Homework Answers
| Please give positive ratings so I can keep answering. It would help me a lot. Please comment if you have any query. Thanks! |
| Sole Trader | |
| Answer a | |
| Classified Balance Sheet | |
| Assets | Amount $ |
| Current Assets | |
| Cash | 10,920.00 |
| Account Receivable Net | 19,350.00 |
| Trading Stock | 45,840.00 |
| Current Assets | 76,110.00 |
| Long Term Investments | |
| Investment in shares | 2,200.00 |
| Long Term Investments | 2,200.00 |
| Property, plant, and equipment | |
| Land and Building | 9,170.00 |
| Equipment (net) | 15,570.00 |
| Total Property, plant, and equipment | 24,740.00 |
| Intangible assets | |
| Goodwill | 10,250.00 |
| Intangible assets | 10,250.00 |
| Total Assets | 113,300.00 |
| Liabilities & Owners' Equity | |
| Current Liabilities | |
| Sundry creditors and accruals | 77,600.00 |
| Current Liabilities | 77,600.00 |
| Long Term Liabilities | |
| Total Long Term Liabilities | - |
| Total Liabilities | 77,600.00 |
| Owners' Equity | |
| Capital | 28,400.00 |
| Profit for the year | 7,300.00 |
| Total Owners' Equity | 35,700.00 |
| Total Liabilities & Owners' Equity | 113,300.00 |
| Quick Assets | 2019 |
| Current Assets | 76,110.00 |
| Less: | |
| Trading Stock | 45,840.00 |
| Quick Assets | 30,270.00 |
| Ans b | |
| Current Ratio | 0.98 |
| Current Assets/Current Liabilities | |
| Current ratio is less than 1 so it is not satisfactory. | |
| Ans c | |
| Quick Ratio | 0.39 |
| Quick Assets/Current Liabilities | |
| Quick ratio is less than 1 so it is not satisfactory. | |
| Ans d | |
| Working capital is used to determine if business is overtrading. | |
| Working Capital | (1,490.00) |
| Current Assets less Current Liabilities | |
| As Working capital is negative so the business is overtrading. | |
| Ans e | |
| Profitability ratio | |
| Profitability margin | 25.70% |
| Profit for the year/Capital | |
| So Profitability ratio is 25.70% |
Add Answer to:
The balance sheet of a sole trader revealed the following position. Fixed Assets R R Land...
The balance sheet of a sole trader revealed the following position.
Fixed AssetsLand and buildingsR9 170REquipment at cost less depreciation 15 570Goodwill at cost less amounts written off 10 250 34 990Investment in shares at cost 2 200Current AssetsRRTrading stock45 840Sundry debtors less bad debts written off19 350Cash at bank10 92076 110113 300=ALess: Current LiabilitiesRSundry creditors and accruals77 600=L35 700Owner's InterestRRCapital28 400Profit for the year7 30035 700=0RequiredAnswer the following questions:(a) Are the assets correctly classified? If not, re-arrange them and give your reasons for doing this.(b) What is the current ratio?...
- BA is a sole trader. The business's trial balance on 31 December 2018 is as...
- BA is a sole trader. The business's trial balance on 31 December 2018 is as follows: Debit Credit Capital 121,600 22,000 Motor vehicles at cost Depreciation to 1 January 2018 Equipment at cost Depreciation to 1 January 2018 Inventory as at1 January 2018 Trade receivables Trade payables 44,000 102,000 15,000 9,000 22,500 51,000 42,000 Sundry expenses 8,500 14,000 5,000 64,000 Heating and lighting Wages and salaries 3,300 428,000 302,000 2,000 Purchases returns Carriage inwards Carriage outwards Provision for doubtful...
solve all ratios SMOLIRA GOLF CORP. Balance Sheet as of December 31, 2011 ASSETS LIABILITIES &...
solve all ratios
SMOLIRA GOLF CORP. Balance Sheet as of December 31, 2011 ASSETS LIABILITIES & OWNER'S EQUITY Current Assets Rs. 710 Current Liabilities: Accounts Payable Rs 1215 2106 Receivable Inventory Total Notes Payable R$7798 TOCA 230 Rs.2, 163 Fixed Assets Net plant and Equipment Long-term debt Rs 4,190 Rs. 18.584 Owner's Equity Common Stock and pald-in surplus Retained Earnings Rs 10 000 Rs 10 029 Rs 20.029 Total Total Assets Rs.26,382 Total Rs.26.382 SMOLIRA GOLF CORP. Income Statement as...
Please refer to Table 4−1 for the following questions. Stewart Company Balance Sheet Assets: ...
Please refer to Table 4−1 for the following questions. Stewart Company Balance Sheet Assets: Cash and marketable securities $600,000 Accounts receivable 900,000 Inventories 1,500,000 Prepaid expenses 75,000 Total current assets $3,075,000 Fixed assets 8,000,000 Less: accum. depr. (2,075,000) Net fixed assets $5,925,000 Total assets $9,000,000 Liabilities: Accounts payable $800,000 Notes payable 700,000 Accrued taxes 50,000 Total current liabilities $1,550,000 Longminus−term debt...
Ms Sade is a trader operating under the name of 'SA Traders'. She informs you that...
Ms Sade is a trader operating under the name of 'SA Traders'. She informs you that she consistently adds 33% to the cost of all goods which she sells in order to arrive at selling prices. She presents you with the following financial statements for the years ended 31 March 2000 and 2001. INCOME STATEMENT 2001 2000 Sales net Less cost of sales Gross profit Discount received 471 100 360 900 110 200 1 700 111 900 93 420 18...
You are given the following data on the balance sheet of a company: Assets 455,000 Debt...
You are given the following data on the balance sheet of a company: Assets 455,000 Debt 155,000 Equity 300,000 Total assets 455,000 Total liabilities 455,000 The cost of debt capital is 4% and the cost of equity is 13%. The risk free rate is 3% and the expected return on the market index is 7%. What is the weighted average cost of capital for the company? What is the beta of the assets of the company? Suppose the firm changes...
US Republic Corporation balance sheet, December 31, 20X3 ASSETS Cash Accounts receivable Inventory Fixed assets, net...
US Republic Corporation balance sheet, December 31, 20X3 ASSETS Cash Accounts receivable Inventory Fixed assets, net Total assets LIABILITIES AND SHAREHOLDERS’ EQUITY $ 1,000,000 5,000,000 7,000,000 17,000,000 $30,000,000 Notes payable, bank Accounts payable Accrued wages and taxes Long-term debt Preferred stock Common stock Retained earnings Total liabilities and shareholders’ equity $ 4,000,000 2,000,000 2,000,000 12,000,000 4,000,000 2,000,000 4,000,000 $30,000,000 $16,000,000 4,000,000 $20,000,000 $16,800,000 $ 3,200,000 1,200,000 $ 2,000,000 240,000 $ 1,760,000 2,600,000 $ 4,360,000 360,000 $ 4,000,000 INDUSTRY NORMS 225%...
The following figures relate to a hospitality business. 35% of all sales and 80% of all...
The following figures relate to a hospitality business. 35% of all sales and 80% of all purchases are on credit. Using accepted ratios and percentages comment on the gross and net profits, the current ratio and the acid test, debtors and creditors payment periods, stock turnover, and return on capital employed. Trading and profit and loss account for year ending December 31st 2014 £000's 2014 60,000 24,000 36,000 15.000 21,000 9.750 11,250 Sales Cost of sales Gross profit Wages Net...
UESTION 4 Ida Brown opened a business by the name of 'Craft for Africa' in Green...
UESTION 4 Ida Brown opened a business by the name of 'Craft for Africa' in Green market Square Cape Town. She bought all her wood frames, wire for toys, African beads and paint aterials from a local supplier. She runs a big business which caters for the tourism dustry and she also exports goods to overseas countries. afer to the financial statements below and answer the questions, OTE: Make use of figures before tax and show ALL the calculations. ICOME...
Ms. Sade is a trader Operating under the name of 'SA Traders'. She informs you that...
Ms. Sade is a trader Operating under the name of 'SA Traders'. She informs you that she consistently adds 33 1/3% to the costs of all goods which she sells in order to arrive at Selling prices. She presents you with the following financial statements for the year ended 31 March 2000 and 2001. INCOME STATEMENT 2001 2000 Sales net 471 100 Less cost of sales 360 900 Gross profit 110 200 Discount received 1700 111 900 Operating expenses 93...
