The following ratios and other data pertain to the financial statements of theNo Forever Company for the year ended December 31, 2019.Current ratio1.75 to 1Acid-test ratio1.27 to 1Working capitalFixed assets to equity ratioInventory turnover (based on cost of closing inventory)Gross profit percentageEarnings per shareAverage age of outstanding accounts receivable (basedon calendar year of 365 days)Share capital outstandingP33,0000.625 to 14X40%PO.5073 days20,000 no parlatvalue sharesEarnings for the year as a percentage of share capitalThe company has no prepaid expenses, deferred, intangible assets or long-25%term liabilities.Required:Required. Reconstruct in as much detail as possible the company's balance sheetand income statement for the year ended December 31, 2019, show supportingcomputations in good form.Answer:

We need to calculate unknown variables for balance sheet and income statement from ratio given in…

The following ratios and other data pertain to the financial statements of the prever Company for the year ended December 31, 2019. Current ratio 1.75 to 1 Acid-test ratio 1.27 to 1 Working capital Fixed assets to equity ratio Inventory turnover (based on cost of closing inventory) Gross profit percentage Earnings per share Average age of outstanding accounts receivable (based P33,000 0.625 to 1 4X 40% PO.50 of 365 days) on calendar Share capital outstanding year 73 days 20,000 no par

The following ratios and other data pertain to the financial statements of the prever Company for the year ended December 31, 2019. Current ratio 1.75 to 1 Acid-test ratio 1.27 to 1 Working capital Fixed assets to equity ratio Inventory turnover (based on cost of closing inventory) Gross profit percentage Earnings per share Average age of outstanding accounts receivable (based P33,000 0.625 to 1 4X 40% PO.50 of 365 days) on calendar Share capital outstanding year 73 days 20,000 no par

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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