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Business
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3 4 Sales Revenue 5 Sales Revenue 6 7 8 9 10 11 5 12 Gross Profit 13 16 17 14 Operating Activities 18 19 20 21 27 28 29 30 A Less: Sales Discounts Sales Returns Net Sales Revenue Cost of Goods Sold 41 42 43 Cost of Goods Sold 14 45 46 47 48 19 22 23 Administrative Expenses 24 Consulting and Legal Fees Exper Multi-Step Income Statement For Year Ended December 31, 2021 Selling Expenses Advertising Expense Bad Debt Expense Miscellaneous Selling Expenses 25 Executive Salaries Expense 26 Depreciation Expense Insurance Expense Sales Force Salaries Expense Selling Commissions Expense Shipping Expense Miscellaneous Admin. Expenses Office Supplies Expense Utilities Expense 31 32 Income from Operations Total Administrative Expenses 33 34 Other Gains and Losses 35 36 37 38 39 40 EPS Rent Revenue Interest Expense B $151,875 $14,225 $5,670 $111,375 $405,000 $66,319 $5,063 $354,375 $496,400 $69,863 $3,999 $31,388 $60,750 Income from Continuing Operations before Taxes Income Tax Expense Net Income C $97,200 $384,750 $754,464 $1,021,838 $25,313 ($51,638) D $8,100,000 $481,950 $7,618,050 $4,433,606 $3,184,444 $1,776,302 $1,408,142 ($26,325) $1,381,817 ($422,487) $959,330 $1.07 E F Total Assets Current Assets Cash A/R Allowance for Bad Debts Inventory Prepaid Insurance Prepaid Rent Total Current Assets Long-term Investments Loans to other businesses Expansion Fund Total Long-term Investments PPE Land Building Equipment Accumulated Depreciation Total PPE Intangible Assets Patents, net Balance Sheet As of 12/31/2021 Current Liabilities Accounts Payable Income Tax Payable Unearned Revenue Assets Long-term Debt Loan Payable Notes Payable Wages Payable Current Portion of Loan Payable Total Current Liabilities Total Long-term Debt Total Liabilities Stockholders' Equity Common Stock G 2021 Liabilities and Stockholders' Equity $192,622 $137,483 $202,500 $370,000 $405,000 $729,000 $688,500 ($40,095) ($202,500) $972,000 $1,134,000 $180,750 $121,500 $101,250 $81,000 $2,312,905 $2,227,500 H T $324,000 $324,000 $243,000 $243,000 $567,000 $567,000 2020 $891,000 $567,000 $648,000 $648.000 $2,268,000 $1,053,000 ($1,285,600) ($810,000) $2,521,400 $1,458,000 $121,500 $121,500 $5,522,805 $4,374,000 $97,200 $40,500 $670,305 ($1 par, 5,000,000 authorized, 900,000 outstanding) Additional Paid-In Capital Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholder $486.000 $81,000 $121,500 $101,250 $40,500 $830,250 $202.500 $243,000 $1,134,000 $648,000 $1,336,500 $891,000 $2,006,805 $1,721,250 $900,000 $900,000 $243,000 $243,000 $2,349.080 $1,509,750 $3,492,080 $2,652,750 $5,498,885 $4,374,000 J Statement of Cash Flows For Year Ended December 31, 2021 Cash Flow from Operations Net Income Adjustments: Change in A/R Change in Inventory Change in Prepaid Insurance Change in Prepaid Rent Depreciation & Amortization Change in A/P Change in Income Tax Payable Change in Unearned Revenue Change in Wages Payable Net Cash Flow from Operations Cash Flow from Investments Purchase of Land Purchase of Equipment Net Cash Flow from Investments Cash Flow from Financing Repayment of Loans Issuance of Notes Payable Payments of Dividends Net Cash Flow from Financing Net Increase (Decrease) in Cash Cash, January 1, Year 2 Cash, December 31, Year 2 ($202,905) $162,000 ($59,250) ($20,250) $496,400 ($293,378) $56,483 $81,000 ($4,050) $216,050 $1,175,380 ($324,000) ($1,215,000) $959,330 ($40.500) $486,000 ($120,000) ($1,539,000) $325,500 ($38,120) $405,000 $366,880 M AA

