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-   -   Please help me fill this one... balance sheet and income statement (https://www.askmehelpdesk.com/showthread.php?t=497493)

  • Aug 12, 2010, 10:25 AM
    darkglan
    Please help me fill this one... balance sheet and income statement
    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 ___________
  • Aug 13, 2010, 07:54 PM
    morgaine300

    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.

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