AVATAR INDUSTRIES AVATAR INDUSTRIES Comparative Statement of Financial Position Comparative Income Statement For the years 2019 and 2018 For the years 2019 and 2018 2019 2018 2019 2018 ASSETS Current Assets: Sales P200,000 P210,000 Cash & Cash Equivalent P65,000 P70,000 Sales Returns and Allowances 40,000 25,000 Accounts Receivable 40,000 35,000 Net Sales 160,000 185,000 Marketable Securities 40,000 35,000 Cost of Goods Sold 100,000 115,625 Inventory 100,000 80,000 Gross Profit 60,000 69,375 Total Current Assets 245,000 220,000 Operating Expenses: Fixed Assets 200,000 160,000 Selling Expenses 22,000 25,000 Total Assets P445,000 P380,000 General Expenses 8,000 12,000 Income from Operations 30,000 32,375 LIABILITIES Non-operating Income 6,000 2,500 Current Liabilities Long-term liabilities Total Liabilities P110,800 P105,000 Income before Interest Expense 36,000 34,875 160,000 145,000 Interest Expense 4,000 3,500 270,800 250,000 Net Income P32,000 P31,375 Dwner's Equity 174,200 130,000 Total Liabilities & Equity P445,000 P380,000
AVATAR INDUSTRIES AVATAR INDUSTRIES Comparative Statement of Financial Position Comparative Income Statement For the years 2019 and 2018 For the years 2019 and 2018 2019 2018 2019 2018 ASSETS Current Assets: Sales P200,000 P210,000 Cash & Cash Equivalent P65,000 P70,000 Sales Returns and Allowances 40,000 25,000 Accounts Receivable 40,000 35,000 Net Sales 160,000 185,000 Marketable Securities 40,000 35,000 Cost of Goods Sold 100,000 115,625 Inventory 100,000 80,000 Gross Profit 60,000 69,375 Total Current Assets 245,000 220,000 Operating Expenses: Fixed Assets 200,000 160,000 Selling Expenses 22,000 25,000 Total Assets P445,000 P380,000 General Expenses 8,000 12,000 Income from Operations 30,000 32,375 LIABILITIES Non-operating Income 6,000 2,500 Current Liabilities Long-term liabilities Total Liabilities P110,800 P105,000 Income before Interest Expense 36,000 34,875 160,000 145,000 Interest Expense 4,000 3,500 270,800 250,000 Net Income P32,000 P31,375 Dwner's Equity 174,200 130,000 Total Liabilities & Equity P445,000 P380,000
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter12: Fainancial Statement Analysis
Section: Chapter Questions
Problem 81E
Related questions
Question
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps
Recommended textbooks for you
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Excel Applications for Accounting Principles
Accounting
ISBN:
9781111581565
Author:
Gaylord N. Smith
Publisher:
Cengage Learning