3 4 Sales Revenue 5 Sales Revenue 6 7 8 9 10 11 5 12 Gross Profit 13 16 17 14 Operating Activities 18 19 20 21 27 28 29 30 A Less: Sales Discounts Sales Returns Net Sales Revenue Cost of Goods Sold 41 42 43 Cost of Goods Sold 14 45 46 47 48 19 22 23 Administrative Expenses 24 Consulting and Legal Fees Exper Multi-Step Income Statement For Year Ended December 31, 2021 Selling Expenses Advertising Expense Bad Debt Expense Miscellaneous Selling Expenses 25 Executive Salaries Expense 26 Depreciation Expense Insurance Expense Sales Force Salaries Expense Selling Commissions Expense Shipping Expense Miscellaneous Admin. Expenses Office Supplies Expense Utilities Expense 31 32 Income from Operations Total Administrative Expenses 33 34 Other Gains and Losses 35 36 37 38 39 40 EPS Rent Revenue Interest Expense B $151,875 $14,225 $5,670 $111,375 $405,000 $66,319 $5,063 $354,375 $496,400 $69,863 $3,999 $31,388 $60,750 Income from Continuing Operations before Taxes Income Tax Expense Net Income C $97,200 $384,750 $754,464 $1,021,838 $25,313 ($51,638) D $8,100,000 $481,950 $7,618,050 $4,433,606 $3,184,444 $1,776,302 $1,408,142 ($26,325) $1,381,817 ($422,487) $959,330 $1.07 E F Total Assets Current Assets Cash A/R Allowance for Bad Debts Inventory Prepaid Insurance Prepaid Rent Total Current Assets Long-term Investments Loans to other businesses Expansion Fund Total Long-term Investments PPE Land Building Equipment Accumulated Depreciation Total PPE Intangible Assets Patents, net Balance Sheet As of 12/31/2021 Current Liabilities Accounts Payable Income Tax Payable Unearned Revenue Assets Long-term Debt Loan Payable Notes Payable Wages Payable Current Portion of Loan Payable Total Current Liabilities Total Long-term Debt Total Liabilities Stockholders' Equity Common Stock G 2021 Liabilities and Stockholders' Equity $192,622 $137,483 $202,500 $370,000 $405,000 $729,000 $688,500 ($40,095) ($202,500) $972,000 $1,134,000 $180,750 $121,500 $101,250 $81,000 $2,312,905 $2,227,500 H T $324,000 $324,000 $243,000 $243,000 $567,000 $567,000 2020 $891,000 $567,000 $648,000 $648.000 $2,268,000 $1,053,000 ($1,285,600) ($810,000) $2,521,400 $1,458,000 $121,500 $121,500 $5,522,805 $4,374,000 $97,200 $40,500 $670,305 ($1 par, 5,000,000 authorized, 900,000 outstanding) Additional Paid-In Capital Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholder $486.000 $81,000 $121,500 $101,250 $40,500 $830,250 $202.500 $243,000 $1,134,000 $648,000 $1,336,500 $891,000 $2,006,805 $1,721,250 $900,000 $900,000 $243,000 $243,000 $2,349.080 $1,509,750 $3,492,080 $2,652,750 $5,498,885 $4,374,000 J Statement of Cash Flows For Year Ended December 31, 2021 Cash Flow from Operations Net Income Adjustments: Change in A/R Change in Inventory Change in Prepaid Insurance Change in Prepaid Rent Depreciation & Amortization Change in A/P Change in Income Tax Payable Change in Unearned Revenue Change in Wages Payable Net Cash Flow from Operations Cash Flow from Investments Purchase of Land Purchase of Equipment Net Cash Flow from Investments Cash Flow from Financing Repayment of Loans Issuance of Notes Payable Payments of Dividends Net Cash Flow from Financing Net Increase (Decrease) in Cash Cash, January 1, Year 2 Cash, December 31, Year 2 ($202,905) $162,000 ($59,250) ($20,250) $496,400 ($293,378) $56,483 $81,000 ($4,050) $216,050 $1,175,380 ($324,000) ($1,215,000) $959,330 ($40.500) $486,000 ($120,000) ($1,539,000) $325,500 ($38,120) $405,000 $366,880 M AA

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please calculate the following ratios

• Asset Turnover (Net Sales / average total assets)
