The following values relate to various ratios for a clothing manufacturer, for the most recent year At the end of the year, total assets in the balance sheet was $900 000 The ratios relate to the accounts either in respect of the 12 month period or at the date of the balance sheet for the end of th...

aThe numbers in brackets indicate the order in which the figures ca ...

The following values relate to various ratios for a clothing manufacturer, for the most recent year. At

Question:

The following values relate to various ratios for a clothing manufacturer, for the most recent year. At the end of the year, total assets in the was $900 000. The ratios relate to the accounts either in respect of the 12-month period or at the date of the for the end of the period.
Required
Assuming there are no prepaid expenses and that trade are the only liability, prepare:
a. A detailed income statement for the year, including cost of sales calculation
b. The entity's as at the end of the year Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive... Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...