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Question 2 These financial statement items are for Splish Brothers Inc. at year-end, July 31, 2017. Salaries and wages payable Salaries and wages expense Supplies expense Equipment Accounts payable Service revenue Rent revenue Notes payable (due in 2020) Common stock Cash Accounts receivable Accumulated depreciation-equipment Dividends Depreciation expense Retained earnings (beginning of the year) $ 3,880 58,500 17,500 20,300 4,100 67,100 10,400 3,100 16,000 31,100 11,080 7,900 4,000 5,900 35,900

Prepare an income statement for the year. Splish Brothers Inc. did not issue any new stock during the year. Splish Brothers Inc. Income Statement

Prepare a retained earnings statement for the year. Splish Brothers Inc. did not issue any new stock during the year. Splish Brothers Inc. Retained Earnings Statement

Prepare a classified balance sheet at July 31. (List current assets in order of liquidity.) Splish Brothers Inc. Balance Sheet Assets Liabilities and Stockholders Equity

Liabilities and Stockholders Equity

Compute the current ratio and debt to assets ratio. (Round answers to 1 decimal place, e.g. 15.2. 1 Current ratio Debt to assets ratio Click if you would like to Show Work for this question: 0 Open Show Work

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Answer #1

In the books of Splish Brothers Inc Income Statement for the vear ended 31st Tuly 2017 Particulars Service Revenue Rent Revenue Total Revenue Less: Expenses Salaries and Wages expense Supplies expense Depreciation expense Total Expenses Net Income/(Loss) Amount $ 67,100 10,400 77,500 58,500 17,500 5,900 81,900 (4,400) Statement of Retained earnings as at 31st July 2017 Particulars Beginning balance Add: Net Income/(Loss) Income available for distribution Less: Dividends Closing balance of Retained earnings Amount $ 35,900 (4,400) 31,500 (4,000) 27,500Balance Sheet as at 31st Tuly 2017: Assets Current Assets:- Cash Accounts Receivable Total current assets Amount Amount $ 31,100 11,080 42,180 Non-Current Assets Equipment Less: Accumulated Depreciation - Equipment Total non-current assets 20,300 (7,900) 12,400 Total Assets 54,580 Liabilities and Shareholders Equity Current Liabilities: Salaries and Wages Payable Accounts Payable Total current liabilities Amount Amount $ 3,880 4,100 7,980 Non-Current Liabilities: Notes Payable Total non-current liabilities 3,100 3,100 Stockholders Equitv :- Common stock Retained earnings Total Stockholders Equity 16,000 27,500 43,500 abilities and Shareholders Equi 54,580 Current Ratio (Current Assets/Current Liailities) Current Ratio = (42180/798O) Current Ratio 5.29 Times Approx. Debt to assets (Debt/Assets) 100 Debt to assets (3100/54580) 100 Debt to assets-5.68% Approx.

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