User Account

All Pages

Reconstruct a statement of profit or loss

Assignment Help Accounting Basics
Reference no: EM132546378

Question - Jack's business premises were destroyed in a fire and all his records were lost apart from a recent analysis that he had made of the latest period's results for his company Box Limited. He managed to retrieve the following:

Sales $375 000

Gross profit margin 28%

Total Expenses ratio 17%

Tax rate 30%

Debt to Equity 0.75:1

Current assets as a percentage of Cost of Sales 22%

Current ratio 1.8:1

Return on Equity 11%

Required - From the information given reconstruct a Statement of Profit or Loss and a Statement of Financial Position.

Reference no: EM132546378

Questions Cloud

What are current profit margin percentages on both system : Find and calculate profit margin percentages for both products at these price levels and then compute the target cost needed for each product to maintain
OpSpec into corporate policies and procedures : Select one OpsSpec from FSIMS. and describe how an airline might translate that particular OpSpec into corporate policies and procedures
Find what is margin of safety in dollars : If Bubba's sells 28,000 hats, what is its before-tax income or loss? Support your answer by preparing a contribution income statement.
Discuss the various parts of journal article : Discuss the various parts of a journal article. Which parts are most helpful in determining if the paper is useful for research?
Reconstruct a statement of profit or loss : Current assets as a percentage of Cost of Sales 22%. From the information given reconstruct a Statement of Profit or Loss and a Statement of Financial Position
Show the disposal of under or overapplied overhead : Show the disposal of under/overapplied overhead. (If no entry is required for a transaction/event, select "No journal entry required" in the first account)
What is the current selling price of the stock : If investors expect an 8 % return on common share, what is the current selling price of the stock
How as production increases within the relevant range : How As production increases within the relevant range? variable costs will vary on a per unit basis./fixed and variable cost stay the same in total.
How to compute the net present value of each project : How to Compute the net present value of each project. Which project should be adopted based on the net present value approach?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Determine own personal accounting equation

Consider your own personal accounting equation: Assets = Liabilities + Net Worth. Give an example of a transaction that would result in one effects

  What the interest expense for would be

What The interest expense for 2014 would be?On January 1, 2014, Pearson Company signed a lease agreement requiring six animal payments of $60,000, beginning Dec

  Determine the cost of goods purchased under

Identify the accounts that are added to or deducted from purchases to determine the cost of goods purchased under a periodic system. For each account, indicate (a) whether it is added or deducted, and (b) its normal balance.

  Employees at the hobby hut requested that the company

employees at the hobby hut requested that the company provide assistance in locating professional- quality child care

  Compute the cost of the ending inventory

Lisa Company had 157 units in beginning inventory at a total cost of $18,055. Compute the cost of the ending inventory and the cost of goods sold

  What is her recognized gain or loss

On November 28, 2011, she sold 48 shares, which could not be specifically identified, for $576, What is her recognized gain or loss

  Rules of debit and credit and normal balances

State for each account whether it is likely to have debit entries only, credit entries only, or both debit and credit entries. Also, indicate its normal balance

  Prepare journal entries to record the transaction

A Ltd's functional currency is Australian dollar and the company's financial year end is 30th June. Prepare journal entries to record the transaction

  Complete an income statement for the year ended

Complete an income statement for the year ended December 31, 2014 and Prepare a balance sheet as of December 31, 2014

  Prepare the required journal entries for restin corporation

Restin Co. uses the gross method to record sales made on credit. On June 1, 2010, it made sales of $50,000 with terms 3/15, n/45. On June 12, 2010, Restin received full payment for the June 1 sale.

  Discuss together with data concerning production

The debits to Work in Process--Assembly Department for April, together with data concerning production

  Comparing stocks versus bonds

Comparing stocks versus bonds:

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd