The balance sheet and income statement for Joe's Fish Hut are presented below: Joe's Fish Hut...
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The balance sheet and income statement for Joe's Fish Hut are presented below: Joe's Fish Hut Balance Sheet As at February 28 ASSETS Current Assets Cash Accounts receivable Inventory Total Current Assets Property and equipment Less: Accumulated depreciation TOTAL ASSETS 2021 Shareholders' Equity Common shares Retained earnings TOTAL SHAREHOLDERS' EQUITY TOTAL LIABILITIES AND EQUITY 2020 $193,888 $65,900 $23,600 $15,000 $22,100 $27,600 $239,588 $108,500 $130,000 $182,000 $-29,100 $-22,300 $340,488 $268,200 LIABILITIES AND EQUITY Liabilities Current Liabilities Accounts payable $31,700 $35,100 Notes Payable - Current Portion $7,800 $7,800 Total Current Liabilities $39,500 $42,900 Notes Payable - Long-Term Portion $82,000 $44,000 TOTAL LIABILITIES $121,500 $86,900 $75,000 $54,400 $143,988 $126,900 $218,988 $181,300 $340,488 $268,200 Joe's Fish Hut Income Statement For the Year Ended February 28, 2021 Sales $133.000 Cost of Sales $87,600 Gross Profit $45,400 Operating Expenses Insurance Expense Rent Expense Salaries Expense Telephone Expense Interest Expense Depreciation Expense Total Operating Expenses Operating Profit Before Tax Income Tax Expense Net Profit (Loss) $1,140 $5,190 $4,010 $670 $1,300 $6,800 $19,110 $26,290 $9,202 $17,088 Complete the following ratio analysis. Do not enter dollar signs or commas in the input boxes. Round all answers to 2 decimal places. a) Calculate the current ratio for 2021. Current Ratio: b) Calculate the quick ratio for 2021. Quick Ratio: c) Calculate the working capital for 2021. Working Capital: The balance sheet and income statement for Joe's Fish Hut are presented below: Joe's Fish Hut Balance Sheet As at February 28 ASSETS Current Assets Cash Accounts receivable Inventory Total Current Assets Property and equipment Less: Accumulated depreciation TOTAL ASSETS 2021 Shareholders' Equity Common shares Retained earnings TOTAL SHAREHOLDERS' EQUITY TOTAL LIABILITIES AND EQUITY 2020 $193,888 $65,900 $23,600 $15,000 $22,100 $27,600 $239,588 $108,500 $130,000 $182,000 $-29,100 $-22,300 $340,488 $268,200 LIABILITIES AND EQUITY Liabilities Current Liabilities Accounts payable $31,700 $35,100 Notes Payable - Current Portion $7,800 $7,800 Total Current Liabilities $39,500 $42,900 Notes Payable - Long-Term Portion $82,000 $44,000 TOTAL LIABILITIES $121,500 $86,900 $75,000 $54,400 $143,988 $126,900 $218,988 $181,300 $340,488 $268,200 Joe's Fish Hut Income Statement For the Year Ended February 28, 2021 Sales $133.000 Cost of Sales $87,600 Gross Profit $45,400 Operating Expenses Insurance Expense Rent Expense Salaries Expense Telephone Expense Interest Expense Depreciation Expense Total Operating Expenses Operating Profit Before Tax Income Tax Expense Net Profit (Loss) $1,140 $5,190 $4,010 $670 $1,300 $6,800 $19,110 $26,290 $9,202 $17,088 Complete the following ratio analysis. Do not enter dollar signs or commas in the input boxes. Round all answers to 2 decimal places. a) Calculate the current ratio for 2021. Current Ratio: b) Calculate the quick ratio for 2021. Quick Ratio: c) Calculate the working capital for 2021. Working Capital:
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Related Book For
Financial Reporting and Analysis
ISBN: 978-0078025679
6th edition
Authors: Flawrence Revsine, Daniel Collins, Bruce, Mittelstaedt, Leon
Posted Date:
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