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11. On 1/1/2015 ABC had the following: Machine 12,000 Land 120,000 Motor vehicle 16,250 Debtors 13,500 Short term loan 14,200 Cash 8,400 Creditors 18,000 Calculate: (a) the equity of the business on 1/1/2015 (b) prepare a balance sheet on 1/1/2015 (c) liquidity ratios and solvency ratios (d) comment on the profitability ratios calculated above in (c)

11. On 1/1/2015 ABC had the following: Machine 12,000 Land 120,000 Motor vehicle 16,250 Debtors 13,500 Short term loan 14,200 Cash 8,400 Creditors 18,000 Calculate: (a) the equity of the business on 1/1/2015 (b) prepare a balance sheet on 1/1/2015 (c) liquidity ratios and solvency ratios (d) comment on the profitability ratios calculated above in (c)

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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11. On 1/1/2015 ABC had the following: Machine 12,000 Land 120,000 Motor vehicle 16,250 Debtors 13,500 Short term loan 14,200 Cash 8,400 Creditors 18,000 Calculate: (a) the equity of the business on 1/1/2015 (b) prepare a balance sheet on 1/1/2015 (c) liquidity ratios and solvency ratios (d) comment on the profitability ratios calculated above in (c)
Transcribed Image Text:11. On 1/1/2015 ABC had the following: Machine 12,000 Land 120,000 Motor vehicle 16,250 Debtors 13,500 Short term loan 14,200 Cash 8,400 Creditors 18,000 Calculate: (a) the equity of the business on 1/1/2015 (b) prepare a balance sheet on 1/1/2015 (c) liquidity ratios and solvency ratios (d) comment on the profitability ratios calculated above in (c)
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