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5. Items due on the fourth due date a. Six of the following fourteen ratios from Chapter 12 must be calculated based on the financial statements and show comparative information for the two years. The ratios must be calculated using the financial information for this project. Ratios are found in Chapter 12 of the text book. v. Times Interest Earned Ratio vi. Long-term Debt to Equity Ratio Vii Debt to Equity Ratio vili. Long-term Debt to Total Assets IX. Accounts Receivable Turnover Ratio X. Inventory Ratio xi. Asset Turnover Ratio xii. Gross Profit Percentage View Toy! Type here to search ot a DI AutoSave Draw Home Insert Formulas File Data View Page Layout Review Help Home Calibri General 11 A A Paste BIU A $ % 9 38-43 Conditional Forma Formatting Table Styles Clipboard Font Number Alignment A16 fi F G H B C D E 1 A. Sports shop 2 Trial Balance statement 3 Jan. 1, 2021 4 Account Debit Credit 5 Cash 12,000 6 Supplies 2,000 7 Prepaid Insurance 1,000 8 Inventory 15,000 9 Equipment 6,600 10 Land and Building 60,600 11 Account Payable 20,000 12 Note Payable 40,000 13 Common Stock 20,600 14 Retained Earnings 10,000 15 90,600 90,600 16 17 18 19 20 21 Scoring Description General Journal General Ledger Trial Balance Balance sheet First .. Type here to search a project part 4 e Search AutoSave O Data Formulas Review View Help File Home Insert Draw Page Layout X General Calibri 11 - AA a. A $ -% -58 - Paste Conditional Form Formatting Table Styles Number Font e Alignment Clipboard F15 fi G F H D E 30,000 6,600 60,000 50,000 90,600 20,000 20,000 B 12 Total current assets 13 Property, plant and equipment: 14 Equipment 15 Building 15 Total property, plant, and equipment 17 Total assets 18 Liabilities: 19 Accounts Payable 20 Total current Liabilities 21 Long Term Liabilities: 22 Notes Payable 23 Total Liabilities 24 Sockholders Equity 25 Common stock 26 Total Stockholders Equity 27 Retained Earnings 28 Liabilities and Stockholders Equity 29 30 31 32 40,000 60,000 20,600 20,600 10,000 90,600 + Scoring Description General Journal General Ledger Trial Balance Balance sheet Type here to search o 1 - a Auto project part Formula Review View Help Home Page Layout General 3 lite from Conditional to Formatting - $ -% 923 M H D 1 Revenues 2 Sales Revenue 100.000 100,000 4 Total Revenue 5 7 Expenses Rent Expense Salary expense 10 Utility Expense 11 Insurance Expense 12 13 Total Expenses 22,000 16,000 2.000 1.000 41,000 59,000 15 Net Income 16 18 19 20 21 General Journal First Year Income Statement General Ledger Trial Balance Balance sheet O Type here to search 1 Bio E Liabilities Current Liabilities: Accounts Payable Salary Payable Unearned Revenue Notes Payable 6,000 21,000 10,000 2,000 Total Current Liabilities: 39,000 Long-term Liabilities Building Lease 12,000 Total long-term Liabilities: 12,000 51,000 Total Liabilities Stockholder's Equity Common Stock Retained Earnings otal Stockholder's Equity 17,000 6,000 23,000 Journal Enti Trial Balance Balance sheet First Year Income Statement Ending Balance Sheet . Calibri General 11 A A == 20 BI UB A Paste $ % 488 Clipboard 5 Font KT Alignment Number F6 X A B C D E F G 4 5 Sales Revenue 250,000 Several of these amounts are not supported by Ge 6 Less: Sales returnes and allowances 15,000 7 Less: Sales discounts 12,000 8 Net sales 223,000 9 Less: Cost of goods sold 27,000 10 Gross profit 196,000 11 Operating expense 12 Rent expense 22,000 13 Utility expense 6,000 14 Salary expense 17,000 15 Insurance expense 2,000 16 Depretiation expense 4,000 17 Total operating expense 51,000 18 Income from operations 145,000 19 Non-Operating expense 20 Interest Expense 15,000 21 Total Non-Oporating Expense 130,000 22 Income Before Tax 23 Less: Income Tax Expense 30,000 24 Net Income 100,000 Ending Balance Sheet Journal Entries - Income Stmt. Income Statement for year 2 Type here to search O 222 E G A B C D F H A. Sports Shop Balance Sheet As on December 31st . Assets 5 Cash 30,000 Does not tie to the General Led Accounts Recievable 40,000 Does not tie to the General Led 3. Supplies 4,000 Does not tie to the General Led e Prepaid rent 2,000 Does not tie to the General Led 0 Total current Assets 76,000 1 Total Property Plant and Equiptment 2 Equipment 29,000 Does not tie to the General Led 3 Less: Accumulated Depretiation -12,000 17,000 Does not tie to the General Led 4 Building 70,000 Does not tie to the General Led 5 Less: Accumulated Depretiation -22,000 48,000 Does not tie to the General Led 6 Total Property Plant and Equiptment 65,000 7 Total Assets 141,000 8 abilities and Stockholder's Equity 9 Current Liabilities 0 Accounts Payable 22,000 Does not tie to the General Lec 1 Salary payable 5,000 Does not tie to the General Lec Journal Entries - Income Stmt. Income Statement for year 2 2nd year, ending balance s Type here to search O project part 4 Search AutoSave ON 8 Data Review Formulas View Help File Home Insert Draw Page Layout 9 General X Calibri -11 - A A Conditic Formattir $ % Paste BIU Alignment 19 Number Font Clipboard F fo 022 G H Does not tie to the General Ledger. 65,000 141,000 Does not tie to the General Ledger. Does not tie to the General Ledger, Does not tie to the General Ledger. 30,000 c D E F 15 Less: Accumulated Depretiation -22,000 48,000 6 Total Property Plant and Equipment 17 Total Assets 1B Liabilities and Stockholder's Equity 19 Current Liabilities 20 Accounts Payable 22,000 21 Salary payable 5,000 22 Unearned Revenue 3,000 23 Total Current Liabilities 24 Long Term Liabilities 25 Notes Payble 30,000 26 Mortgage 55,000 27 Total Long term Liabilities 28 Total abilities 29 Common Sock 7,000 30 Retianed Earnings 19,000 31 Total Sockholder's Equity 32 Total Liabilities and Stockholders Equity 33 34 35 Does not tle to the General Ledger. Does not tie to the General Ledger. 85,000 Doesn't tie to last year's Retained E 26,000 141,000 Journal Entries - Income Stmt. Income Statement for year 2 2nd year, ending balance sheet Type here to search o

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