The accounting information collected from the MCM company is detailed in the attached tables. Prepare the following: a-General Balance as of September 30, 2010 b- Statement of the cost of goods sold for the month of September 2010 c-Income statement for the month of September 2010 d-Calculate the following financial ratios: Current ratio, acid test ratio, participation ratio, profit margin. Financial information was collected for the month of September 210 for the company MCM. Balance Bills to pay $35000 receivable accounts $29000 bonds payable $110000 buildings (net value) $605000 cash on hand $17000 dividends payable $8000 inventary $31000 terrain $450000 long-term mortgage payable $450000 retained earnings $154000 stock values $375000 transaction in september 2010 category Amount workforce $50000 bills insurance $20000 sales $62000 rent and maintenance $40000 salary $110000 others $62000 total $294000 income taxes $20000 finished goods inventory as of September 1, 2010 $25000 finished goods inventory as of September 30, 2010 $50000 materials inventory as of September 1, 2010 $46000 materials inventory as of September 30, 2010 $25000 Purchasing of materials $20000 indirect costs of manufacturing $75000 sales income $500000
The accounting information collected from the MCM company is detailed in the attached tables. Prepare the following: a-General Balance as of September 30, 2010 b- Statement of the cost of goods sold for the month of September 2010 c-Income statement for the month of September 2010 d-Calculate the following financial ratios: Current ratio, acid test ratio, participation ratio, profit margin. Financial information was collected for the month of September 210 for the company MCM. Balance Bills to pay $35000 receivable accounts $29000 bonds payable $110000 buildings (net value) $605000 cash on hand $17000 dividends payable $8000 inventary $31000 terrain $450000 long-term mortgage payable $450000 retained earnings $154000 stock values $375000 transaction in september 2010 category Amount workforce $50000 bills insurance $20000 sales $62000 rent and maintenance $40000 salary $110000 others $62000 total $294000 income taxes $20000 finished goods inventory as of September 1, 2010 $25000 finished goods inventory as of September 30, 2010 $50000 materials inventory as of September 1, 2010 $46000 materials inventory as of September 30, 2010 $25000 Purchasing of materials $20000 indirect costs of manufacturing $75000 sales income $500000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The accounting information collected from the MCM company is detailed in the attached tables. Prepare the following:
a-General Balance as of September 30, 2010
b- Statement of the cost of goods sold for the month of September 2010
c-Income statement for the month of September 2010
d-Calculate the following financial ratios:
Financial information was collected for the month of September 210 for the company MCM.
| Balance | |
| Bills to pay | $35000 |
| receivable accounts | $29000 |
| bonds payable | $110000 |
| buildings (net value) | $605000 |
| cash on hand | $17000 |
| dividends payable | $8000 |
|
inventary |
$31000 |
| terrain | $450000 |
| long-term mortgage payable | $450000 |
| $154000 | |
| stock values | $375000 |
transaction in september 2010
| category | Amount | |
| workforce | $50000 | |
| bills | ||
| insurance | $20000 | |
| sales | $62000 | |
| rent and maintenance | $40000 | |
| salary | $110000 | |
| others | $62000 | |
| total | $294000 | |
| income taxes | $20000 | |
| finished goods inventory as of September 1, 2010 | $25000 | |
| finished goods inventory as of September 30, 2010 | $50000 | |
| materials inventory as of September 1, 2010 | $46000 | |
| materials inventory as of September 30, 2010 | $25000 | |
| Purchasing of materials | $20000 | |
| indirect costs of manufacturing | $75000 | |
| sales income | $500000 |
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