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QUESTION TWO [20] Complete the 2017 Statement of Financial Statement (balance sheet) for Sutherland Industries using the information that follows. Statement of Financial Statement (Balance Sheet) Sutherland Industries December 31, 2017 Cash Marketable securities R50,000 Notes payable R60,000 Accounts payable R240,000 Accounts receivable Accruals 40,000 Inventories Total current liabilities Total current assets Long-term debt Net fixed assets Total assets Stockholders' equity 1 200,000 Total liabs & owners' equity The following financial data for end 2017 is also available: i. Sales totalled R3, 600,000. ii. The gross profit margin was 25%. iii. Inventory turnover was 6.0. iv. There are 360 days in the year. v. The average collection period is 40 days. vi. The current ratio was 1.60. vii. The total asset turnover ratio was 1.20. viii. The debt ratio was 60%.

QUESTION TWO [20] Complete the 2017 Statement of Financial Statement (balance sheet) for Sutherland Industries using the information that follows. Statement of Financial Statement (Balance Sheet) Sutherland Industries December 31, 2017 Cash Marketable securities R50,000 Notes payable R60,000 Accounts payable R240,000 Accounts receivable Accruals 40,000 Inventories Total current liabilities Total current assets Long-term debt Net fixed assets Total assets Stockholders' equity 1 200,000 Total liabs & owners' equity The following financial data for end 2017 is also available: i. Sales totalled R3, 600,000. ii. The gross profit margin was 25%. iii. Inventory turnover was 6.0. iv. There are 360 days in the year. v. The average collection period is 40 days. vi. The current ratio was 1.60. vii. The total asset turnover ratio was 1.20. viii. The debt ratio was 60%.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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QUESTION TWO [20] Complete the 2017 Statement of Financial Statement (balance sheet) for Sutherland Industries using the information that follows. Statement of Financial Statement (Balance Sheet) Sutherland Industries December 31, 2017 Cash Marketable securities R50,000 Notes payable R60,000 Accounts payable R240,000 Accounts receivable Accruals 40,000 Inventories Total current liabilities Total current assets Long-term debt Net fixed assets Total assets Stockholders' equity 1 200,000 Total liabs & owners' equity The following financial data for end 2017 is also available: i. Sales totalled R3, 600,000. ii. The gross profit margin was 25%. iii. Inventory turnover was 6.0. iv. There are 360 days in the year. v. The average collection period is 40 days. vi. The current ratio was 1.60. vii. The total asset turnover ratio was 1.20. viii. The debt ratio was 60%.
Transcribed Image Text:QUESTION TWO [20] Complete the 2017 Statement of Financial Statement (balance sheet) for Sutherland Industries using the information that follows. Statement of Financial Statement (Balance Sheet) Sutherland Industries December 31, 2017 Cash Marketable securities R50,000 Notes payable R60,000 Accounts payable R240,000 Accounts receivable Accruals 40,000 Inventories Total current liabilities Total current assets Long-term debt Net fixed assets Total assets Stockholders' equity 1 200,000 Total liabs & owners' equity The following financial data for end 2017 is also available: i. Sales totalled R3, 600,000. ii. The gross profit margin was 25%. iii. Inventory turnover was 6.0. iv. There are 360 days in the year. v. The average collection period is 40 days. vi. The current ratio was 1.60. vii. The total asset turnover ratio was 1.20. viii. The debt ratio was 60%.
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