From the following particulars prepare trading and profit and loss account for theyear ending on 31st December, 1988 and a balance sheet as on that date.20,0001001,2008,0002,0003,4007,000CapitalInterest on investmentBills payable001SalesSundry CreditorsReturns outwardsLoanoltoDrawingPurchasesInvestmentWagesSundry DebtorsLoose ToolsCash in handCash at bank55023,0005,0504003,00045012085012,70010,000100BuildingPlant & MachineryBills receivableSalariesOffice expensesDiscountRentBad Debts1,400300450310170Freight & Carriage500200InsurancePatent rights (10 years)unexpiredReturns inwards2,000420Furniture53052,10052,100Stock on 31st December, 1988 was Rs. 3500. There were outstanding liabilities inr'espect of wages Rs. 240; salaries Rs. 190; insurance was paid in advance to the extent ofRs. 60; Depreciate plant and nachinery by 10%; furniture 5%, patents by 10% and loosetools by 25%. Make a provision for 4 months interest on loan at 8 percent P.A.

Name: From the following particulars prepare trading and profit and loss ac
Uploaded: 2024-03-05T11:47:04.000Z
Channel: Bartleby
Description: From the following particulars prepare trading and profit and loss account for theyear ending on 31st December, 1988 and a balance sheet as on that date.20,0001001,2008,0002,0003,4007,000CapitalInterest on investmentBills payable001SalesSundry Credi

Trading and Profit and loss Account for the period ending on 31 /12/1988 Particulars Amount…

Business

Accounting

From the following particulars prepare trading and profit ar ending on 31st December, 1988 and a balance sheet as on that. wing hases 1,200 Capital 8,000 2,000 Interest on investme Bills payable001 Sales stment es dry Debtors se Tools in hand h at bank 3,400 7,000 Sundry Creditors 450 Returns outwards Loan 120 850 12,700

From the following particulars prepare trading and profit ar ending on 31st December, 1988 and a balance sheet as on that. wing hases 1,200 Capital 8,000 2,000 Interest on investme Bills payable001 Sales stment es dry Debtors se Tools in hand h at bank 3,400 7,000 Sundry Creditors 450 Returns outwards Loan 120 850 12,700

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter4: The Balance Sheet And The Statement Of Shareholders' Equity

Section: Chapter Questions

Problem 16P: Ratios Analyses: McCormick Refer to the information for McCormick above. Additional information for...

See similar textbooks

Similar questions

How I can calculate in which year Office Depot has the most financial liquidity using the data
How can I calculate in which year Office Depot has the greatest financial liquidity using the data provided
The following information applies to the questions displayed below.] Simon Company's yearend balance sheets follow. Current 2 31 Assets Cash Accounts receivable , Merchandise inventory Prepaid expenses ? assets , Total assets Liabilities and Equity Bccounts payable Long-term payable secured by mortgages on plast assets Common stock, $ 10 par value earnings Total Isabilities and equity $ 31,224 89,900 115,000 10,055 277, 807 $523.985 $ 37,266 62,200 50,400 84,000 57,000 4,141 259,433 223,893 $ 451,712 372, 701 $ 131,777$ 77,103 $ 99,494 162,500 130.215 $523.986 104, 5 83,190 162,500 162,500 107.176 77.322 $ , 712 372, 70
We are given the following information for Pettit Corporation. Sales (credit) Cash Inventory Current liabilities Asset turnover Current ratio Debt-to-assets ratio Receivables turnover $2,068,000 150,000 923,000 763,000 a. Accounts receivable b. Marketable securities c. Capital assets. d. Long-term debt $ Current assets are composed of cash, marketable securities, accounts receivable, and inventory. Calculate the following balance sheet items: LA LA LA $ $ 1.00 times 2.60 times $ 40 % 4 times 517000
Category Accounts payable Accounts receivable Accruals Additional paid in capital Cash Common Stock COGS Current portion long-term debt Depreciation expense Interest expense Inventories Long-term debt Net fixed assets Notes payable Operating expenses (excl. depr.) Retained earnings Sales Taxes Prior Year Current Year ??? ??? 320,715 397,400 40,500 33,750 500,000 541,650 17,500 47,500 94,000 105,000 328,500 431,876.00 33,750 35,000 54,000 54,402.00 40,500 42,823.00 279,000 288,000 339,660.00 398,369.00 946,535 999,000 148,500 162,000 126,000 162,881.00 306,000 342,000 639,000 847,928.00 24,750 47,224.00 What is the current year's return on assets (ROA)? Submit Answer format: Percentage Round to: 2 decimal places (Example: 9.24%, % sign required. Will accept decimal format rounded to 4 decimal places (ex: 0.0924))
Problem 2 You are the controller for 21" Century Technologies. Your staff has prepared an income statement for the current year and has developed the following additional information by analyzing changes in the company's balance sheet accounts. 21 Century Technologies Income Statement For the year ended December 31, 2009 Revenue: Net Sales Interest Revenue Gain on sales of marketable securities Costs and expenses: Costs of goods sold Operating expenses (including depreciation of $225 000) Interest expense Income tax expense Loss on sales of plant assets Net Income 4,800,000 60,000 $1,000 2,430,000 1,860,000 63,000 150,000 18,000 390,000 Additional information: 1. Accounts receivable increased by $90 000 2. Accrued interest receivable decreased by $3 000 3. Inventory decreased by $90 000 and accounts payable to suppliers of merchandise decreased by $24 000 4. Short-term prepayments of operating expenses increased by $9 000 and accrued liabilities for operating expenses decreased by $12…
Find BEP.
need the calculation for debt to assets ratio, debt equity ratio, long-term debt to equity and times interest earned ratio. CURRENT ASSETS Cash and cash equivalents $ 5,910 $ 5,238 Marketable securities 406 503 Accounts receivable 10,888 9,645 Less: Allowance for credit losses (138) (93) Accounts receivable, net 10,750 9,552 Assets held for sale 1,197 0 Other current assets 1,953 1,810 Total Current Assets 20,216 17,103 Property, Plant and Equipment, Net 32,254 30,482 Operating Lease, Right-of-Use Asset 3,073 2,856 Goodwill 3,367 3,813 Intangible Assets, Net 2,274 2,167 Investments and Restricted Cash 25 24 Deferred Income Tax Assets 527 330 Other Non-Current Assets 672 1,082 Total Assets 62,408 57,857 Current Liabilities: Current maturities of long-term debt, commercial paper and finance leases 2,623 3,420 Operating Lease, Liability, Current 560 538 Accounts payable 6,455 5,555 Accrued wages and withholdings 3,569 2,552…
gopu.9
The current ratio is O a solvency measure that indicates the margin of safety for bondholders O calculated by dividing current liabilities by current assets calculated by subtracting current liabilities from current assets O used to evaluate a company's liquidity and short-term debt-paying ability Question 19 On the statement of cash flows, a $9,000 gain on the sale of fixed assets would be O added to net income in converting the net income reported on the income statement to cash flows from operating activities O deducted from net income in converting the net income reported on the income statement to cash flows from operating activities O deducted from dividends declared in converting the dividends declared to the cash flows from financing activities related to dividends O added to dividends declared in converting the dividends declared to the cash flows from financing activities related to dividends
1
please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image)