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Directions: Use the following ratio to complete Gerlie's Bread Pastries Statement of Financial Position: a. Current ratio is 0.70. b. Acid-test ratio is 0.50. Gerlie's Bread and Pastries' incomplete Statement of Financial Position is given below: Cash Receivables Inventories P 109,800.00 Total current liabilities Long term note payable Other long term liabilities P. 1. 45,000 5. 19,800.00 24,500.00 Prepaid Expenses Total Current Assets Baking Equipment Other assets 2. 3. 4. Owner's capital 50,000.00 60,000.00 Total assets Total liabilities and equity 191,860.00 6.

Directions: Use the following ratio to complete Gerlie's Bread Pastries Statement of Financial Position: a. Current ratio is 0.70. b. Acid-test ratio is 0.50. Gerlie's Bread and Pastries' incomplete Statement of Financial Position is given below: Cash Receivables Inventories P 109,800.00 Total current liabilities Long term note payable Other long term liabilities P. 1. 45,000 5. 19,800.00 24,500.00 Prepaid Expenses Total Current Assets Baking Equipment Other assets 2. 3. 4. Owner's capital 50,000.00 60,000.00 Total assets Total liabilities and equity 191,860.00 6.

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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Shine Go Active Now anb lron iectal Mi FUNDAMENTALS OF ACCOUNTANCY. BUSINESS & MANAGEMENT Activity 2: Gerlie's Bread and Pastries Directions: Use the following ratio to complete Gerlie's Bread and Pastries Statement of Financial Position: a. Current ratio is 0.70. b. Acid-test ratio is 0.50. Gerlie's Bread and Pastries' incomplete Statement of Financial Position is given below: Cash 45,000 Total current liabilities P 109,800.00 Receivables Inventories Long term note payable Other long term liabilities 1. 5. 19,800.00 24,500.00 Prepaid Expenses Total Current Assets Baking Equipment Other assets Total assets 2. 3. 4. Owner's capital 50,000.00 60.000.00 191,860.00 Total liabilities and equity 6. ••• More Edit
Transcribed Image Text:Shine Go Active Now anb lron iectal Mi FUNDAMENTALS OF ACCOUNTANCY. BUSINESS & MANAGEMENT Activity 2: Gerlie's Bread and Pastries Directions: Use the following ratio to complete Gerlie's Bread and Pastries Statement of Financial Position: a. Current ratio is 0.70. b. Acid-test ratio is 0.50. Gerlie's Bread and Pastries' incomplete Statement of Financial Position is given below: Cash 45,000 Total current liabilities P 109,800.00 Receivables Inventories Long term note payable Other long term liabilities 1. 5. 19,800.00 24,500.00 Prepaid Expenses Total Current Assets Baking Equipment Other assets Total assets 2. 3. 4. Owner's capital 50,000.00 60.000.00 191,860.00 Total liabilities and equity 6. ••• More Edit
Shine Go Active Now Tetal Current Assets Baking Equipment Other assets Total assets 50,000,00 re Owner's capital 60,000,00 191.860.00 6. Total liabilities and equity Activity 3: Aysid Wash and Wear Supplies- Part 1 Directions: Use the following information given by Aysid Wash and Wear Supplies to compute for Liquidity Ratios. P 1,500,000 700,000 800,000 300,000 500,000 Sales P 400,000 500,000 550,000 850,000 Operating Expenses P 2,300,000 P 600,000 400,000 1,800,000 P 2,300,000 Cash Cost of Goods Sold Gross Profit Accounts Receivable Inventory Equipment Total Assets Accounts Payable Notes Payable Owner, Capital Total Liabilities and Operating income Interest Expense Net Income 50,000 P 450,000 equity ••• More Edit
Transcribed Image Text:Shine Go Active Now Tetal Current Assets Baking Equipment Other assets Total assets 50,000,00 re Owner's capital 60,000,00 191.860.00 6. Total liabilities and equity Activity 3: Aysid Wash and Wear Supplies- Part 1 Directions: Use the following information given by Aysid Wash and Wear Supplies to compute for Liquidity Ratios. P 1,500,000 700,000 800,000 300,000 500,000 Sales P 400,000 500,000 550,000 850,000 Operating Expenses P 2,300,000 P 600,000 400,000 1,800,000 P 2,300,000 Cash Cost of Goods Sold Gross Profit Accounts Receivable Inventory Equipment Total Assets Accounts Payable Notes Payable Owner, Capital Total Liabilities and Operating income Interest Expense Net Income 50,000 P 450,000 equity ••• More Edit
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