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1. Using the data below, create two financial statements; the Income Statement and Balance Sheet, and...

1. Using the data below, create two financial statements; the Income Statement and Balance Sheet, and then use the information to create a common-sized financial statements and then for the current year calculate the ratios/measurements listed below.

Working Capital, Current Ratio, Acid-test Ratio, Accounts Receivable Turnover, Average collection period, Inventory turnover, Debt to equity ratio, gross margin percentage, net profit margin percentage, and return on assets.

The dollar amounts are for this year (2019) and last year (2018)

Accounts Payable 3160 | 2160

Accounts Receivable 2700 | 1600

Cash 960 | 1260

Common stock $par 5000 | 5000

Cost of goods sold 12600 | 9900

Income Tax Rate 30% | 30%

interest Expense 360 | 300

Inventory 3900 | 2700

Marketable securities 360 | 300

Note Payable due in 18 mo. and 24 respectively 6700 | 6500

Plant, Property, Equipment net 9300 | 8940

Prepaid Expenses 200 | 480

Retained Earnings unknown | 1320

Sales 15750 | 12480

Selling and Administrative expenses 1590 | 1560

Wages payable 400 | 300  

business   accounting   
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Answer #1

Income Statement Calculation 2019 (% of Sales) 2018 (% of Sales) 100.00% 79.33% 20.67% 12.50% 2.40% 5.77% 1.73% 4.04% 2019 (% of Sales) 2018 (% of Sales -15,750/15,750*100-12,480/12,480*100 12,600/15,750*100-9,900/12,480*100 :3,150/15,750*100-2,580/12,480*100 2019 2018 Sales Cost of goods sold Gross profit Selling and Administrative expenses interest Expense Net profit before tax Income tax expense 30% Net profit 15,750 12,600 3,150 1,590 360 1,200 360 840 100.00% 12,480 80.00% 9.900 20.00% 2,580 10.10% 1,560 300 720 216 504 2.29% 7.62% 2.29% 5.33% Statement of Retained Earnings Beginning Balance Net Profit Ending Balance 1,320 840 2,160Balance Sheet Calculation 2019 (% of Assets) 960/17,420*100 2019 (% of Assets) 2018 2018 (% of Assets) 2018 (% of Assets) Assets Current Assets Cash Accounts Receivable Inventory Prepaid Expenses Marketable securities Total Current Assets 2019 8.25% 10.47% 17.67% 3.14% 1.96% 41.49% 1,260/15,280*100 -2,700/17,420*100-1,600/15,280*100 960 2,700 3,900 200 360 8,120 5.51% 1,260 15.50% 1,600 22.39% 2,700 1.15% 480 2.07% 300 46.61% 6.340 Non-Current Assets Plant, Property, Equipment net 9,300 53.39% 8,940 58.51% Total Assets 17,420 100.00% 15,280 100.00% Liabilities Current Liabilities Accounts Payable Wages payable Total Current Liabilities 14.14% 1.96% 16.10% 3,160/17,420*100 -400/17,420*100-300/15,280*100 2,160/15,280*100 3,160 400 3,560 18.14% 2,160 2.30% 300 20.44% 2,460 Non-Current Liabilities Note Payable due in 18 mo. and 24 respectively Total Liabilities 38.46% 6,500 58.90% 8,960 6,700 42.54% 10,260 58.64% Stockholders Equity Common stock Spar Retained Earnings Total Stockholders Equity 5,000 2,160 7,160 28.70% 5,000 12.40% 1,320 41.10% 6,320 32.72% 8.64% 41.36% Total Liabilities & Stockholders Equity 17,420 100.00% 15,280 100.00%2019 Ratios Working Capital Current Assets Current Liabilities Working Capital 2019 Formula 8,120 3,560 4,560 -8,120-3,560 Current Assets less Current Liabilties Current Ratio 2.28 -8,120/3,560 Current Assets/Current Liabilties Acid Test Ratio Current Asset Inventory Prepaid Expenses Quick Assets Acid Test Ratio 8,120 (3,900) 200 4,020 1.13 4,020/3,560 Current Assets less Inventory less Prepaid Expenses/ Current Liabilties Accounts Receivable Turnover ratio Average Collection period Inventory turnover ratio Debt to equity ratio Gross margin percentage Net profit margin percentage Return on assets -15750/((2700+1600)/2) Sales/Average Accounts Receivable -365/7.33 -12600/((3900+2700)/2) Cost of goods sold / Average Inventory -10260/7160 3150/15750 840/15750 -840/17420 7.33 49.83 days 365/Accounts Receivable Turnover Ratio 3.82 1.43 20.00% 5.33% 4.82% Total Liabilties/Stockholders Equity Gross Profit/Sales Net Profit/Sales Net Profit/ Total Assets

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