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
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 8PB: The following select financial statement information from Vortex Computing. Compute the accounts...
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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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1e00f0f5-6a8b-4d4b-b8a0-de906847644e%2F91197c13-ac13-4e03-840d-ba4a504225f6%2Fg0xdlgi_processed.jpeg&w=3840&q=75)
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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1e00f0f5-6a8b-4d4b-b8a0-de906847644e%2F91197c13-ac13-4e03-840d-ba4a504225f6%2Faja2ked_processed.jpeg&w=3840&q=75)
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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