Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

send this answer as soon as possible Question 4 Beetle Groceries Ltd. reports the following set of financial statements for 2020. Required - Using the

image text in transcribed

image text in transcribed

send this answer as soon as possible

Question 4 Beetle Groceries Ltd. reports the following set of financial statements for 2020. Required - Using the following information, perform a vertical analysis for the income statement and balance sheet for 2020: (11.5 marks) Beetle Groceries Ltd. Income Statement For the Year Ended December 31, 2020 % Sales Revenue Cost of goods sold Gross Margin 2019 $ 585,000 $366,000 $ 219,000 Operating Expenses Selling and general expenses Interest expense Total expenses Net Income $ 170,000 $ 11,200 $ 181,200 $ 37,800 Question 4 (con't) Beetle Groceries Ltd. Balance Sheet 31-Dec-20 % Assets Cash Accounts Receivable Inventory Prepaid Expenses Total Current Assets 2019 $ 40,000 $ 11,000 $ 31,500 $ 5,000 $ 87,500 Long Term Investments Property, plant and equipment, net Total Assets $ 70,000 $ 157,500 Liabilities Accounts Payable Income Taxes Payable Other liabilities Total Current Liabilities $ 12,500 $ 1,500 $ 65,000 $ 79,000 Long Term Debt Total Liabilities $ 11,100 $ 90,100 Shareholder Equity Common Shares Retained Earning Total Shareholders Equity Total Liabilities & Shareholder's Equity $ 50,000 $ 17,400 $ 67,400 $ 157,500

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Survey Of Accounting

Authors: Carl S. Warren

1st Edition

0538870850, 9780538870856

More Books

Students also viewed these Accounting questions

Question

1. Administrative routines, such as taking attendance

Answered: 1 week ago