Perry's Carpentry Comparative Income Statement For the years ended December 31, 2016, 2015 Increase (+) Decrease (-) S's 2016 2015 Assets Current Assets Cash 7.400 4.670 3.510 21.000 200 29 380 Accounts Receivable 3,360 23,100 Inventory Prepaid Expenses 300 Total Current Assets 34,160 Fixed Assets Office Equipment 5 600 4,570 15.000 50,000 120,000 189.570 Vehicles 40.100 Land Building Total Capital Equipment 50.000 120.000 215.700 Total Assets 249.860 218. 950 Liabilities Current Liabilities Accounts Payable Total Current Liabilities 1,760 1.760 2,010 2.010 Long-Term Liabilities Long-term bank loan Mortgage Payable Total Long-Term Liabilities 21 400 54,000 75 400 10,000 64,850 64,850 Total Liabilities 77 160 66.860 Owner's Equity 172.700 152.090 G. Perry, Capital Total Liabilities and Owner's 249.860 218,950

Perry's Carpentry Comparative Income Statement For the years ended December 31, 2016, 2015 Increase (+) Decrease (-) S's 2016 2015 Assets Current Assets Cash 7.400 4.670 3.510 21.000 200 29 380 Accounts Receivable 3,360 23,100 Inventory Prepaid Expenses 300 Total Current Assets 34,160 Fixed Assets Office Equipment 5 600 4,570 15.000 50,000 120,000 189.570 Vehicles 40.100 Land Building Total Capital Equipment 50.000 120.000 215.700 Total Assets 249.860 218. 950 Liabilities Current Liabilities Accounts Payable Total Current Liabilities 1,760 1.760 2,010 2.010 Long-Term Liabilities Long-term bank loan Mortgage Payable Total Long-Term Liabilities 21 400 54,000 75 400 10,000 64,850 64,850 Total Liabilities 77 160 66.860 Owner's Equity 172.700 152.090 G. Perry, Capital Total Liabilities and Owner's 249.860 218,950

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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What is the current ratio? I got 7.2:1
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