FANTASY FOOTBALL Balance Sheets December 31 Year Increase (Decrease) 2021 2020 Amount Assets Current assets: Cash %24 148,500 $ 312,000 958,500 2,380,500 184,500 1,076,000 1,448,000 Accounts receivable Inventory Supplies 120,000 Long-term assets: Equipment 1,260,000 1,260,000 (216,000) $ 4,500,000 $ 4,000,000 Less: Accumulated depreciation (432,000) Total assets Liabilities and Stockholders' Equity Current liabilities: 116,000 4,000 72,000 Accounts payable 184,500 $ Interest payable Income tax payable 72,000 Long-term liabilities: Notes payable 1,260,000 1,260,000 Stockholders' equity

FANTASY FOOTBALL Balance Sheets December 31 Year Increase (Decrease) 2021 2020 Amount Assets Current assets: Cash %24 148,500 $ 312,000 958,500 2,380,500 184,500 1,076,000 1,448,000 Accounts receivable Inventory Supplies 120,000 Long-term assets: Equipment 1,260,000 1,260,000 (216,000) $ 4,500,000 $ 4,000,000 Less: Accumulated depreciation (432,000) Total assets Liabilities and Stockholders' Equity Current liabilities: 116,000 4,000 72,000 Accounts payable 184,500 $ Interest payable Income tax payable 72,000 Long-term liabilities: Notes payable 1,260,000 1,260,000 Stockholders' equity

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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King Limited Statement of Financial Position at 31 December 2020 2019 %24 Current Assets Cash %24 104,000 360,000 180,000 260,000 Accounts receivable Inventory Prepayments Total current assets 400,000 50.000 390.000 460.000 30000 954,000 Non-Current Assets Land Plant and eqguipment Accumulated depreciation - Plant and equipment Total non-current assets 1,500,000 1400,000 (500.000) 1,200,000 1,000,000 (400,000) 2400000 3,354,000 1800.000 2,690,000 Total assets Current Liabilities Accounts payable Accrued expenses Income taxes payable Total current liabilities 260,000 136,000 180,000 576,000 296,000 126,000 220.000 642.000 Non-Current Liabilities Long-term bank loan payable Total llabilities 700,000 1,276,000 600,000 1.242.000 Common Stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity B00,000 648,000 1448.000 2.690.000 1100,000 978,000 2.078,000 3,354.000 King Limited Statement of Profit or Loss For Year Ended 31 December 2020 Sales revenue Cost…
Dec 31' Dec 31' Period Ending 2019 2020 Current Assets Cash And Cash Equivalents 3,803,377.00 3,310'509.00 Short Term Investments 10.000 100,000 Net Receivables 2,595,746.00 2,812,421.00 Inventory 551'244.00 646'295.00 Prepayments 252'852.00 207'662.00 Total Current Assets 7,213'289.00 7,318'652.00 Current Liabilities Accounts Payable 1'038'953.00 999'675.00 Short/Current Long Term Debt 1'563'378.00 1'519'483.00 Accruala 1'664'679.00 1'546'993.00 Total Current Liabilities 4'267'010.00 4'066'151.00 What is the Current Ratio for 2020 Select one: O a. 1.3:1 O b. 2.5:1 O c. 1.5:1 O d. 1.8:1
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