Homework Answers
| Calculation of the ratios of Terry co before making adjustments of Bonds | ||||||
| Year 3 | Year 2 | |||||
| Debt to equity ratio | 0.949689 | 2722837/2867083 | 0.47077 | 1964250/4172420 | ||
| Current ratio | 2.054512 | 2349000/1143337 | 2.682927 | 2227500/830250 | ||
| ROA | 0.120494 | (2315273-1656360)/(5589920-121500) | ||||
| Here I assumed bonds are issued August 1 of Year 3 and 5.5% p.a | ||||||
| Journal entries are as follows | ||||||
| Debit | Credit | |||||
| Cash/Bank | 210000 | |||||
| Bonds Payable(under long term debts) | 210000 | |||||
| For Interest accrual entry as on 31/12 of Year 3 | ||||||
| Interest on Bonds(Expenses) | 4812.5 | (210000*5.5%)/12*5 | ||||
| Interest expenses payable(Current liabilities) | 4812.5 | |||||
| Calculation of the ratios of Terry co after making adjustments of Bonds | ||||||
| Year 3 | Year 2 | |||||
| Debt to equity ratio | 1.024654 | (2722837+210000)/(2867083-4812.3) | 0.47077 | 1964250/4172420 | ||
| Current ratio | 2.228804 | (2349000+210000)/(1143337+4812.5) | 2.682927 | 2227500/830250 | ||
| ROA | 0.115191 | (2315273-1656360-4812.5)/(5589920+210000-121500) | ||||
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