Cash and cash equivalentsAdvertisingTrade receivablesGross revenueTrade and other payablesBuildings (net)Cost of salestoto au Short-term notes payableRetained earnings(December 31, 2011)Finance costsLandOffice salariesShare capitalLeaseInsuranceDepreciation (Administration)Income tax expenseDividends paidMOIT Interest income TENInventoriesSales salaries5,000 BRUTU50,000 L DITA15,000650,00012,000100,000300,00010,00040,00010,00025,00070,00015,00020,00010,00020,00010,000 DIE10,00015,00020,000100,000ADD orld hasMNGOMIMEQuestions a1. Prepare the following financial statements:haoABX3magnola. Statement of incomeb. Retained earnings (section of the statement of changes in equity)c. Statement of financial position2. Calculate the company's cash flow for the year. NELAn accountant employed by Zimmerman Electronics Inc. was reviewing the followingbalances shown in the company's ledgers for 2012:MortgagePrepaid insuranceMarketable securitiesSales returns$80,0002,0005,00050,000

Financial statements of the company are prepared for the stakeholders to take a decision about the…

An accountant employed by Zimmerman Electronics Inc. was reviewing the following balances shown in the company's ledgers for 2012: Mortgage Prepaid insurance Marketable securities Sales returns $80,000 2,000 5,000 50,000

An accountant employed by Zimmerman Electronics Inc. was reviewing the following balances shown in the company's ledgers for 2012: Mortgage Prepaid insurance Marketable securities Sales returns $80,000 2,000 5,000 50,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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A Corporation had the following data concerning selected financial data taken from the records listed below.For the year ended December 312021 2020Cash 80,000 640,000Note and account receivable 400,000 1,200,000Merchandise Inventory 720,000 1,200,000Marketable Securities 240,000 80,000Land and Building (net) 2,720,000 2,880,000Bond Payable 2,160,000 2,240,000Account Payable 560,000 880,000Note Payable Short Term 160,000 320,000Sales (20% cash, 80% credit) 18,400,000 19,200,000Cost of Good Sold 8,000,000 11,200,000Required : Compute the following ratios1. current ratio as of December 31,20212. Quick ratio as of December 31, 20213. Account Receivable Turnover ratio for 20214. Merchandise inventory turn over for 20215. The Gross margin for 20206. the average age of account Receivable for 2021( use 360 days
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