By the end of December 2021, Greta Thunberg, chief accountant of Silence is working to finish his accounting for the year. He realizes that he still needs to prepare the closing entries. This is the trial balance that he has. Acapulco Inc. Trial Balance dated December 31st year 2021 Cash And Equivalents Accounts Receivable Other Receivables Notes Receivable Inventory Prepaid Expenses Other Current Assets, Gross Property Plant And Equipment Goodwill Loans Receivable, Long-Term Deferred Tax Assets Long-Term Other Long-Term Assets, Dividends Accounts Payable Accrued Expenses Current Income Taxes Payable Unearned Revenue Current Other Current Liabilities, Long-Term Debt Unearned Revenue Non Current Deferred Tax Liability Non Current Other Non Current Liabilities Common Stock Additional Paid In Capital Betained Earnings Accumulated Depreciation Revenues Cost of Goods Sold Selling General & Admin Expenses Depreciation & Amortization Other Operating Expenses Interest Expense Income Tax Expense Total Debit 15,56 59,69 2,37 3,42 25,13 24,11 15,30 818,63 85,53 10,14 0,77 40,08 200,00 1.293,94 158,14 40,99 66,25 7,40 49,72 2.917.17 Credit 42,70 64,90 8,54 3,34 8,55 299,82 3,31 10,05 53,09 0,44 172,57 219,28 386,88 1.643,70 2.917.17 Please answer the question: 6) Has the company been profitable this year? show at least 2 ratios and explain. Has the company been profitable in the past years? Explain.
By the end of December 2021, Greta Thunberg, chief accountant of Silence is working to finish his accounting for the year. He realizes that he still needs to prepare the closing entries. This is the trial balance that he has. Acapulco Inc. Trial Balance dated December 31st year 2021 Cash And Equivalents Accounts Receivable Other Receivables Notes Receivable Inventory Prepaid Expenses Other Current Assets, Gross Property Plant And Equipment Goodwill Loans Receivable, Long-Term Deferred Tax Assets Long-Term Other Long-Term Assets, Dividends Accounts Payable Accrued Expenses Current Income Taxes Payable Unearned Revenue Current Other Current Liabilities, Long-Term Debt Unearned Revenue Non Current Deferred Tax Liability Non Current Other Non Current Liabilities Common Stock Additional Paid In Capital Betained Earnings Accumulated Depreciation Revenues Cost of Goods Sold Selling General & Admin Expenses Depreciation & Amortization Other Operating Expenses Interest Expense Income Tax Expense Total Debit 15,56 59,69 2,37 3,42 25,13 24,11 15,30 818,63 85,53 10,14 0,77 40,08 200,00 1.293,94 158,14 40,99 66,25 7,40 49,72 2.917.17 Credit 42,70 64,90 8,54 3,34 8,55 299,82 3,31 10,05 53,09 0,44 172,57 219,28 386,88 1.643,70 2.917.17 Please answer the question: 6) Has the company been profitable this year? show at least 2 ratios and explain. Has the company been profitable in the past years? Explain.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Transcribed Image Text:Please do the exercise:
By the end of December 2021, Greta Thunberg, chief accountant of Silence is
working to finish his accounting for the year. He realizes that he still needs to
prepare the closing entries.
This is the trial balance that he has.
Acapulco Inc.
Trial Balance dated December 31st year 2021
Cash And Equivalents
Accounts Receivable
Other Receivables,
Notes Receivable
Inventory
Prepaid Expenses
Other Current Assets,
Gross Property Plant And Equipment
Goodwill
Loans Beceivable Long-Term
Deferred Tax Assets Long-Term
Other Long-Term Assets
Dividends
Accounts Payable
Accrued Expenses
Current Income Taxes Pavable.
Unearned Revenue Current
Other Current Liabilities
Long-Term Debt
Unearned Revenue Non Current
Deferred Tax Liability Non Current
Other Non Current Liabilities
Common Stock
Additional Paid In Capital
Betained Earnings,
Accumulated Depreciation,
Revenues
Cost of Goods Sold
Selling General & Admin Expenses
Depreciation & Amortization
Other Operating Expenses
Interest Expense
Income Tax Expense
Total
Debit
15,56
59,69
2,37
3,42
25,13
24,11
15,30
818,63
85,53
10,14
0,77
40,08
200,00
1.293,94
158,14
40,99
66,25
7,40
49,72
2.917.17
Credit
42,70
64,90
8,54
3,34
8,55
299,82
3,31
10,05
53,09
0,44
172,57
219,28
386,88
1.643,70
2.917.17
Please answer the question:
6) Has the company been profitable this year? show at least 2 ratios and
explain. Has the company been profitable in the past years? Explain.
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