Current assets Cash Accounts receivable (gross) Allowance for bad debts Net accounts receivable Inventory Supplies Prepaid...

  

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Current assets Cash Accounts receivable (gross) Allowance for bad debts Net accounts receivable Inventory Supplies Prepaid rent Total Current assets Non-current assets Equipment Less: Accumulated depreciation Total non-current assets TOTAL ASSETS Current liabilities Accounts payable Loan payable - Short Term Unearned Revenue Total current liabilities Non-current liabilities Loan payable - Long Term Mortgage Total non-current liabilities TOTAL LIABILITIES Shareholders' Equity Contributed capital Retained earnings Total Shareholder's Equity TOTAL LIABILITIES & SHAREHOLDERS'S EQUITY Sameera's Accounting Services Comparative Balance Sheets As at 30/06/2021 173,692 (21,200) 124,536 152,492 11,675 400 5000 150,000 (16,000) 332,100 10,000 19,579 33,000 7,000 20,000 6,424 294,103 134,000 438,103 361,679 40,000 401,679 26,424 428,103 As at 30/06/2020 96,411 (5,200) 82,145 91,211 7,325 275 2,500 150,000 (8,000) 224,254 0 10,329 2,000 0 20,000 68,873 183,456 142,000 325,456 234,583 2,000 236,583 88,873 325,456 1)Complete a Vertical analysis of the "Unearned revenue" account using the balance sheet as at 30/06/2021. Round the percentage change to one decimal place (1 mark). 3 2) Calculate the allowance ratio for the year ending 30 June 2021 for Sameera's Accounting Service. Round the percentage change to one decimal place (1 mark). Current assets Cash Accounts receivable (gross) Allowance for bad debts Net accounts receivable Inventory Supplies Prepaid rent Total Current assets Non-current assets Equipment Less: Accumulated depreciation Total non-current assets TOTAL ASSETS Current liabilities Accounts payable Loan payable - Short Term Unearned Revenue Total current liabilities Non-current liabilities Loan payable - Long Term Mortgage Total non-current liabilities TOTAL LIABILITIES Shareholders' Equity Contributed capital Retained earnings Total Shareholder's Equity TOTAL LIABILITIES & SHAREHOLDERS'S EQUITY Sameera's Accounting Services Comparative Balance Sheets As at 30/06/2021 173,692 (21,200) 124,536 152,492 11,675 400 5000 150,000 (16,000) 332,100 10,000 19,579 33,000 7,000 20,000 6,424 294,103 134,000 438,103 361,679 40,000 401,679 26,424 428,103 As at 30/06/2020 96,411 (5,200) 82,145 91,211 7,325 275 2,500 150,000 (8,000) 224,254 0 10,329 2,000 0 20,000 68,873 183,456 142,000 325,456 234,583 2,000 236,583 88,873 325,456 1)Complete a Vertical analysis of the "Unearned revenue" account using the balance sheet as at 30/06/2021. Round the percentage change to one decimal place (1 mark). 3 2) Calculate the allowance ratio for the year ending 30 June 2021 for Sameera's Accounting Service. Round the percentage change to one decimal place (1 mark).

Answer rating: 100% (QA)

Step 1 Vertical Analysis It is the common size analysis of the financial statements ... View the full answer