According to the Financial Statements Module,

1. Prepare a Balance Sheet and an Income Statement with the following information.

2. Calculate 

i. current ratio

ii. Acid test

iii. Debt Ratio

  

Transcribed Image Text:

Inventory.... General and administrative expense.. 850 Common stock.. Cash.. Operating Expenses... Notes payable. Interest expense... Accounts payable.. 45,000 ********* Depreciation Expense .500 Net Sales. Accounts receivable. Long-term debt.. Cost of goods sold... ..900 16,550 1,350 ..5,750 ..600 4,800 ...9,600 12,800 $6,500 55,000 Inventory.... General and administrative expense.. 850 Common stock.. Cash.. Operating Expenses... Notes payable. Interest expense... Accounts payable.. 45,000 ********* Depreciation Expense .500 Net Sales. Accounts receivable. Long-term debt.. Cost of goods sold... ..900 16,550 1,350 ..5,750 ..600 4,800 ...9,600 12,800 $6,500 55,000

Answer rating: 100% (QA)

Answer 1 A balance sheet is a financial statement that reports a companys assets liabilities and sha... View the full answer