FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question
What is Ratio Corporation's
Question 1 options:
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|
None of these options |
|
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$38,000 |
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$80,000 |
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$42,000 |
Transcribed Image Text:RATIO CORPORATION
BALANCE SHEET
December 31
ASSETS
2021
2020
Current Assets
$20,000
$18,000
8,000
30,000
4,000
$80,000
Cash
$10,000
$13,000
5,000
25,000
5,000
$58,000
Marketable Securities
Accounts Receivable
Merchandise Inventory
Other Current Assets
Total Current Assets
Noncurrent Assets
Buildings and Equipment (cost) $550,000
(210,000)
$340,000
$420,000
$500,000
(200,000)
$300,000
$358,000
Accumulated Depreciation
Buildings and Equipment (net)
TOTAL ASSETS
LIABILITIES & SHAREHOLDERS
EQUITY
Current Liabilities
Accounts Payable
Wages Payable
Other Payables
$18,000
11,000
9,000
$38,000
$15,000
1,000
12,000
$28,000
Total Current Liabilities
Noncurrent Liabilities
Bonds Payable
$208,000
$246,000
$160,000
$188,000
TOTAL LIABILITIES
Transcribed Image Text:Shareholders' Equity
Common Stock
$4,000
$70,000
100,000
$174,000
$2,000
$50,000
118,000
$170,000
APIC
Retained Earnings
Total Shareholders' Equity
TOTAL LIAB. &
SHAREHOLDERS' EQUITY
$420,000
$358,000
RATIO CORPORATION
INCOME STATEMENT
Year End
12/31/2021
$1,000,000
(800,000)
200,000
(20,000)
180,000
(40,000)
140,000
(56,000)
$84,000
Net Sales
CGS
Profit Margin
SG&A
Operating Income
Interest Expense
Pre-Tax Income
Тах Expense @ 40%
Net Income
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