• Current Ratio
• ROA
Assignment:


2 3 4 Sales Revenue 5 Sales Revenue 6 7 8 9 10 11 15 16 17 IBD 201 22 23 24 25 26 27 28 29 30 12345673880425 12 13 14 Operating Activities Selling Expenses 18 19 39 44 45 46 47 48 8280288892228298££* 49 50 51 52 53 54 55 34 Other Gains and Losses Rent Revenue Interest Expense 56 57 58 59 60 62 63 Cost of Goods Sold 64 65 Less: Sales Discounts Sales Returns Net Sales Revenue A Gross Profit Cost of Goods Sold Advertising Expense Bad Debt Expense Miscellaneous Selling Expenses Sales Force Salaries Expense Selling Commissions Expense Shipping Expense Administrative Expenses Consulting and Legal Fees Exper Executive Salaries Expense Depreciation Insurance Expense Miscellaneous Expense Multi-Step Income Statement For Year Ended December 31, 2021 Office Supplies Expense Utilities Expense Admin. Expenses Total Administrative Expenses Income from Operations Net Income EPS B $151,875 $14,225 $5,670 $111.375 $405,000 $66,319 Income from Continuing Operations before Taxes Income Tax Expense $5,063 $354,375 $496,400 $69,863 $3,999 $31,388 $60,750 C $97,200 $384,750 $754,464 $1,021,838 $25,313 ($51,638) D $8,100,000 $481,950 $7,618,050 $4,433,606 $3,184,444 $1,776,302 $1,408,142 ($26,325) $1,381,817 ($422,487) $959,330 $1.07 E Total Assets F Current Assets Cash AIR Allowance for Bad Debts Inventory Prepaid Insurance Prepaid Rent Total Current Assets Long-term Investments Loans to other businesses Expansion Fund Total Long-term Investments PPE Land Building Equipment Accumulated Depreciation Total PPE Intangible Assets Patents, net Balance Sheet As of 12/31/2021 Current Liabilities Accounts Payable Income Tax Payable Unearned Revenue Long-term Debt Loan Payable Notes Payable Assets Wages Payable Current Portion of Loan Payable Total Current Liabilities Total Long-term Debt Total Liabilities. Stockholders' Equity Common Stock G 2021 Liabilities and Stockholders' Equity $192,622 $137,483 $202,500 $370,000 $405,000 $729,000 $688,500 ($40,095) ($202,500) $972,000 $1,134,000 $180,750 $121,500 $101,250 $81,000 $2,312,905 $2.227.500 $324,000 $324,000 $243,000 $243,000 $567,000 $567,000 H $891,000 $567,000 $648.000 $648,000 $2,268,000 $1,053,000 ($1,285,600) ($810,000) $2,521,400 $1,458,000 2020 $121,500 $121,500 $5,522,805 $4,374,000 $97,200 $40,500 $670,305 ($1 par, 5,000,000 authorized, 900,000 outstanding) Additional Paid-In Capital $202,500 $243,000 $1,134,000 $648,000 $1,336,500 $891,000 $2,006,805 $1,721,250 $486,000 $81,000 $121,500 $101,250 $40,500 $830,250 $900,000 $900,000 Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholder' $5,498,885 $243,000 $243,000 $2,349,080 $1,509,750 $3,492,080 $2,652,750 $4,374,000 I K Statement of Cash Flows For Year Ended December 31, 2021 Cash Flow from Operations Net Income Adjustments: Change in A/R Change in Inventory Change in Prepaid Insurance Change in Prepaid Rent Depreciation & Amortization Change in A/P Change in Income Tax Payable Change in Unearned Revenue Change in Wages Payable Net Cash Flow from Operations Cash Flow from Investments Purchase of Land Purchase of Equipment Net Cash Flow from Investments Cash Flow from Financing Repayment of Loans Issuance of Notes Payable Payments of Dividends Net Cash Flow from Financing Net Increase (Decrease) in Cash Cash, January 1, Year 2 Cash, December 31, Year 2 ($324,000) ($1,215,000) L ($202.905) $162,000 ($59,250) ($20,250) $496,400 ($293,378) $56,483 $81.000 ($4,050) $216,050 $1,175,380 ($40,500) $486,000 ($120,000) $959,330 ($1,539,000) $325,500 ($38,120) $405,000 $366,880 M A.A
