What are the Current and Non Current Assets, Non and Current Liabilities, Equity and the totalS. PLs do ignore the right sude SHARPE COMPANYActivity #2COMPARATIVE STATEMENT OF FINANCIAL POSITION ACCOUNTSAs OF DECEMBER 31Additional information forDebit BalancesSharpe Company's Statement ofFinancial Position are as follows:20102009$ 70,000155,00075,00055,00070,000145,00040,000Cash$ 51,000Accounts ReceivableMerchandise InventoryEquity Investments (non-trading)EquipmentBuildings130,00061,00085,00048,000145,00025,000Credit Sales21Cost of Goods Sold12Solve for:1. Current Ratio2. Quick Ratio3. Working Capital4. Inventory Turn-Over5. Days of InventoryLandTotals$610,000$545,000Credit Balances$ 10,00021,00037,00066,00012,00062,000310,00092,000$ 8,00014,00028,00060,00010,00070,000260,00095,000$545,000Allowance for Doubtful Accounts6. Accounts Receivable Turn-Accumulated Depreciation-EquipmentAccumulated Depreciation-BuildingAccounts PayableIncome Taxes PayableLong-Term Notes PayableShare Capital-OrdinaryRetained Earnings7. Days of ReceivableShow your solution, there will be aadditional point for the solution.Totals$610,000

The balance sheet represents the financial position of the business on a particular date.

SHARPE COMPANY COMPARATIVE STATEMENT OF FINANCIAL POSITION ACCOUNTS AS OF DECEMBER 31 Debit Balances 2010 2009 $ 70,000 155,000 75,000 55,000 70,000 145,000 40,000 $ 51,000 130,000 61,000 85,000 48,000 145,000 25,000 Cash Accounts Receivable Merchandise Inventory Equity Investments (non-trading) Equipment Buildings Land Totals $610,000 $545,000 Credit Balances $ 10,000 21,000 37,000 $ 8,000 14,000 Allowance for Doubtful Accounts Accumulated Depreciation-Equipment Accumulated Depreciation-Building Accounts Payable Income Taxes Payable Long-Term Notes Payable Share Capital-Ordinary Retained Earnings 28,000 60,000 10,000 70,000 260,000 95,000 66,000 12,000 62,000 310,000 92,000 Totals $610,000 $545,000

SHARPE COMPANY COMPARATIVE STATEMENT OF FINANCIAL POSITION ACCOUNTS AS OF DECEMBER 31 Debit Balances 2010 2009 $ 70,000 155,000 75,000 55,000 70,000 145,000 40,000 $ 51,000 130,000 61,000 85,000 48,000 145,000 25,000 Cash Accounts Receivable Merchandise Inventory Equity Investments (non-trading) Equipment Buildings Land Totals $610,000 $545,000 Credit Balances $ 10,000 21,000 37,000 $ 8,000 14,000 Allowance for Doubtful Accounts Accumulated Depreciation-Equipment Accumulated Depreciation-Building Accounts Payable Income Taxes Payable Long-Term Notes Payable Share Capital-Ordinary Retained Earnings 28,000 60,000 10,000 70,000 260,000 95,000 66,000 12,000 62,000 310,000 92,000 Totals $610,000 $545,000

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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