Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Revenues Sales Revenue 34,740 Total Revenues 34,740 Expenses Cost of Goods Sold 10,600 Wages Expense 15,000 Supplies Expense 2,100 Rent Expense 3,000 Utilities Expense 1,200
Revenues | |||
Sales Revenue | 34,740 | ||
Total Revenues | 34,740 | ||
Expenses | |||
Cost of Goods Sold | 10,600 | ||
Wages Expense | 15,000 | ||
Supplies Expense | 2,100 | ||
Rent Expense | 3,000 | ||
Utilities Expense | 1,200 | ||
Depreciation Expense | 1,000 | ||
Advertising Expense | 625 | ||
Interest Expense | 150 | ||
Total Expenses | 33,675 | ||
Net Income | 1,065 |
Current Assets: | |||
Accounts Payable | 3,100 | ||
Interest Payable | 150 | ||
Utilities Payable | 1,200 | ||
Unearned Revenue | 3,400 | ||
Total Current Assets | 7,850 | ||
Property, Plant & Equipment: | |||
Equipment | 10,000 | ||
Less: Accumulative Depreciation | 1,000 | ||
Total Property, Plant & Equipment | 9,000 | ||
Total Assets | 234,415 | ||
Current Liabilities | |||
Accounts Payable | 3,100 | ||
Interest Payable | 150 | ||
Utilities Payable | 1,200 | ||
Unearned Revenue | 3,400 | ||
Total Liabilities | 37,850 | ||
Stockholders Equity: | |||
Common Stock | 200,000 | ||
Retained Earnings | -3,435 | ||
Total Stockholders Equity | 196,565 | ||
Total Liabilities and Stockholders Equity | 234,415 |
How to calculate five different ratios, including working capital, current ratio, and net profit margin, and any other two ratios of your choosing?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started