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Calculate the amount of total current liabilities

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Question - You are requested to reconstruct the accounts of Essential Enterprises for analysis. The following data for 2019 were made available to you:

Gross margin amounted to P472,500.

Ending balance of merchandise inventory was P300,000.

Long-term liabilities consisted of bonds payable with interest rate of 20%

Total shareholders' equity as of December 31, 2019 was P715,000

Ratios:

Gross margin ratio 35%

Debt-to-equity ratio 0.8 to 1

Times interest earned 10

Quick (Acid-test) ratio 1.3

Ratio of operating expenses to sales 18%

Required -

1. Calculate the amount of the operating income for 2019?

2. Calculate the amount of the bonds payable?

3. Calculate the amount of total current liabilities?

4. Calculate the amount of total current assets?

Reference no: EM132852860

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