PLEASE HELP WITH PART 2 & 3 (& 4 if possible) PART 1 is COMPLETE

clearer version of part 2 questions

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 Fnterprises 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 Balines listed below. (You will need more account names than are listed) Account balances areas 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 Balances Selling Expenses Common Stock Cash Notes Payable (Current Portion) Enterprises Revemies Land Accounts Receivable Notes Payable (Long Term Portion) Purchase Uneamed Revenue Notes Receivable (Current Portion) Wages Payable Inventory (Beginning) Accounts Payable Dividends Buildings istorical 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 $1,300,000 5452,000 572,000 $1,451.000 $552,000 $42,000 $32,000 $101.000 $154,000 572,000 $19,000 $1,002,000 352,000 $10,000 516,000 $732,000 $190,677.50 $102,000 S10,000 $144,000 9 00 11 12 13 34 15 16 12 3 29 40 41 A2 43 44 45 46 42 $19.000 Other Information 1) The company estimates that the amount it will be unable to collect on it's accounts receivable will be: (Asume that the expense componmt of this amount is already included in Selling Expenses) 2) The company deprecies al Fired Aniets on a Double Declining Balance basis The company has of sumulated depreciation on it's building of and coumulated depreciation on it's equipment (Assume that the expense components of these amounts we already included in General & Adminstrative Expenses 3) The company kope record of it's inventory wing a periodic system The compaty perfomed physical inventory count at the end of the year and determined that it's value w SI52,000 $92,000 5125,000 40 50 53 32 53 1) Prepare a Condensed Income Statement tuming Tax Rate of Also me that the company told building for an of 215 $27.750 This gain wat both and inforquent x M N H C Cost of Goods Sold Calacation Laventory. Herning Purchases Cost Of Goods Available For Sale India Inventory Cost Of Goods Sale $154,000 5552.000 $700.000 ($125,000 SSX1.000 VSU Finanses Inc Income Statement For the Year-Ended 12/31/2020 Enterprises Remes 51,302,000 Enterprises Reums & Allowances 1552.000) Net $1,250,000 Cost of Goods Sold (55R1,000) Gross Profit $69.000 Sdling $57,000 Geel & Administrative Expenses 5302,000 5359,000 Operating Income $310,000 Other RG $27.250 become core Textes 5337250 Income Tass 1570,9275) Net inte $266,822,5 2) pure a Stem of Red Farming VSU Enterprises Inc Income Stone For the Yearded 12/31/2000 Retail Famine $190,6775 Net Income $266,822 50 Divided 519,000) $247,872 Not In Retained in Rendamine ning 5415500 3) Pro Balance Sheet VSU Enterprise loc She Aso231/2000 ASSETS LIABILITIES Current Cash Note Rental Acomo Lance for dette $11,00 $12.000 572.000 19 5125.000 110.000 310.000 A Poble Notes Payable name Reves Wees while Table Toul Current Liabilities 57.000 SI12.000 542.000 51010 516,000 5345.000 Supplies pad 00 TC Aiste $2,500 Nuntabilities Preporum gent Peperty Pland Ferment Total Non Current Lilities Teal Liability son 104 105 300 101 100 109 110 151 112 113 11 Notes Relle (long Tam Portion) Land Barling Lat. Accumulated on Equipment 1. Accumulated Depreciation Total Proty Plant que $144,000 5452.000 $1.002.000 3152.000 $22.000 (592.00 52216000 $2.549,500 STOCKHOLDERS QUITY 5312.000 Common Stock Red Fannings Other Terms And 5438.500 Nestes Payable 51,4517.000 Total Stockholder's Suity 5750.500 116 113 111 Total Other Loop Tem Ansels TOTAL ASSETS 5249.00 TOTAL LIABILITIES AND STOCKHOLDERS EQUITY 52,549, 500 120 171 Pad) Afer you have and the lace Shortcut the lawing 11 What reportion of food by www 110 127 12 110 13 Am 7) We www 13 14 An 13 350 watching the computer the year! 11 Arne 1A) 144 14 TE 147 141 14 110 Cm M DAT Answer Activity ratios Accounts Receivable Tumover (Assume prior year NR was the same as current year) Answer Inventory Turnover Answer Profitability ratios Profit Margin on Enterprises 1 2 Answer Retum on Assets (Assume that you do not have to avenge the assets, but can use 12/31/19 numbers) 4 75 16 112 178 29 SO 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 stockholde's equity, but can use 12/31/19 numbers) 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? 