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COMPUTE FOR THE LIQUIDITY, SOLVENCY, EFFICIENCY AND PROFITABILITY USING THE DIFFERENT FORMULAS IN EACH CATEGORY.

COMPUTE FOR THE LIQUIDITY, SOLVENCY, EFFICIENCY AND PROFITABILITY USING THE DIFFERENT FORMULAS IN EACH CATEGORY.

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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COMPUTE FOR THE LIQUIDITY, SOLVENCY, EFFICIENCY AND PROFITABILITY USING THE DIFFERENT FORMULAS IN EACH CATEGORY. 

JKL Company COMPARATIVE BALAŃCE SHEET For the Year 2015 & 2016 Assets 2015 2016 Cash 290,000 400,000 120,000 Accounts Receivable 100,000 20,000 80,000 20,000 620,000 Trading Securities 40,000 60,000 10,000 Inventories Prepaid Expenses Total Current Assets 520,000 Total Non-Current Assets 200,000 300,000 Total Assets 720,000 920,000 Liabilities Total Current Liabilities 100,000 50,000 Total Non-Current Liabilities 300,000 450,000 Owner's Equity Total Owner's Equity 320,000 420,000 Total Liabilities & OE 720,000 920,000 JKL Company COMPARATIVE INCÓME STATEMENT For the Year 2015 & 2016: 2015 2016 Net Sales 700,000 900,000 Cost of Goods Sold (100,000) (80,000) 600.000 820,000 Gross Profit Operating Expenses (50,000) (120,000)
Transcribed Image Text:JKL Company COMPARATIVE BALAŃCE SHEET For the Year 2015 & 2016 Assets 2015 2016 Cash 290,000 400,000 120,000 Accounts Receivable 100,000 20,000 80,000 20,000 620,000 Trading Securities 40,000 60,000 10,000 Inventories Prepaid Expenses Total Current Assets 520,000 Total Non-Current Assets 200,000 300,000 Total Assets 720,000 920,000 Liabilities Total Current Liabilities 100,000 50,000 Total Non-Current Liabilities 300,000 450,000 Owner's Equity Total Owner's Equity 320,000 420,000 Total Liabilities & OE 720,000 920,000 JKL Company COMPARATIVE INCÓME STATEMENT For the Year 2015 & 2016: 2015 2016 Net Sales 700,000 900,000 Cost of Goods Sold (100,000) (80,000) 600.000 820,000 Gross Profit Operating Expenses (50,000) (120,000)
Earnings Before Interest and Taxes 550,000 700,000 Interest Expense (10.000) (50,000) NI before Tax 540,000 650,000 Income Tax [162,000) (195.000 Net Income 378,000 455,000
Transcribed Image Text:Earnings Before Interest and Taxes 550,000 700,000 Interest Expense (10.000) (50,000) NI before Tax 540,000 650,000 Income Tax [162,000) (195.000 Net Income 378,000 455,000
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