The following information is available concerning Ambot Corp.’s expected result in 2020: Total sales on account................................................................................ P900,000 Total cash ……………………………………………….. 30,000 Total non-current assets ………………………………. 370,000 Net profit margin............................................................................. 10% Inventory turnover …………………………………………. 4 times Debt ratio ………………………………………………… 40% No. Of days collection period............................... 73 days (based on 365 days) Gross profit margin ……………………………………….. 40% Current ratio ………………………………………………….. 3.0:1 Required: With the above information, construct an income statement and balance sheet with as much as detail as possible. (Show necessary computations)
The following information is available concerning Ambot Corp.’s expected result in 2020:
Total sales on account................................................................................ P900,000
Total cash ……………………………………………….. 30,000
Total non-current assets ………………………………. 370,000
Net profit margin............................................................................. 10%
Inventory turnover …………………………………………. 4 times
Debt ratio ………………………………………………… 40%
No. Of days collection period............................... 73 days (based on 365 days)
Gross profit margin ……………………………………….. 40%
Required: With the above information, construct an income statement and
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