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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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What are the Current and Non Current Assets, Non and Current Liabilities, Equity and the totalS. PLs do ignore the right sude

Transcribed Image Text:SHARPE COMPANY
Activity #2
COMPARATIVE STATEMENT OF FINANCIAL POSITION ACCOUNTS
As OF DECEMBER 31
Additional information for
Debit Balances
Sharpe Company's Statement of
Financial Position are as follows:
2010
2009
$ 70,000
155,000
75,000
55,000
70,000
145,000
40,000
Cash
$ 51,000
Accounts Receivable
Merchandise Inventory
Equity Investments (non-trading)
Equipment
Buildings
130,000
61,000
85,000
48,000
145,000
25,000
Credit Sales
21
Cost of Goods Sold
12
Solve for:
1. Current Ratio
2. Quick Ratio
3. Working Capital
4. Inventory Turn-Over
5. Days of Inventory
Land
Totals
$610,000
$545,000
Credit Balances
$ 10,000
21,000
37,000
66,000
12,000
62,000
310,000
92,000
$ 8,000
14,000
28,000
60,000
10,000
70,000
260,000
95,000
$545,000
Allowance for Doubtful Accounts
6. Accounts Receivable Turn-
Accumulated Depreciation-Equipment
Accumulated Depreciation-Building
Accounts Payable
Income Taxes Payable
Long-Term Notes Payable
Share Capital-Ordinary
Retained Earnings
7. Days of Receivable
Show your solution, there will be a
additional point for the solution.
Totals
$610,000
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