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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
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 are the Current and Non Current Assets, Non and Current Liabilities, Equity and the totalS. PLs do ignore the right sude

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
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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