Question

Current Attempt in Progress Use the ratios below and statement of financial position to fill in the missing information. (Round debt to total assets ratio to 1 place, e.g. 2.1%.) Novak Corporation had the following comparative statements of financial position: Novak Corporation Statement of Financial Position Dec. 31, 2022 Assets Dec. 31, 2021 Current assets Cash $74,000 $79,000 Trading investments 98,000 Accounts receivable Inventory Prepaid expenses 155,000 245,000 99,000 150,500 220,000 66,000 Total current assets 671,000 Property, plant, and equipment (net) 197,000 200,000 Total assets $868,000 $ Liabilities Current liabilities Accounts payable Salaries payable $319,385 $307,000 Income tax payable 53,865 40,000 Total current liabilities Mortgage payable 56,578 76,795 Total Liabilities $ $508,795 Shareholders' Equity 275,000 57,136 275,000 69,705 Common shares Retained earnings Total liabilities and shareholders' equity $868,000 $853.500 Additional information: 2022 2021 Current ratio 1.4:1 1.5:1 Working capital $ $221,500 Debt to total assets 61.7% %

Answer 1

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А B C D E F G H 1 K L L M N 1 2 3 4 5 6 7 Novak Corporation Statement of Financial Position Dec. 31, 2022 Current assets Cash 74000 Trading investments (3) 98000 Accounts Receivable 155000 Inventory 245000 Prepaid expenses 99000 Total current assets (2) 671000 79000 138000 150500 220000 66000 Current ratio Working capital Debt to total assets 1.40 191714 61.74% 1.51 Total current assets/total current liabilities 221500 Total current assets - Total current liabilities 59.61% Total liabilities/Total Assets 9 10 Calculation must be in this order, so that there will be no confusion. 11 653500 12 13 200000 Property, plant and Equipment Total Assets (1) 197000 868000 853500 14 15 16 17 (1) (2) (3) (4) 4 (5) (6) Total assets = Total liabilities Total current assets = Total assets - Total non current assets Trading investments = Total current assets - other current assets Total liailities = Total liabilities and share holders equity - share holders equity Total current liabilities = Total liabilities - Mortgage payable Salaries payable = Total current liabilities - other current liabilities 18 Liabilities Current liabilities Accounts payable Salaries payable (6) Income tax payable Total current liabilities (5) 319385 106036 53865 307000 85000l 40000 432000l 479286 56578 19 20 21 22 23 24 25 26 27 28 Mortgage payable Total liabilities (4) 76795 508795 535864 Shareholders Equity Common shares Retained Earnings Total liabilities and share holders equity 275000 57136 275000 69705 868000 853500 29 30 Ke Sheet117 Sheet118 Sheet119 Sheet120 Sheet121 Sheet122 Sheet123 Stats

For calculation ref:

A B с D E F G H J K 1 2 3 Novak Corporation Statement of Financial Position Dec. 31, 2022 4 5 6 7 Current assets Cash Trading investments (3) Accounts Receivable Inventory Prepaid expenses Total current assets (2) 74000 98000 155000 245000 Current ratio =C11/C21 =D11/D21 Total current assets/total current liabilities Working capital =C11-C21 =D11-D21 Total current assets - Total current liabilities Debt to total assets =C24/C14 =D24/014 Total liabilities/Total Assets 79000 =D11-06-D8-D9-D10 150500 220000 66000 =D14-D13 9 9 10 Calculation must be in this order, so that there will be no confusion. 99000 671000 11 12 197000 13 14 Property, plant and Equipment Total Assets (1) 200000 1=D29 =C13+C11 (1) Total assets = Total liabilities (2) Total current assets = Total assets - Total non current assets (3) Trading investments = Total current assets - other current assets (4) Total liailities = Total liabilities and share holders equity - share holders equity (5) Total current liabilities = Total liabilities - Mortgage payable (6) Salaries payable = Total current liabilities - other current liabilities 15 16 17 18 Liabilities Current liabilities Accounts payable Salaries payable (6) Income tax payable Total current liabilities (5) 19 20 319385 307000 =C21-C20-C18 =D21-D20-D18 53865 40000 =C24-C23 =D24-D23 21 22 23 Mortgage payable Total liabilities (4) 56578 76795 =C29-C27-C28 508795 24 25 26 27 28 Shareholders Equity Common shares 275000 Retained Earnings 57136 Total liabilities and share holders equity 868000 275000 69705 853500 29 30 Sheet117 Sheet118 Sheet1 19 Sheet120 Sheet121 Sheet122 Sheet123 Stats 1