155 185 187 183 10 190 191 192 13 194 195 196 197 198 199 200 201 202 201 6) Assume that VSU Florises in this is an accounting firm Go online to search and compare these tos to those of other counting is like EY PWC, KPMG R Deloitte How does VSU Fnterprises Inc Compare to these ima? 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? 208 200 210 211 212 211 214 215 216 217 218 219 220 221 222 223 224 225 226 227 220 2) Descnbe the Purpose of the Balance Sheet 229 3) Describe how the Balance Sheet can be of use to Financial Statement User 210 231 232 233 234 235 235 2:32 233 218 240 241 242 241 244 What types of accounts go on the Balance Sheet? Are they doned at the end of each year? Why or why not? 246 247 28 24 250 251 152 23 10 Put The CEO of mediate Accounting Online has come to you and told you that he thinks the company's Net Income is too low He has imitted that he doesn't know much about song, but he wants you to switch from Double Declining Balance Depreciation to Stoh-Line Depreciation because that will increase Net Income 1) Are there mythical me with what the CEO walk to do? If so, explain the indical practices in Actremely important. But why? Consider the work that Accountants do and explain why it is necesary that they with integrity and the 256 797 D E 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? 7 18 9 10 Answer 2) What proportion (percentage) of total assets is financed by nonowners? Answer 3) How much working capital does the company have for the your presented? 32 33 34 35 36 127 138 139 140 141 142 143 144 145 146 147 Answer 4) Liquidity ratios Current Ratio: Answer 140 150 151 Quick/Acid-Test Ratio Answer Activity ratios Accounts Receivable Tumover (Assume prior year A/R was the same as current year) Answer Inventory Tumover 153 154 355 156 157 158 159 160 161 162 163 164 165 166 167 168 169 170 121 122 27 Profitability ratios Answer Profit Marcin on Enterprises [Answer 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 Fnterprises 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 Balines listed below. (You will need more account names than are listed) Account balances areas 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 Balances Selling Expenses Common Stock Cash Notes Payable (Current Portion) Enterprises Revemies Land Accounts Receivable Notes Payable (Long Term Portion) Purchase Uneamed Revenue Notes Receivable (Current Portion) Wages Payable Inventory (Beginning) Accounts Payable Dividends Buildings istorical 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 $1,300,000 5452,000 572,000 $1,451.000 $552,000 $42,000 $32,000 $101.000 $154,000 572,000 $19,000 $1,002,000 352,000 $10,000 516,000 $732,000 $190,677.50 $102,000 S10,000 $144,000 9 00 11 12 13 34 15 16 12 3 29 40 41 A2 43 44 45 46 42 $19.000 Other Information 1) The company estimates that the amount it will be unable to collect on it's accounts receivable will be: (Asume that the expense componmt of this amount is already included in Selling Expenses) 2) The company deprecies al Fired Aniets on a Double Declining Balance basis The company has of sumulated depreciation on it's building of and coumulated depreciation on it's equipment (Assume that the expense components of these amounts we already included in General & Adminstrative Expenses 3) The company kope record of it's inventory wing a periodic system The compaty perfomed physical inventory count at the end of the year and determined that it's value w SI52,000 $92,000 5125,000 40 50 53 32 53 1) Prepare a Condensed Income Statement tuming Tax Rate of Also me that the company told building for an of 215 $27.750 This gain wat both and inforquent x M N H C Cost of Goods Sold Calacation Laventory. Herning Purchases Cost Of Goods Available For Sale India Inventory Cost Of Goods Sale $154,000 5552.000 $700.000 ($125,000 SSX1.000 VSU Finanses Inc Income Statement For the Year-Ended 