Homework Answers
| Income Statement for the year ended Dec 31, 2018: | |||
| Amount $ | |||
| Sales | 3700 | ||
| Less: COGS: | |||
| Op. Inv. | 1640 | ||
| Add:Purchases | 2200 | ||
| Total available | 3840 | ||
| Less:Cl. Inv. | 2000 | ||
| COGS | 1840 | ||
| Gross Profit | 1860 | ||
| Less:Expenses: | |||
| Salaries | 640 | ||
| Depreciation | 88 | (2200/25) | |
| Interest | 175 | 150 + (1500-1426)*2/6 | |
| Total expenses | 903 | ||
| Net Income | 957 | ||
| Add:Retained Earn Op. Bal. | 1228 | ||
| Less:Dividend paid | -100 | ||
| Cl. Retained Earnings | 2085 | ||
| Balance Sheet as on Dec 31, 2018: | |||
| Assets: | Amount $ | ||
| Cash | 1100 | (490+3700-2200-640-100-150) | |
| Inventory | 2000 | ||
| Current Assets | 3100 | ||
| Plant and equipment | 2200 | ||
| Acc. Depreciation | -264 | (176+88) | |
| Total Assets | 5036 | ||
| Liabilities & ST Eq.: | Amount $ | ||
| Bonds payable (net of discount) | 1451 | (1426+25) | |
| Stockholders' equity: | |||
| Common Stock | 1500 | ||
| Retained earnings | 2085 | ||
| Total Liabilities & ST Eq.: | 5036 | ||
| Ratios: | Formula | 2017 | 2018 |
| Debt assets ratio | TD / TA | 1426/4154 = 0.34 | 1451/5036= 0.29 |
| Times interest earned ratio | EBIT/Int. exp. | (500+169)/169=3.96 times | (957+175)/175= 6.47 times |
| Note: The bond discount has been amortised on Straight line method. | |||
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