GJ CompanyTrial BalanceJanuary 31, 2021Account TitlesDebitCreditCash33, 450Accounts receivable – R. GilAccounts receivable – M. Soriano1200Repair tools30, 000Repair supplies15, 000Furniture and fixtures16, 500Service equipmentAccounts payable – Cruz furniture120, 000Notes payable – Cruz furnitureG. Alajar, CapitalG. Alajar, Drawing8, 250190, 0003, 500Service income28, 400Advertising expense1, 500Salaries expense2, 000Utilities expense1, 500Rent expense2, 000Total226, 650226, 650 ApplyDirections: Answer the following by substituting the formula given. Interpret the result of yourcomputation. Refer to the balances in your balance sheet to get the answer.1. Debt ratio : Total Debt0%Total AssetsInterpretation:2. Current Ratio : Current AssetsCurrent LiabilitiesInterpretation:3.Debt to Equity Ratio : Total DebtEquityInterpretation:0/%4. Equity ratio : Total EquityTotal AssetsInterpretation:

The financial position of the company can be arrived from the income statement prepared by the…

GJ Company Trial Balance January 31, 2021 Account Titles Debit Credit Cash 33, 450 Accounts receivable – R. Gil Accounts receivable – M. Soriano 1200 Repair tools 30, 000 Repair supplies 15, 000 Furniture and fixtures 16, 500 Service equipment 120, 000 Accounts payable - Cruz furniture Notes payable – Cruz furniture 8, 250 G. Alajar, Capital 190, 000 G. Alajar, Drawing 3, 500 Service income 28, 400 Advertising expense Salaries expense Utilities expense 1, 500 2, 000 1, 500 Rent expense 2, 000 Total 226, 650 226, 650

GJ Company Trial Balance January 31, 2021 Account Titles Debit Credit Cash 33, 450 Accounts receivable – R. Gil Accounts receivable – M. Soriano 1200 Repair tools 30, 000 Repair supplies 15, 000 Furniture and fixtures 16, 500 Service equipment 120, 000 Accounts payable - Cruz furniture Notes payable – Cruz furniture 8, 250 G. Alajar, Capital 190, 000 G. Alajar, Drawing 3, 500 Service income 28, 400 Advertising expense Salaries expense Utilities expense 1, 500 2, 000 1, 500 Rent expense 2, 000 Total 226, 650 226, 650

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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