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II. Given the income statement and statement of financial position of TimTam Tom se Trading, compute the missing information given the following additional information: Additional information: All sales are on credit. 1. of the compa POOS b 2. The current ratio on December 31, 2019, is 3.0. 3. The receivables turnover for 2019 is 10 times. svods er to enon 4. The inventory turnover for 2019 is 4.8 times. 5. The net profit margin for 2019 is 14.5%. Show computations in good form. POS deas d con olls al gniwollot edi to bidW 2 boris 29162 99679VA 21922A IstoT 93619 viornsvill ena S VÀ D ratios is useful in determining efficiency in inver

II. Given the income statement and statement of financial position of TimTam Tom se Trading, compute the missing information given the following additional information: Additional information: All sales are on credit. 1. of the compa POOS b 2. The current ratio on December 31, 2019, is 3.0. 3. The receivables turnover for 2019 is 10 times. svods er to enon 4. The inventory turnover for 2019 is 4.8 times. 5. The net profit margin for 2019 is 14.5%. Show computations in good form. POS deas d con olls al gniwollot edi to bidW 2 boris 29162 99679VA 21922A IstoT 93619 viornsvill ena S VÀ D ratios is useful in determining efficiency in inver

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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II. Given the income statement and statement of financial position of Tim Tam Tom se Trading, compute the missing information given the following additional information: Additional information: 1. All sales are on credit. 2. The current ratio on December 31, 2019, is 3.0. POOS b 3. The receivables turnover for 2019 is 10 times. vods er to emon s 4. The inventory turnover for 2019 is 4.8 times. 5. The net profit margin for 2019 is 14.5%. Show computations in good form. POS deas d of the company 02 Net Sales Cost of Goods Sold Gross Profit Selling and administrative expenses Operating Income Income tax expense Net income offs al gaiwolloted to doidW 2 boris 29162 99619VA 21922A IstoT 93619 .5 votneval 969VÁ in determining efficiency in inveniu Tim Tam Tom Trading 9b61T 99819 b Income Statement For the Year Ended December 31, 2019 Period nigrM h .9 Soldet villidsong 2019. doiW nigsM JHOT 6. gans (?) d 556,250 (?) lowing is not a soleancy DM140,000 b P Sasol mail frenadai ya of vilde ayaqmos & animisto onSTIW T oftstide 6 OSTV3 d oder viupa 0 100 5
Transcribed Image Text:II. Given the income statement and statement of financial position of Tim Tam Tom se Trading, compute the missing information given the following additional information: Additional information: 1. All sales are on credit. 2. The current ratio on December 31, 2019, is 3.0. POOS b 3. The receivables turnover for 2019 is 10 times. vods er to emon s 4. The inventory turnover for 2019 is 4.8 times. 5. The net profit margin for 2019 is 14.5%. Show computations in good form. POS deas d of the company 02 Net Sales Cost of Goods Sold Gross Profit Selling and administrative expenses Operating Income Income tax expense Net income offs al gaiwolloted to doidW 2 boris 29162 99619VA 21922A IstoT 93619 .5 votneval 969VÁ in determining efficiency in inveniu Tim Tam Tom Trading 9b61T 99819 b Income Statement For the Year Ended December 31, 2019 Period nigrM h .9 Soldet villidsong 2019. doiW nigsM JHOT 6. gans (?) d 556,250 (?) lowing is not a soleancy DM140,000 b P Sasol mail frenadai ya of vilde ayaqmos & animisto onSTIW T oftstide 6 OSTV3 d oder viupa 0 100 5
Assets Current Assets Cash Trade Receivable Tim Tam Tom Trading Statement of Financial Position As of December 31 Merchandise Inventory Total Current Assets Property, Plant, and Equipment (net) Total Assets Liabilities and Owner's Equity Current Liabilities Trade Payable Non-Current Liabilities Loan Payable Total Liabilities Owner's Equity Total Liabilities and Owner's Equity 2019 112,500 (?) P 1,155,000 (?) (?) (?) 850,000 2018 93,750 237,500 430,000 P 761,250 988,750 1,750,000 206,250 700,000 P 906,250 843,750 1,750,000 PART Review of Journal Entrie poral Ledg
Transcribed Image Text:Assets Current Assets Cash Trade Receivable Tim Tam Tom Trading Statement of Financial Position As of December 31 Merchandise Inventory Total Current Assets Property, Plant, and Equipment (net) Total Assets Liabilities and Owner's Equity Current Liabilities Trade Payable Non-Current Liabilities Loan Payable Total Liabilities Owner's Equity Total Liabilities and Owner's Equity 2019 112,500 (?) P 1,155,000 (?) (?) (?) 850,000 2018 93,750 237,500 430,000 P 761,250 988,750 1,750,000 206,250 700,000 P 906,250 843,750 1,750,000 PART Review of Journal Entrie poral Ledg
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