Reconstruction 1. The following data were taken from the report of the comptroller who made an analysis of the balance sheet of Wizard Company as of December 31, 2020 a. Current ratio, 21 h Ratio of liabilities to ass, 40% c. Ratio of stockholders' equity to current assets, 90% d. Cash was 30% of total current assets, while accounts receivabile (net) was 15 times the value of merchandise inventory, the allowance for doubtful accounts was equal to 10% of the outstanding accounts Tecnivable The land and building were mortgaged to secure a loan maturing in 2023, the interest accrued thereon had been paid up to balance sheet date The estimated life of the building is 40 years. It was built 5 years ago at a cost 4 times that of the land and is being depreciated by the straight-line method without considering any scrup value 1 of the current liabilities, 20% cover by non-interest bearing promissory notes issued to trade creditors, the rest representa balance of purchases on account Capital stock consisting of 10,000 common shares were original Innued at pw of P100 per share, and had on batance sheet date book vakio of 120 each only a) Prepare the balance sheets of December 31, 2020 b) Show supporting computations Reconstruction 1. The following data were taken from the report of the comptroller who made an analysis of the balance sheet of Wizard Company as of December 31, 2020 a. Current ratio, 21 h Ratio of liabilities to ass, 40% c. Ratio of stockholders' equity to current assets, 90% d. Cash was 30% of total current assets, while accounts receivabile (net) was 15 times the value of merchandise inventory, the allowance for doubtful accounts was equal to 10% of the outstanding accounts Tecnivable The land and building were mortgaged to secure a loan maturing in 2023, the interest accrued thereon had been paid up to balance sheet date The estimated life of the building is 40 years. It was built 5 years ago at a cost 4 times that of the land and is being depreciated by the straight-line method without considering any scrup value 1 of the current liabilities, 20% cover by non-interest bearing promissory notes issued to trade creditors, the rest representa balance of purchases on account Capital stock consisting of 10,000 common shares were original Innued at pw of P100 per share, and had on batance sheet date book vakio of 120 each only a) Prepare the balance sheets of December 31, 2020 b) Show supporting computations