operating Income $310,000 Other Reven $27.250 Lecome Before Textes $317.750 Income Tas 1570,9275) Notice $266,8225 2)Prepare a Stof Reined in VSU Enterprises Inc Income Sant For the Yearded 12/312030 Band Tamir Ben $190.775 Net loceme $266,822 50 Divideda 519,000)5247,87225 Not In Retained in Rendamine ning 5413 500 sy Pro Sheet VSU Enterprises e She As of 12/31/2000 ASSETS LIABILITIES CA Note Rocha Acom alle ford DING 51100 512.000 572 000 119.000 5125.000 $10.000 319.000 A Poble Notes Payable Und Rev. Wees while Tele Toul Current Liabilities 572.000 SI12.000 542.000 510100 516,000 5345.000 TA $262.500 Nun Cities 101 D G H Part 2) After you have created the Balance Sheet, please compute the following ratios 1) What proportion (percentage of total assets is financed by owners? Answer 2) What proportion (percentage) of total assets is financed by nonowners? 17 18 9 10 11 32 33 34 35 36 137 138 139 140 141 142 143 Answer 3) How much working capital does the company have for the your presented? Answer 144 4) Liquidity ratios 145 146 Current Ratio: 16 140 Answer 150 151 Quick Acid-Test Ratio Answer Activity ratios Accounts Receivable Tumover (Astume prior year A/R was the same as current year) Answer 152 153 154 ISS 156 157 158 159 160 161 162 163 164 165 166 167 168 160 170 171 122 173 Inventory Turnover Profitability ratios Answer Profit Marin on Enterprises Answer Answer Activity ratio Accounts Receivable Tumover (Assume prior year NR was the same as current year) Answer Inventory Turnover Answer Profitability ratios Profit Margin on Enterprises Answer 1 2 2 4 5 15 12 78 29 BO Retum 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 (Assume all dividends paid were to common stockholders and there were no preferred dividends. Also assume that you do not have to see the common stockholder's equity, but can use 12/31/19 bumbers) 82 Answer 5) What information do the Liquity Ratios in particular tell you about the current economie state of the company Is this a company you would want to invest in? Why or why not? 4 165 186 387 188 1 190 191 192 190 194 195 196 197 198 6) Assume tha VSU Fierprises in this is an accounting firm Go online to search and compare these tos to those of other counting is like EY, PWC, KPMG & Deloitte How does VSU Enterprises Inc Compare to these time? Would you still was to invest in this company Why or why not 190 200 201 02 201 Info) You are the Chief Financial Officer and lead accountant for a small business you helped to start, The name of the business is VSU Fntaprises Inc The business prepares it's financial statements as of the end of every year. The financial statements are being prepared for the year 2020, Part 1) Prepare the first three Financial Statements using the Account Names and Account Balances listed below. (You will need more account Dames 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 computea Total Amount Account Names Account Balance Selling Expenses Common Stock Cash Notes Payable (Current Portion) Enterprises Reveries Land Accounts Receivable Notes Payable (Long-Term Portion) Purchase Uneamed Revenues Notes Receivable (Current Portion) Wages Payable Inventory (Beginnin Accounts Payable Dividende Buildings istorical value) Enterprises Returns & Allowances Trepaid Insurance Taxes Payable (Current) Equipment Historical Value) Retained aming(Beginning) General & Administrative Expenses Supplies Notes Receivable (Long Term Portion) $57,000 $312,000 $33,500 $117.000 $1,300,000 5452,000 572,000 $1,451,000 $552,000 $42,000 $32,000 $101,000 $154,000 572,000 $19,000 $1,002,000 $52,000 $10,000 516,000 $732,000 $190,672.50 $102,000 $10,000 $144,000 9 20 11 12 13 14 15 NG 12 3 19 40 41 $19.000 43 44 45 46 4 Other Information 1) The company estimates that the amount it will be unable to collect on it's accounts receivable will be (Assume that the expense component of this amount is already included in Selling Expense) 2) The company deprecies all Fixed Assets on a Double Declining Balance basis The company has of sumulated depreciation on it's building of and sumulated depreciation on it's equipment (Asume that the expense components of these amounts we already included in General & Adminsititive Expenses) 3) The company kopecond of it's inventory using a periodic system The company parfomed a physical inventory count at the end of the your and determined that it's value wa $1$2,000 $92,000 $125,000 40 SO 53 32 53 1) Prepare a Condensed Income Statement suming & Tax Rate of Also me that the company sold a building for an of 219 $27.750 This gain wal both and infoquent x M O H C D Cost of Goods Sold Csodation Laventory. Herning Purchases Cost Of Goods A For Inding Inventory Cost Of Goods Sold $154 000 5552.000 $206.000 ($125,000 SSR1,000 VSU Finanses Inc Income Statement For the Year-Ended 12/31/2020 Entries Revenues 51,302,000 Enterprise Retums & Allowances 1852.0001 Net pris $1.250,000 Cost of Goods Sold (55R1.000) Gross Profit $69.000 Sding Expo $57,000 General Administrative Expensel 5302,000 5359,000 Operating Income $310,000 Other Reven $27.250 Lecome Before Textes $317.750 Income Tas 1570,9275) Notice $266,8225 2)Prepare a Stof Reined in VSU Enterprises Inc Income Sant For the Yearded 12/312030 Band Tamir Ben $190.775 Net loceme $266,822 50 Divideda 519,000)5247,87225 Not In Retained in Rendamine ning 5413 500 sy Pro Sheet VSU Enterprises e She As of 12/31/2000 ASSETS LIABILITIES CA Note Rocha Acom alle ford DING 51100 512.000 572 000 119.000 5125.000 $10.000 319.000 A Poble Notes Payable Und Rev. Wees while Tele Toul Current Liabilities 572.000 SI12.000 542.000 510100 516,000 5345.000 TA $262.500 Nun Cities 101 D G H Part 2) After you have created the Balance Sheet, please compute the following ratios 1) What proportion (percentage of total assets is financed by owners? Answer 2) What proportion (percentage) of total assets is financed by nonowners? 17 18 9 10 11 32 33 34 35 36 137 138 139 140 141 142 143 Answer 3) How much working capital does the company have for the your presented? Answer 144 4) Liquidity ratios 145 146 Current Ratio: 16 140 Answer 150 151 Quick Acid-Test Ratio Answer Activity ratios Accounts Receivable Tumover (Astume prior year A/R was the same as current year) Answer 152 153 154 ISS 156 157 158 159 160 161 162 163 164 165 166 167 168 160 170 171 122 173 Inventory Turnover Profitability ratios Answer Profit Marin on Enterprises Answer Answer Activity ratio Accounts Receivable Tumover (Assume prior year NR was the same as current year) Answer Inventory Turnover Answer Profitability ratios Profit Margin on Enterprises Answer 1 2 2 4 5 15 12 78 29 BO Retum 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 (Assume all dividends paid were to common stockholders and there were no preferred dividends. Also assume that you do not have to see the common stockholder's equity, but can use 12/31/19 bumbers) 82 Answer 5) What information do the Liquity Ratios in particular tell you about the current economie state of the company Is this a company you would want to invest in? Why or why not? 4 165 186 387 188 1 190 191 192 190 194 195 196 197 198 6) Assume tha VSU Fierprises in this is an accounting firm Go online to search and compare these tos to those of other counting is like EY, PWC, KPMG & Deloitte How does VSU Enterprises Inc Compare to these time? Would you still was to invest in this company Why or why not 190 200 201 02 201