-Building $100,000 -Account Receivable $10,000 -Equipment $100,000 -Cash in bank $20,000 -Notes payable $20,000 -Retained earnings $100,000 -Long term loan $100,000 -Owners equity $10,000 1. Prepare a balance sheet for Company X for 31 December 2021. 2. Based on the balance sheet calculate and explain the : a. Liability ratio b. Asset ratio c. Owners Equity ratio

-Building $100,000 -Account Receivable $10,000 -Equipment $100,000 -Cash in bank $20,000 -Notes payable $20,000 -Retained earnings $100,000 -Long term loan $100,000 -Owners equity $10,000 1. Prepare a balance sheet for Company X for 31 December 2021. 2. Based on the balance sheet calculate and explain the : a. Liability ratio b. Asset ratio c. Owners Equity ratio

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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