Financial statements are given below David Quinn Clanachan ASSETS Current Assets: Cash Accounts Receivable Allowance for Doubtful
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Financial statements are given below
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David Quinn Clanachan ASSETS Current Assets: Cash Accounts Receivable Allowance for Doubtful Accounts Net Accounts Receivable Inventory Cash Equivalents Total Current Assets Long-Lived (Fixed) Assets: Buildings Less Accumulated Depreciation Buildings Net Book Value Buildings Property and Equipment Less Accumulated Depreciaton P&E Net Book Value P&E Total Long-Lived (Fixed) Assets TOTAL ASSETS LIABILITES Current Liabilities: Accounts Payable Unearned Revenue Accrued Interest Payable Notes Payable Total Current Liabilities Long-Term Liabilities Loan Payable Bonds Payable Total Long-Term Liabilities TOTAL LIABILITIES IN INC EQUITY Common Shares Retained Earnings TOTAL EQUITY TOTAL LIABILITIES AND EQUITY Company Ltd. Balance Sheet At December 31, 2021 $ 25,000.00 $ 750.00 $ 200,000.00 $ 136,718.75 S 316,000.00 $ 142,595.00 $ 8,214.00 $ $ S 16,505.00 1,637.81 70,000.00 $ 3,000.00 $ 60,000.00 $ 200,000.00 $ 50,576.75 $ $ $ $ $ $ $ $ $ 80,010.56 24,250.00 63,000.00 5,986.75 173,247.31 63,281.25 173,405.00 236,686.25 409,933.56 96,356.81 63,000.00 159,356.81 250,576.75 409,933.56 David Quinn Clanachan Company Ltd. Income Statement For the Quarter Ending December 31, 2021 REVENUE Sales Revenue Sales Returns Sales Discounts Net Sales Inventory Used Gross Profit EXPENSES Sales and Admin Expenses: Advertising Rent Office Supplies Wages Total S & A Expenses Operating Income $ $ $ Depreciation Expense Income Tax Expense $ $ $ Other Revenue & Expenses Rental Revenue Interest Expense NET INCOME (PROFIT/LOSS) 800,000.00 3,458.00 925.00 25,000.00 90,000.00 8,000.00 156,000.00 $ $ $ $ $ $ $ $ $ 795,617.00 125,000.00 670,617.00 279,000.00 391,617.00 3,000.00 612.50 15,000.00 39,161.70 339,842.80 David Quinn Clanachan ASSETS Current Assets: Cash Accounts Receivable Allowance for Doubtful Accounts Net Accounts Receivable Inventory Cash Equivalents Total Current Assets Long-Lived (Fixed) Assets: Buildings Less Accumulated Depreciation Buildings Net Book Value Buildings Property and Equipment Less Accumulated Depreciaton P&E Net Book Value P&E Total Long-Lived (Fixed) Assets TOTAL ASSETS LIABILITES Current Liabilities: Accounts Payable Unearned Revenue Accrued Interest Payable Notes Payable Total Current Liabilities Long-Term Liabilities Loan Payable Bonds Payable Total Long-Term Liabilities TOTAL LIABILITIES IN INC EQUITY Common Shares Retained Earnings TOTAL EQUITY TOTAL LIABILITIES AND EQUITY Company Ltd. Balance Sheet At December 31, 2021 $ 25,000.00 $ 750.00 $ 200,000.00 $ 136,718.75 S 316,000.00 $ 142,595.00 $ 8,214.00 $ $ S 16,505.00 1,637.81 70,000.00 $ 3,000.00 $ 60,000.00 $ 200,000.00 $ 50,576.75 $ $ $ $ $ $ $ $ $ 80,010.56 24,250.00 63,000.00 5,986.75 173,247.31 63,281.25 173,405.00 236,686.25 409,933.56 96,356.81 63,000.00 159,356.81 250,576.75 409,933.56 David Quinn Clanachan Company Ltd. Income Statement For the Quarter Ending December 31, 2021 REVENUE Sales Revenue Sales Returns Sales Discounts Net Sales Inventory Used Gross Profit EXPENSES Sales and Admin Expenses: Advertising Rent Office Supplies Wages Total S & A Expenses Operating Income $ $ $ Depreciation Expense Income Tax Expense $ $ $ Other Revenue & Expenses Rental Revenue Interest Expense NET INCOME (PROFIT/LOSS) 800,000.00 3,458.00 925.00 25,000.00 90,000.00 8,000.00 156,000.00 $ $ $ $ $ $ $ $ $ 795,617.00 125,000.00 670,617.00 279,000.00 391,617.00 3,000.00 612.50 15,000.00 39,161.70 339,842.80
Expert Answer:
Answer rating: 100% (QA)
4A Receivables Turnover Ratio Net Sales Average Accounts Receivable 795617 25000 02 3281 4B Days to Collect 365 Receivables Turnover Ratio 365 3281 11 4C Fixed Asset Turnover Ratio Net Sales Net Prope... View the full answer
Related Book For
Financial Accounting Tools for Business Decision Making
ISBN: 978-1119368458
7th Canadian edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine
Posted Date:
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