Homework Answers
| Luxury Pet Goods | ||
| Post-Closing Trial Balance | ||
| December 31, 2018 | ||
| Debit | Credit | |
| Cash | 30900 | |
| Accounts receivable | 117500 | |
| Inventory | 135900 | |
| Supplies | 6200 | |
| Prepaid insurance | 3000 | |
| Land | 150000 | |
| Building | 350000 | |
| Equipment | 115000 | |
| Accumulated depreciation | 102000 | |
| Account payable | 71700 | |
| Interest payable | 4000 | |
| Wages payable | 10200 | |
| Income taxes payable | 36150 | |
| Unearned revenue | 5000 | |
| Note payable (due Oct 1 2020) | 200000 | |
| Capital | 479450 | |
| Totals | 908500 | 908500 |
Working:
| Sales revenue | 1101000 | |
| Cost of goods sold | 710400 | |
| Gross profit | 390600 | |
| Less: Expenses | ||
| Wages expense | 196700 | |
| Advertising expense | 7000 | |
| Supplies expense | 11000 | |
| Rent expense | 12000 | |
| Insurance expense | 12000 | |
| Utilities expense | 5900 | |
| Depreciation expense | 21500 | |
| Interest expense | 4000 | |
| Income tax expense | 36150 | 306250 |
| Net income $ | 84350 |
Capital = $430100 + $84350 - $35000 = $479450
Financial ratios:
Note: All ratios have been rounded off to 2 decimal places in the absence of specific instructions regarding the same. Kindly round off as required.
| a. Return on assets = Net income/Average total assets = $84350/$782450 = 10.78% |
| Average total assets = (Beginning assets + Ending assets)/2 = ($758400 + $806500)/2 = $1564900/2 = $782450 |
| Ending assets = $908500 - $102000 = $806500 |
| b. Debt ratio = Total liabilities/Total assets = $327050/$806500 = 40.55% |
| c. Profit margin = Net income/Sales revenue = $84350/$1101000 = 7.66% |
| d. Current ratio = Current assets/Current liabilities = $293500/$127050 = 2.31 |
| Current assets = $30900 + 117500 + 135900 + 6200 + 3000 = $293500 |
| Current liabilities = $71700 + 4000 + 10200 + 36150 + 5000 = $127050 |
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Required information [The following information applies to the questions displayed below.] Starbooks Corporation provides an online bookstore for electronic books. The following is a simplified list of accounts and amounts reported in its accounting records. The accounts have normal debit or credit balances. Assume the year ended on September 30, 2018. Accounts Payable Accounts Receivable Accumulated Depreciation Cash Common Stock Deferred Revenue Depreciation Expense Equipment Income Tax Expense Interest Revenue Notes...
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