Transcribed Image Text:2 3 4 Sales Revenue 5 Sales Revenue 6 7 8 9 10 11 15 16 17 IBD 201 22 23 24 25 26 27 28 29 30 12345673880425 12 13 14 Operating Activities Selling Expenses 18 19 39 44 45 46 47 48 8280288892228298££* 49 50 51 52 53 54 55 34 Other Gains and Losses Rent Revenue Interest Expense 56 57 58 59 60 62 63 Cost of Goods Sold 64 65 Less: Sales Discounts Sales Returns Net Sales Revenue A Gross Profit Cost of Goods Sold Advertising Expense Bad Debt Expense Miscellaneous Selling Expenses Sales Force Salaries Expense Selling Commissions Expense Shipping Expense Administrative Expenses Consulting and Legal Fees Exper Executive Salaries Expense Depreciation Insurance Expense Miscellaneous Expense Multi-Step Income Statement For Year Ended December 31, 2021 Office Supplies Expense Utilities Expense Admin. Expenses Total Administrative Expenses Income from Operations Net Income EPS B $151,875 $14,225 $5,670 $111.375 $405,000 $66,319 Income from Continuing Operations before Taxes Income Tax Expense $5,063 $354,375 $496,400 $69,863 $3,999 $31,388 $60,750 C $97,200 $384,750 $754,464 $1,021,838 $25,313 ($51,638) D $8,100,000 $481,950 $7,618,050 $4,433,606 $3,184,444 $1,776,302 $1,408,142 ($26,325) $1,381,817 ($422,487) $959,330 $1.07 E Total Assets F Current Assets Cash AIR Allowance for Bad Debts Inventory Prepaid Insurance Prepaid Rent Total Current Assets Long-term Investments Loans to other businesses Expansion Fund Total Long-term Investments PPE Land Building Equipment Accumulated Depreciation Total PPE Intangible Assets Patents, net Balance Sheet As of 12/31/2021 Current Liabilities Accounts Payable Income Tax Payable Unearned Revenue Long-term Debt Loan Payable Notes Payable Assets Wages Payable Current Portion of Loan Payable Total Current Liabilities Total Long-term Debt Total Liabilities. Stockholders' Equity Common Stock G 2021 Liabilities and Stockholders' Equity $192,622 $137,483 $202,500 $370,000 $405,000 $729,000 $688,500 ($40,095) ($202,500) $972,000 $1,134,000 $180,750 $121,500 $101,250 $81,000 $2,312,905 $2.227.500 $324,000 $324,000 $243,000 $243,000 $567,000 $567,000 H $891,000 $567,000 $648.000 $648,000 $2,268,000 $1,053,000 ($1,285,600) ($810,000) $2,521,400 $1,458,000 2020 $121,500 $121,500 $5,522,805 $4,374,000 $97,200 $40,500 $670,305 ($1 par, 5,000,000 authorized, 900,000 outstanding) Additional Paid-In Capital $202,500 $243,000 $1,134,000 $648,000 $1,336,500 $891,000 $2,006,805 $1,721,250 $486,000 $81,000 $121,500 $101,250 $40,500 $830,250 $900,000 $900,000 Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholder' $5,498,885 $243,000 $243,000 $2,349,080 $1,509,750 $3,492,080 $2,652,750 $4,374,000 I K Statement of Cash Flows For Year Ended December 31, 2021 Cash Flow from Operations Net Income Adjustments: Change in A/R Change in Inventory Change in Prepaid Insurance Change in Prepaid Rent Depreciation & Amortization Change in A/P Change in Income Tax Payable Change in Unearned Revenue Change in Wages Payable Net Cash Flow from Operations Cash Flow from Investments Purchase of Land Purchase of Equipment Net Cash Flow from Investments Cash Flow from Financing Repayment of Loans Issuance of Notes Payable Payments of Dividends Net Cash Flow from Financing Net Increase (Decrease) in Cash Cash, January 1, Year 2 Cash, December 31, Year 2 ($324,000) ($1,215,000) L ($202.905) $162,000 ($59,250) ($20,250) $496,400 ($293,378) $56,483 $81.000 ($4,050) $216,050 $1,175,380 ($40,500) $486,000 ($120,000) $959,330 ($1,539,000) $325,500 ($38,120) $405,000 $366,880 M A.A
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