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Problem - BSA Company completed its two-year operation and provided the comparative income statement as follows:
BSA Company Comparative Statement of Comprehensive Income For the Years Ended December 31, 2019 and 2020
2019
2020
Net Sales
P500,000
P800,000
Cost of goods sold
300,000
464,000
Gross profit
P200,000
P336,000
Operating expenses
(80,000)
(164,000)
Interest Expense
(20,000)
Income before taxes
P100,000
P152,000
Income taxes (30%)
(30,000)
(45,600)
Net income
P70,000
P106,400
BSA Company Statement of Financial Position As of December 31, 2020
Current Assets
Non-current assets
400,000
Total Assets
Current Liabilities
P80,000
Non-current liabilities
220,000
Total Liabilities
P300,000
BSA, Capital
200,000
Total liabilities and owner's equity
Additional information: During 2020, the owner withdrew P30,000.
Required -
1. Using 2019 as the base year, express all line items of the statement of comprehensive income as a percentage of the corresponding base year item.
2. Express each line item of the two income statements as a percentage of net sales.
3. Comment on the trends revealed by the computation in requirements (1) and (2).
4. Compute for the following ratios for 2020:
a. Current ratio
b. Debt ratio
c. Return on total assets
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