The comparative statements of Enchanted Ltd are presented here.
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ENCHANTED LTD |
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|
Statement of profit or loss |
||
|
for the years ended 30 June |
||
|
2019 |
2020 |
|
|
Net sales |
$1340000 |
$1180000 |
|
Cost of sales |
656600 |
542800 |
|
Gross profit |
683400 |
637200 |
|
Selling and administrative expense |
300696 |
439668 |
|
Finance costs |
27336 |
57348 |
|
Profit before income tax |
355368 |
140184 |
|
Income tax expense |
95949 |
35046 |
|
Profit for the period |
$259419 |
$105138 |
|
ENCHANTED LTD |
||
|
Statement of financial position |
||
|
as at 30 June |
||
|
Assets |
2019 |
2020 |
|
Current assets |
||
|
Cash |
77000 |
70000 |
|
Accounts receivable (net) |
219000 |
270000 |
|
Inventory |
47000 |
40420 |
|
Total current assets |
343000 |
380420 |
|
Non-current assets |
||
|
Property, plant and equipment (net) |
562400 |
706800 |
|
Total assets |
$905400 |
$1087220 |
|
Liabilities and equity |
||
|
Current liabilities |
||
|
Accounts payable |
$288000 |
$261000 |
|
Income taxes payable |
51812 |
19275 |
|
Total current liabilities |
339812 |
280275 |
|
Non-current liabilities |
||
|
Loan payable |
437100 |
394800 |
|
Total liabilities |
776912 |
675075 |
|
Equity |
||
|
Share capital |
89942 |
284380 |
|
Retained earnings |
38546 |
127765 |
|
Total equity |
128488 |
412145 |
|
Total liabilities and equity |
$905400 |
$1087220 |
All sales were on account.. The weighted
average number of shares is 17988.
Homework Answers
Enchanted Ltd
| Sl no | Formula | ||
| a | Earnings per share | net profit/weighted average equity shares |
105,138/17,988 = $ 5.84 |
| b | Return on equity | net profit/average equity |
105,138/(128,488+412,145)/2 = 105,138/270,316.5 = 38.89% |
| c | Return on assets | net profit/average assets |
105,138/(1087,220+905,400)/2 = 105,138/996,310 = 10.55% |
| d | Current ratio | current assets/current liabilities |
380,420/280,275 = 1.36 : 1 |
| e | Quick ratio | quick assets/current liabilities |
(70,000+270,000)/280,275 = 1.21 : 1 |
| f | Debtors inventory | net sales/average debtors |
1180,000/(270,000+219,000)/2 = 1180,000/244,500 = 4.83 times |
| g | Average collection period | 365/debtors turnover |
365/4.83 = 75.57 days |
| h | Inventory turnover | cost of goods sold/average inventory |
542,800/(40,420+47,000)/2 = 542,800/43,710 = 12.42 times |
| i | Average days in inventory | 365/ inventory turnover |
365/12.42 = 29.39 days |
| j | Times interest earned | operating income/interest |
(140,184+57,348)/57,348 = 197,532/57,348 = 3.44 times |
| k | Assets turnover | net sales/average assets |
1180,000/996,310 = 1.18 times |
| l | Debt to total assets | total liabilities/total assets |
675,075/1087,220 = 0.62 : 1 |
Add Answer to:
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