ACT102- Introduction to Accounting Second Semester, 2020 -Take Home Assignment Total Marks: 20 Marks. You must use MS Excel to complete this assignment. Due Date: 2 October 2020. Question No. 1 MST is...

1 answer below »

View more »
Answered Same DaySep 28, 2021ACT102Charles Darwin University

Answer To: ACT102- Introduction to Accounting Second Semester, 2020 -Take Home Assignment Total Marks: 20...

Sumit answered on Oct 01 2021
142 Votes
Question 1
    Income Statement                    Equity Statement
    Particulars    Amount                Particulars    M    S    T
    Sales Revenue    100000                Opening Cap
ital     60000    35000    27000
    Less: Cost of Sales    74000            Less:     Share in Net Loss    -1000    -3000    -4000
    Gross Profit    26000            Less:     Drawing    7000    4000    1000
    Less: Salaries    22000
    Less: Rent     12000                Closing Capital    52000    28000    22000
    Net Loss     -8000
    Balance Sheet
    Particulars    Amount    Amount
    Assets:
    Non-Current Assets
    Building less Depreciation     140000
    Total Non-Current Assets        140000
    Current Assets
    Cash     9000
    Inventory    10000
    Total Current Assets        19000
    Total Assets        159000
    Liabilities:
    Mortgage Payable    50000
    Accounts Payable    7000
    Total liabilities        57000
    Equity:
    M    52000
    S    28000
    T    22000    102000
    Total Equity and Liabilities        159000
    2. Interpretation of Ratios:
        Formla
    Gross Profit Ratio    Gross Profit / Sales    26.00%
    Net Profit Ratio    Net Profit / Sales    -8.00%
    Return on Capital Employed    Net Profit / Total Capital    -7.84%
    Current Ratio    Current Assets / Current Liabilities    2.7142857143
    Quick Assets Ratio    Quick Assets / Current Liabilities    1.2857142857
    Debt Equity Ratio    Debt / Equity     0.4901960784
    Performance: Since the net profit of the company is negative, which indicates that the business is losing money even...
SOLUTION.PDF

Answer To This Question Is Available To Download

Submit New Assignment

Copy and Paste Your Assignment Here
April
January
February
March
April
May
June
July
August
September
October
November
December
2025
2025
2026
2027
SunMonTueWedThuFriSat
30
31
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
1
2
3
00:00
00:30
01:00
01:30
02:00
02:30
03:00
03:30
04:00
04:30
05:00
05:30
06:00
06:30
07:00
07:30
08:00
08:30
09:00
09:30
10:00
10:30
11:00
11:30
12:00
12:30
13:00
13:30
14:00
14:30
15:00
15:30
16:00
16:30
17:00
17:30
18:00
18:30
19:00
19:30
20:00
20:30
21:00
21:30
22:00
22:30
23:00
23:30