- BA is a sole trader. The business's trial balance on 31 December 2018 is as follows: Debit Credit Capital 121,600 22,000 Motor vehicles at cost Depreciation to 1 January 2018 Equipment at cost Depreciation to 1 January 2018 Inventory as at1 January 2018 Trade receivables Trade payables 44,000 102,000 15,000 9,000 22,500 51,000 42,000 Sundry expenses 8,500 14,000 5,000 64,000 Heating and lighting Wages and salaries 3,300 428,000 302,000 2,000 Purchases returns Carriage inwards Carriage outwards Provision for doubtful...
solve all ratios
SMOLIRA GOLF CORP. Balance Sheet as of December 31, 2011 ASSETS LIABILITIES & OWNER'S EQUITY Current Assets Rs. 710 Current Liabilities: Accounts Payable Rs 1215 2106 Receivable Inventory Total Notes Payable R$7798 TOCA 230 Rs.2, 163 Fixed Assets Net plant and Equipment Long-term debt Rs 4,190 Rs. 18.584 Owner's Equity Common Stock and pald-in surplus Retained Earnings Rs 10 000 Rs 10 029 Rs 20.029 Total Total Assets Rs.26,382 Total Rs.26.382 SMOLIRA GOLF CORP. Income Statement as...
Ms Sade is a trader operating under the name of 'SA Traders'. She informs you that she consistently adds 33% to the cost of all goods which she sells in order to arrive at selling prices. She presents you with the following financial statements for the years ended 31 March 2000 and 2001. INCOME STATEMENT 2001 2000 Sales net Less cost of sales Gross profit Discount received 471 100 360 900 110 200 1 700 111 900 93 420 18...
The following figures relate to a hospitality business. 35% of all sales and 80% of all purchases are on credit. Using accepted ratios and percentages comment on the gross and net profits, the current ratio and the acid test, debtors and creditors payment periods, stock turnover, and return on capital employed. Trading and profit and loss account for year ending December 31st 2014 £000's 2014 60,000 24,000 36,000 15.000 21,000 9.750 11,250 Sales Cost of sales Gross profit Wages Net...
UESTION 4 Ida Brown opened a business by the name of 'Craft for Africa' in Green market Square Cape Town. She bought all her wood frames, wire for toys, African beads and paint aterials from a local supplier. She runs a big business which caters for the tourism dustry and she also exports goods to overseas countries. afer to the financial statements below and answer the questions, OTE: Make use of figures before tax and show ALL the calculations. ICOME...
Ms. Sade is a trader Operating under the name of 'SA Traders'. She informs you that she consistently adds 33 1/3% to the costs of all goods which she sells in order to arrive at Selling prices. She presents you with the following financial statements for the year ended 31 March 2000 and 2001. INCOME STATEMENT 2001 2000 Sales net 471 100 Less cost of sales 360 900 Gross profit 110 200 Discount received 1700 111 900 Operating expenses 93...
Most questions answered within 3 hours.
-
What is meant by a “term premium”?
What can explain such a premium? Is it a...
asked 1 hour ago -
23. Which molecule has only covalent bonds? A. CO2 B. Al2O3 C.
Mg3N2
24. The octet...
asked 1 hour ago -
the
total pressure for a mixture of N2O4 and NO2 is 2.20 atm. If Kp=
7.10...
asked 1 hour ago -
Delaware Corp. prepared a master budget that included $22,385
for direct materials, $28,600 for direct labor,...
asked 1 hour ago -
For pesticide HCB (hexachlorobenzene), its logarithmic partition
coefficient log Kow is 5.6. What would be the...
asked 1 hour ago -
A chemist requires 0.422 mil Na2CO3 for a reaction. How many
grams does this correspond to?
asked 2 hours ago -
If the vapor pressure of carvone is approximately 9.4 torr at 99
°C, approximately how much...
asked 2 hours ago -
A juice bottling company is carrying out a test at 10%
significance that the mean population...
asked 2 hours ago -
What is the reflectivity (in percent) needed to keep water at a
temperature near its freezing...
asked 2 hours ago -
Suppose that the average surface temperature of Earth is 300K.
Assume this is uniform over its...
asked 2 hours ago -
Draw the condensed structural formula for alkenes and alkynes or
the line-angle structural formula for cycloalkenes...
asked 2 hours ago -
M. Laing has suggested a new arrangement of the periodic table
(J.Chem.Ed.1989, 66,
746). Answer the following...
asked 2 hours ago