ssuming that sales and production are steady throughout a 360-day year, complete the balancesheet and income statement for Qazi Traders.
Question No.1 The following information is available on the Qazi Traders:
Cash and marketable securities Rs. 500 Accounts payable Rs. 400
Inventories ? Accruals 200
Current assets ? Current liabilities ?
Long-term debt 2650
Net Fixed Assets ?
Common stock and
earnings
3,750
Total assets ? Total liabilities and equity ?
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INCOME STATEMENT FOR 2020 (IN THOUSANDS)
Credit sales Rs.8,000
Cost of goods sold ?
Gross profit ?
Selling and administrative expenses ?
Interest expense 400
Profit before taxes ?
Taxes (44% rate) ?
Profit after taxes ?
OTHER INFORMATION ,
Net profit margin 7%
Total liabilities/shareholders’ equity 1 to 1
Average collection period 45 days
Inventory turnover ratio 3 to 1
Assuming that sales and production are steady throughout a 360-day year, complete the balancesheet and income statement for Qazi Traders.
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