Solve the following problem Given the data below, reconstruct the balance sheet and the income statement of Aissa Pearls for the year 2017 Aissa Pearls Balance Sheet December 31, 2017 ASSETS Current Assets Cash Marketable Securities 50,000 Accounts Receivable, net Inventories Property Equipment Plant Equipment, net TOTAL ASSETS LIABILITIES STOCKHOLDERS EQUITY Current Liabilities Long Term Liabilities Bonds Payable, 12 5 TOTAL LIABILITIES Stockholders Equity Ordinary Share 500,000 Retained Earnings 300,000 800,000 TOTAL LIABILITIES STOCKHOLDERS EQUITY Aissa Pearls Income Statement For the year ended December 31, 2017 Net Sales Cost of Goods Sold Gross Margin on Sales 525,000 Operating Expenses Operating Income Other Expense Interest Expense Net Income before Taxes Income Tax (35 Tax Rate) NET INCOME Additional Data Operating expenses were 15 of net sales Acid test ratio was 1 3 1 Times interest earned was 6 times Gross margin was 35 of net sales The age of receivables was 36 days The beginning accounts receivable was Php 160,000 Use 360 day year Inventory turnover was 4 times The beginning inventory amounted to Php 250,000 Total debt to stockholders equity was 0 08 1 Required Compute the following requirements using the given formula Net Sales (Gross margin gross margin ratio) Cost of sales (Net Sales x Cost of Sales ratio) Operating Expenses (Net Sales x to Net Sales) Operating Income (Net Sales Cost of Sales Operating Expenses) Interest Expense (Operating Income Times Interest Earned Bond Payable (Interest Expense Interest Rate) Receivable Turnover (360 days Age in Receivables) Average Receivables (Net Credit Sales Receivable Turnover) Ending Accounts Receivable (Average Receivables x 2) Average Inventory (Cost of Goods Sold Inventory Turnover) Ending Inventory (Average Inventory x 2) Total Debt (Ratio of Total Debt Stockholders Equity) Current Liabilities (Total Debt Bonds Payable) Quick Assets (Acid Test ratio x Current Liabilities) Cash (Quick Assets Marketable Securities Accounts Receivable)

Question

Solve the following problem  Given the data below, reconstruct the balance sheet and the income statement of Aissa Pearls for the year 2017  Aissa Pearls Balance Sheet December 31, 2017 ASSETS Current Assets  Cash   Marketable Securities 50,000 Accounts Receivable, net   Inventories     Property   Equipment  Plant   Equipment, net   TOTAL ASSETS   LIABILITIES   STOCKHOLDERS EQUITY Current Liabilities   Long Term Liabilities  Bonds Payable, 12 5    TOTAL LIABILITIES   Stockholders Equity  Ordinary Share 500,000 Retained Earnings 300,000 800,000 TOTAL LIABILITIES   STOCKHOLDERS EQUITY   Aissa Pearls Income Statement For the year ended December 31, 2017 Net Sales   Cost of Goods Sold   Gross Margin on Sales 525,000 Operating Expenses   Operating Income   Other Expense  Interest Expense   Net Income before Taxes   Income Tax (35  Tax Rate)   NET INCOME   Additional Data  Operating expenses were 15  of net sales  Acid test ratio was 1 3 1  Times interest earned was 6 times  Gross margin was 35  of net sales  The age of receivables was 36 days  The beginning accounts receivable was Php 160,000  Use 360 day year  Inventory turnover was 4 times  The beginning inventory amounted to Php 250,000  Total debt to stockholders equity was 0 08 1  Required  Compute the following requirements using the given formula  Net Sales  (Gross margin gross margin ratio) Cost of sales  (Net Sales x Cost of Sales ratio) Operating Expenses  (Net Sales x   to Net Sales) Operating Income   (Net Sales Cost of Sales Operating Expenses) Interest Expense   (Operating Income Times Interest Earned Bond Payable   (Interest Expense Interest Rate) Receivable Turnover  (360 days Age in Receivables) Average Receivables   (Net Credit Sales Receivable Turnover) Ending Accounts Receivable   (Average Receivables x 2) Average Inventory   (Cost of Goods Sold   Inventory Turnover) Ending Inventory   (Average Inventory x 2) Total Debt   (Ratio of Total Debt   Stockholders Equity) Current Liabilities   (Total Debt   Bonds Payable) Quick Assets   (Acid Test ratio x Current Liabilities) Cash   (Quick Assets Marketable Securities Accounts Receivable)

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Solve the following problem: Given the data below, reconstruct the balance sheet and the income statement of Aissa Pearls for the year 2017: Aissa Pearls

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Current Assets:
	Cash	?
	Marketable Securities	50,000
	Accounts Receivable, net	?
	Inventories	?	?
Property & Equipment:
	Plant & Equipment, net		?
TOTAL ASSETS			?

Current Liabilities		?
Long Term Liabilities:
	Bonds Payable, 12.5%	?
TOTAL LIABILITIES			?
Stockholders Equity:
	Ordinary Share	500,000
	Retained Earnings	300,000	800,000
TOTAL LIABILITIES & STOCKHOLDERS EQUITY			?

Net Sales	?
Cost of Goods Sold	?
Gross Margin on Sales		525,000
Operating Expenses		?
Operating Income		?
Other Expense: Interest Expense		?
Net Income before Taxes		?
Income Tax (35% Tax Rate)		?
NET INCOME		?