1. Given: Net Sales P7,500,000, beginning total assets P3,200,000, asset turnover 2.5. Compute the ending balance of total assets 2. B Company provided the balance sheet below:Cash225 Accounts payable150Accounts receivable600 Accruals250Inventory475 Notes payable425Current assets1,300 Current liabilities825Net fixed assets1,000 Long-term debt625 Common equity325 Retained earnings525Total assets2,300 Total liab. & equity2300Compute for the Acid-test ratio. (2 decimal places) 3. The Company provided the following financial information:Assets 7,250,800.00Tax rate35%BEP14%ROA4% Compute for the TIE ratio. Use 4 decimal places for your final answer.

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Answered: iven: Net Sales P7,500,000, beginning…

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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1. Given: Net Sales P7,500,000, beginning total assets P3,200,000, asset turnover 2.5. Compute the ending balance of total assets

2. B Company provided the balance sheet below:

Cash	225	Accounts payable	150
Accounts receivable	600	Accruals	250
Inventory	475	Notes payable	425
Current assets	1,300	Current liabilities	825
Net fixed assets	1,000	Long-term debt	625
		Common equity	325
		Retained earnings	525
Total assets	2,300	Total liab. & equity	2300

Compute for the Acid-test ratio. (2 decimal places)

3. The Company provided the following financial information:

Assets	7,250,800.00
Tax rate	35%
BEP	14%
ROA	4%

Compute for the TIE ratio. Use 4 decimal places for your final answer.

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