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. . Gross margin percentage Gross margln x 100 Sales Earnings per common share Net income - preferred dividends Average number of common shares outstanding Price-earnings ratio Market price per share Earnings per share Return on total ESSBtS Net income + |lnterest expense x (1- Tax Rate) x 100 Average total assets Return 0\" common shareholders' Net income - preferred dividends x 100 eqUIty Average common shareholders' equity] Working capital Current assets Current liabilities Current ratio Current assets Current liabilities Acid-test (CIUiCk) ratio Cash + Marketable securities + Accounts receivable Current liabilities Accounts receivable turnover Sales on account Average accounts receivable Average collection period 365 days Accounts receivable turnover Inventory turnover Cost of goods sold Average inventory Average sale period 365 days Inventory turnover Times interest earned Operating income" Interest expense 1"'Eal'irririgs before interest and taxes Balance Sheet: Balance Sheet Current Assets Cash Accounts Receivable Prepaid Expense inventory Total Current Assets Property Plant and Equipment Land Plant and Equipment, net Total Capital Assets Total Assets Current Liabilities Accounts Payable Wages Payable Unearned Revenue Total Current Liabilities Loan Payable Note Payable Total Long Term Liabilities Total Liabilities Preferred Shares Common Shares Retained Earnings Total Shareholders' Equity Total Liabilities and Shareholders' EquityTodd Radford has invented a new type of low-friction broom. After giving the matter much thought, Todd is pretty sure he will quit his $2,000 per month job with a janitorial service and produce and sell the brooms full time. Todd will rent a small building and use it as a production plant. The rent will be $1,500 per month. Todd will rent production equipment at a cost of $550 per month. The cost of materials for each broom will be $11.50. Todd will hire workers to produce the brooms. They will be paid $4.25 for each completed unit. Todd will rent a room in the house next door for use as his sales office. The rent will be $250 per month. He has arranged for the telephone company to add voicemail to his home phone to get after-hours messages from customers. The addition of voicemail will increase his monthly phone bill by $5. Todd has some money in savings that is earning interest of $1, 100 per year. These savings will be withdrawn and used for about a year to get the business going. To sell his brooms, Todd will advertise heavily in the local area. Advertising costs will be $450 per month. In addition, Todd will pay a sales commission of $0.80 for each broom sold. For the time being, Todd does not intend to draw any salary from the new company. Todd has already paid the legal and filing fees to incorporate his business. These fees amounted to $1,500. Required: (Answer using the templates provided in the Excel file) a) Complete the cost classification chart in the worksheet in the Excel file by placing an "X" under each heading that accurately identifies the cost classification for each item. (there can be multiple X's for each item). (5 marks) b) Using the accounting equation template in the worksheet in the Excel file, record the following transactions for Radford's business. (6 marks) Opening | Todd invested $10,000 into the business 1) Obtained a $50,000 loan from bank 2) Cash purchase of tools = $7,500 3) Recorded credit sales = $15,000 4) Paid $9,000 in operating costs 5) Collected $5,000 from accounts receivablec) Calculate the ending Cash balance from the above transactions for Radford's business. (1 mark)
