Question

1 Cash 15,000 2 Bank 22,000 3 Account Receivable 41,000 4 Goodwill 60,000 5 Merchandinse 1-1-2021 31,000 6 Furniture 70,000 7 Building 110,000 8 Land 280,000 9 Prepaid Insurance 17,000 10 Bad debt Expense 2,000 11 Salary Expense 24,000 12 Utility Expense 8,000 13 Rent Expense 6,000 14 Purchases 140,000 15 Transportation Expense 2,500 16 Sale Return 1,400 17 Purchase Return 7,000 18 Sales Discount 1,400 19 Cash Sales 268,000 20 Credit Sales 220,000 21 Note Payable 14,000 22 Bond Payable 50,000 23 Accounts Payable 26,000 24 Equity 246,300 Total 831,300 831,300 Additional Information Merchandise 31-12-2021 is 37000 Insurance expense during the year was 14000 Depreciation expense of the furniture was calculated 20% of the book value Requirement: Prepare Income Statement and Balance sheet for Williom and Sons for the year ended 31-12-2021 Calculate: Current Ratio, Net Profit Margin, Quick Ratio, Gross Profit Margin and Account Receivable Turnover Period

Answer 1

Answer:

232323232

Explanation:

34343434