Q4. The following balances are taken from the books of company ABC at the end of...
Q4. The following balances are taken from the books of company ABC at the end of its first year trading on 31 December 2017.
Intangible Assets 22,150
Retained Earnings 20,000
Heating and Electricity machines 900
Cash 2200
Loans (due in 2020) 1500
Payables 1300
Furniture and fittings 10,000
Trucks and vehicles 8,000
Buildings and equipment 30,000
Paid in capital 45,450
Dividends declared 10,000
Goodwill 5000
- Prepare a balance sheet as at 31 December 2017.
- Based on the balance sheet created, what is their current ratio?
Homework Answers
Ans :
| Balance sheet | |||
| Current liabilities | Amount | Current assets | Amount |
| Payables | 1300 | Cash | 2200 |
| Loans | 1500 | Total current assets (A) | 2200 |
| Total current liabilities © | 2800 | Non current assets | |
| Goodwill | 5000 | ||
| Intangible assets | 22150 | ||
| Retained earnings | 20000 | Furniture and Fittings | 10000 |
| Dividend declared | 10000 | Trucks and vehicels | 8000 |
| Paid in capital | 45450 | Building and Equipment | 30000 |
| Shareholders equity (D) | 75450 | Heating and Electicity machines | 900 |
| Total non current assets (B) | 76050 | ||
| Total liabilities and shareholders equity(C+D) | 78250 | Total assets (A+B) | 78250 |
B. Current ratio = Current assets / current liabities
= $ 2200 / $ 2800
= 0.785714
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