12/31/2020 Enterprises Remes 51,302,000 Enterprises Reums & Allowances 1552.000) Net $1,250,000 Cost of Goods Sold (55R1,000) Gross Profit $69.000 Sdling $57,000 Geel & Administrative Expenses 5302,000 5359,000 Operating Income $310,000 Other RG $27.250 become core Textes 5337250 Income Tass 1570,9275) Net inte $266,822,5 2) pure a Stem of Red Farming VSU Enterprises Inc Income Stone For the Yearded 12/31/2000 Retail Famine $190,6775 Net Income $266,822 50 Divided 519,000) $247,872 Not In Retained in Rendamine ning 5415500 3) Pro Balance Sheet VSU Enterprise loc She Aso231/2000 ASSETS LIABILITIES Current Cash Note Rental Acomo Lance for dette $11,00 $12.000 572.000 19 5125.000 110.000 310.000 A Poble Notes Payable name Reves Wees while Table Toul Current Liabilities 57.000 SI12.000 542.000 51010 516,000 5345.000 Supplies pad 00 TC Aiste $2,500 Nuntabilities Preporum gent Peperty Pland Ferment Total Non Current Lilities Teal Liability son 104 105 300 101 100 109 110 151 112 113 11 Notes Relle (long Tam Portion) Land Barling Lat. Accumulated on Equipment 1. Accumulated Depreciation Total Proty Plant que $144,000 5452.000 $1.002.000 3152.000 $22.000 (592.00 52216000 $2.549,500 STOCKHOLDERS QUITY 5312.000 Common Stock Red Fannings Other Terms And 5438.500 Nestes Payable 51,4517.000 Total Stockholder's Suity 5750.500 116 113 111 Total Other Loop Tem Ansels TOTAL ASSETS 5249.00 TOTAL LIABILITIES AND STOCKHOLDERS EQUITY 52,549, 500 120 171 Pad) Afer you have and the lace Shortcut the lawing 11 What reportion of food by www 110 127 12 110 13 Am 7) We www 13 14 An 13 350 watching the computer the year! 11 Arne 1A) 144 14 TE 147 141 14 110 Cm M DAT Answer Activity ratios Accounts Receivable Tumover (Assume prior year NR was the same as current year) Answer Inventory Turnover Answer Profitability ratios Profit Margin on Enterprises 1 2 Answer Retum on Assets (Assume that you do not have to avenge the assets, but can use 12/31/19 numbers) 4 75 16 112 178 29 SO 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 stockholde's equity, but can use 12/31/19 numbers) 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? 155 185 187 183 10 190 191 192 13 194 195 196 197 198 199 200 201 202 201 6) Assume that VSU Florises in this is an accounting firm Go online to search and compare these tos to those of other counting is like EY PWC, KPMG R Deloitte How does VSU Fnterprises Inc Compare to these ima? 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? 208 200 210 211 212 211 214 215 216 217 218 219 220 221 222 223 224 225 226 227 220 2) Descnbe the Purpose of the Balance Sheet 229 3) Describe how the Balance Sheet can be of use to Financial Statement User 210 231 232 233 234 235 235 2:32 233 218 240 241 242 241 244 What types of accounts go on the Balance Sheet? Are they doned at the end of each year? Why or why not? 246 247 28 24 250 251 152 23 10 Put The CEO of mediate Accounting Online has come to you and told you that he thinks the company's Net Income is too low He has imitted that he doesn't know much about song, but he wants you to switch from Double Declining Balance Depreciation to Stoh-Line Depreciation because that will increase Net Income 1) Are there mythical me with what the CEO walk to do? If so, explain the indical practices in Actremely important. But why? Consider the work that Accountants do and explain why it is necesary that they with integrity and the 256 797 D E 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? 7 18 9 10 Answer 2) What proportion (percentage) of total assets is financed by nonowners? Answer 3) How much working capital does the company have for the your presented? 32 33 34 35 36 127 138 139 140 141 142 143 144 145 146 147 Answer 4) Liquidity ratios Current Ratio: Answer 140 150 151 Quick/Acid-Test Ratio Answer Activity ratios Accounts Receivable Tumover (Assume prior year A/R was the same as current year) Answer Inventory Tumover 153 154 355 156 157 158 159 160 161 162 163 164 165 166 167 168 169 170 121 122 27 Profitability ratios Answer Profit Marcin on Enterprises [