Prepare a Balance Sheet with an ending date of July 31, 2020 based on the following information:

1) marketable security 26480

2). Scholarship fund 121947

3) Customers owe 25000

4) Building has 8 yea service life

5) land sold at 13% over market value

6) Furniture bought February 1,2020 16000

7) cash equals sell of land

8) Note receivable 54000

9) Insurance bought for 3 years July 1, 2017 100000

10) 20% of customer debt not collectible

11) land appreciates at 7 % each year

12) building bought August 1, 2019 720000

13) patent royalty 55,000

14) land purchased January 1, 2017 2,500,000

15) Furniture 4 year service life

16) copyright 17432

17) equipment purchased April 1, 2018 340,000

18) purchase of supplies 97104

19) common @ 113/each

20) wages 16247

21) preferred@ 226/each

22) retained earnings 2456789

23) equipment 20 year service life

24) commissions 87009

25) long term loan 1165430

26) common sold 255 shares

27) building mortgage 612866

28) preferred sold 357 shares

29) taxes owed 6700 + 1% land purchase

30) note payable 1/6 of note receivable

31 )merchandise inventory 3470

II.Using the information from your balance sheet calculate the following;

A] Current ratio. Is that ratio favorable? Explain/

III. Prepare an Income Statement based on the following information:

Gross Sales = 1,573,200

Cost of goods sold = 20% of inventory from balance sheet

Depreciation (building) = 1year of depreciation for building from balance sheet

Discounts on sales = 19,780

Sales expense = 14% of net sales

Returns = 420,048

Interest expense = 6 % of gross sales

Administrative expense =35,790

Income from other sources = 233,577

Taxes = 33 %

B] Using the information above find the Return on Sales ratio. Is that ration favorable? Explain.

Prepare a Cash Flow Statement based on the following information:

Net income = net income determined in your Income statement

Payment of dividends = 40% of value of preferred shares from your balance sheet

Increase in Accounts receivables = 1.15% of Accounts Receivables from your balance sheet

Sale of Investments = (1000)

Decrease in inventory = 65% of inventory balance from your balance sheet

Depreciation = depreciation value determined in your income statement

Beginning year cash balance = twice your net income