Question

Total Time: 75 mins les for the Midterm: 1. Switch off your cell phones and keep it on the corner of your desk 2. Read All the Questions carefully before attempting the answers 3 Solve the answers on the sheets provided. 4. Use your own calculator, sharing of calculators will not be allowed. 5. No questions will be entertained during the Midterm. Choose any 3 Questions Financial Data for Swatch Co. shoes December 31, 2018 $206.250 300,000 5,000 442.500 Inventory Long-term debt Interest expense Accumulated depreciation Cash 180,000 1,500,000 800,000 225,000 525,000 187.500 Net sales (all credit) Common stock Accounts receivable Operating expenses Notes payable-current Cost of goods sold Plant and equipment Accounts payable Retained carnings-current-year Federal income taxes 937.500 1.312,500 168,750 25000 5.750 I: Calculate the following a. Current Assets b. Current Liabilities c. Operating Prolit d. Net Profit e. Total Assets (1+1+It1+1-5 Marks

Answer 1

1.
=Inventory+Cash+Accounts Receivable
=206250+180000+225000
=611250

2.
=Accounts payable+Notes payable
=187500+168750
=356250

3.
=Net sales-COGS-Operating Expenses
=1500000-937500-525000
=37500

4.
=Net sales-COGS-Operating Expenses-Interest-Federal income taxes
=1500000-937500-525000-5000-5750
=26750

5.
=Inventory+Cash-Accumulated Depreciation+Accounts receivable+Plant and equipment
=206250+180000-442500+225000+1312500
=1481250