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View Full Version : Please help me fill this one... balance sheet and income statement


darkglan
Aug 12, 2010, 10:25 AM
Balance sheet
Cash 300,000 Acct.Payable 300,000
Acct.Receivable _______ Bank Loan Short term 100,000
Market Inventory _______ Long term loan _______
Fixed Assets _______ Common Stock _______
Total Assets ________ Retained earnings 400,000
Total Liabilities and Equity _______

Income statement
Sales 2,400,000
Cost of Sales ________
Gross Profit _________
Operating Expense _________
Net Operating Exp. _________
Interest _____________
Income before Tax ___________
Income Tax ______________
Net Income ____________

Ratios:
Current ratio 2.10
Quick ratio 1.60
Times interest earned 6.00
Net working capital _____
Acct. Receivable Turnover _________
Inventory turnover __________
Debt to equity ratio 1.0
Gross profit ratio .30
Return on equity .02
Return on total assets ___________

morgaine300
Aug 13, 2010, 07:54 PM
Write down all the equations. (i.e. current ratio = current assets/current liabilities.) Include your accounting equation as that may come in handy. Then start plugging in everything you have, including the answers to equations you have.

Somewhere you'll have something where you've got two of three numbers and can solve for the third, or where you've got a percent you can use, etc. Once you solve for something, see if that plugs in somewhere else, etc.

For instance, you can easily solve for gross profit and then cost of goods sold right off the bat.

Give it a try and see how far you can get.