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JKL Company COMPARATIVE BALANCE SHEET For the Year 2015 & 2016 2015 290,000 Assets 2016 400,000 Cash Accounts Receivable 120,000 100,000 40,000 60,000 10,000 520,000 Trading Securities 20,000 80,000 Inventories Prepaid Expenses Total Current Assets 20.000 620,000 Total Non-Current 200,000 300,000 Assets Total Assets 720,000 920,000 Liabilities Total Current Liabilities 100,000 50,000 Total Non-Current Liabilities 300,000 450,000 Owner's Equity Total Owner's Equity 320.000 420,000 Total Liabilities & OE 720,000 920,000 JKL Company COMPARATIVE INCÓME STATEMENT For the Year 2015 & 2016: 2015 2016 Net Sales 700,000 900,000 (80,000) (100,000) 600,000 Cost of Goods Sold 820,000 Gross Profit Operating Expenses (50,000) (120,000) Earnings Before Interest and Taxes 550,000 700,000 - Interest Expense (10,000) (50,000 NI before Tax 540,000 650,000 - Income Tax [162,000) (195,000) Net Income 378,000 455,000

JKL Company COMPARATIVE BALANCE SHEET For the Year 2015 & 2016 2015 290,000 Assets 2016 400,000 Cash Accounts Receivable 120,000 100,000 40,000 60,000 10,000 520,000 Trading Securities 20,000 80,000 Inventories Prepaid Expenses Total Current Assets 20.000 620,000 Total Non-Current 200,000 300,000 Assets Total Assets 720,000 920,000 Liabilities Total Current Liabilities 100,000 50,000 Total Non-Current Liabilities 300,000 450,000 Owner's Equity Total Owner's Equity 320.000 420,000 Total Liabilities & OE 720,000 920,000 JKL Company COMPARATIVE INCÓME STATEMENT For the Year 2015 & 2016: 2015 2016 Net Sales 700,000 900,000 (80,000) (100,000) 600,000 Cost of Goods Sold 820,000 Gross Profit Operating Expenses (50,000) (120,000) Earnings Before Interest and Taxes 550,000 700,000 - Interest Expense (10,000) (50,000 NI before Tax 540,000 650,000 - Income Tax [162,000) (195,000) Net Income 378,000 455,000

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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Compute for Gross Margin Ratio, Profit Margin Ratio, Return on Asset Ratio  in 2015 and 2016

JKL Company COMPARATIVE BALANCE SHEET For the Year 2015 & 2016 Assets 2015 2016 400,000 100,000 20,000 80,000 20.000 620,000 Cash 290,000 120,000 40,000 60,000 10,000 520,000 Accounts Receivable Trading Securities Inventories Prepaid Expenses Total Current Assets Total Non-Current 200,000 300,000 Assets Total Assets 720,000 920,000 Liabilities Total Current Liabilities 100,000 50,000 Total Non-Current Liabilities 300,000 450,000 Owner's Equity Total Owner's Equity 320,000 420,000 Total Liabilities & OE 720,000 920,000 JKL Company COMPARATIVE INCÓME STATEMENT For the Year 2015 & 2016: 2015 2016 Net Sales 700,000 900,000 Cost of Goods Sold (100,000) (80,000) Gross Profit 600,000 820,000 Operating Expenses (50,000) (120,000) Earnings Before Interest 550,000 and Taxes 700,000 Interest Expense (10,000) (50,000 650,000 [195,000) NI before Tax 540,000 Income Tax (162,000) Net Income 378,000 455,000
Transcribed Image Text:JKL Company COMPARATIVE BALANCE SHEET For the Year 2015 & 2016 Assets 2015 2016 400,000 100,000 20,000 80,000 20.000 620,000 Cash 290,000 120,000 40,000 60,000 10,000 520,000 Accounts Receivable Trading Securities Inventories Prepaid Expenses Total Current Assets Total Non-Current 200,000 300,000 Assets Total Assets 720,000 920,000 Liabilities Total Current Liabilities 100,000 50,000 Total Non-Current Liabilities 300,000 450,000 Owner's Equity Total Owner's Equity 320,000 420,000 Total Liabilities & OE 720,000 920,000 JKL Company COMPARATIVE INCÓME STATEMENT For the Year 2015 & 2016: 2015 2016 Net Sales 700,000 900,000 Cost of Goods Sold (100,000) (80,000) Gross Profit 600,000 820,000 Operating Expenses (50,000) (120,000) Earnings Before Interest 550,000 and Taxes 700,000 Interest Expense (10,000) (50,000 650,000 [195,000) NI before Tax 540,000 Income Tax (162,000) Net Income 378,000 455,000
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