The condensed balance sheet as of December 31, 1982 of San Matias Company is given below. Figures shown by a question mark (?) may be computed from the additional information given: 1. The balance of inventory of San Matias as of December 31, 1982 is?2. The balance of trade receivable-net is? ASSETSLIAB. & STOCKHOLDERS' EQUITYAccounts payableCurrent notes payableLong-term payableCommon stockCashP 60,000P ?Trade receivable-net?40,000InventoryFixed assets-net??252,000140,000Retained earningsTotal L & SHETotal AssetsP 480,000P 480,000Additional information:Current ratio (as of Dec. 31, 1982)Ratio of total liabilities to total stockholders' equityInventory turnover based on sales and ending inventoryInventory turnover based on cost of goods sold and ending inventoryGross margin for 19821.9 to 11.415 times10 timesP500,000

Ending inventory is the amount of inventory which is not sold in the current year. It is shown in…

Answered: P 60,000 ? Accounts payable Current…

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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The condensed balance sheet as of December 31, 1982 of San Matias Company is given below. Figures shown by a question mark (?) may be computed from the additional information given:

1. The balance of inventory of San Matias as of December 31, 1982 is?

2. The balance of trade receivable-net is?

ASSETS
LIAB. & STOCKHOLDERS' EQUITY
Accounts payable
Current notes payable
Long-term payable
Common stock
Cash
P 60,000
P ?
Trade receivable-net
?
40,000
Inventory
Fixed assets-net
?
?
252,000
140,000
Retained earnings
Total L & SHE
Total Assets
P 480,000
P 480,000
Additional information:
Current ratio (as of Dec. 31, 1982)
Ratio of total liabilities to total stockholders' equity
Inventory turnover based on sales and ending inventory
Inventory turnover based on cost of goods sold and ending inventory
Gross margin for 1982
1.9 to 1
1.4
15 times
10 times
P500,000

Definition Definition Difference in value of a country's net exports and net imports for goods and services in a given period. A positive balance of trade is called a surplus and coincides with more net cash inflows into a country; a negative balance of trade deficit is a deficit and results in net cash outflows. A balance of trade surplus or deficit doesn't necessarily indicate a positive or negative situation for a country.

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