Accounting Chapter 12 Homework Correct 95 Days Correct 151 Times

Page Count
8 pages
Word Count
633 words
Book Title
Financial Accounting Connect Access Code 4th Edition
Authors
David Spiceland, Don Herrmann, Wayne Thomas
Student Name:
Amount % Amount %
103,500\$ 23.0% «- Correct! 70,400\$ 17.6% «- Correct!
46,800 10.4% «- Correct! 32,000 8.0% «- Correct!
30,150\$ 6.7% «- Correct! 46,800\$ 11.7% «- Correct!
2017
Accounts receivable
Liabilities and Stockholders' Equity
Assets
Current Assets:
Cash
Problem 12-03
McGraw-Hill/Irwin
Instructor
2018
December 31, 2018
Balance Sheets
SPORTS UNLIMITED
Requirement 1:
Current Liabilities:
Accounts payable
Student Name:
Problem 12-03
McGraw-Hill/Irwin
Instructor
2018 2017 Amount %
103,500\$ 70,400\$ 33,100\$ 47.0% «- Correct!
46,800 32,000 14,800 46.3% «- Correct!
30,150\$ 46,800\$ (16,650)\$ -35.6% «- Correct!
7,200 3,600 3,600 100.0% «- Correct!
Increase/Decrease
SPORTS UNLIMITED
Balance Sheets
December 31, 2018
Assets
Requirement 2:
Current Assets:
Cash
Accounts receivable
Year
Interest payable
Liabilities and Stockholders' Equity
Current Liabilities:
Accounts payable
2018 2017
103,500\$ 70,400\$
54,900 -
117,450 141,600
30,150\$ 46,800\$
Balance Sheets
For the Years Ended December 31, 2018 and 2017
SPORTS UNLIMITED
Liabilities and Stockholders' Equity
Assets
Current Assets:
Cash
Long-Term Assets:
Investment in bonds
Land
Current Liabilities:
Accounts payable
Student Name:
Class:
3,086,000
80,500 38.3 times «- Correct!
287,000
104,000 2.8 to 1 «- Correct!
Acid-test ratio
=
Problem 12-04
McGraw-Hill/Irwin
Risk Ratios:
Receivable turnover ratio
Instructor
VIRTUAL GAMING SYSTEMS
=
3,086,000\$
1,960,000
1,126,000
2018 2017
196,000\$ 154,000\$
76,000\$ 91,000\$
8,000 4,000
Expenses:
VIRTUAL GAMING SYSTEMS
December 31
Balance Sheets
VIRTUAL GAMING SYSTEMS
Income Statement
For the Year Ended December 31, 2018
Gross profit
Cost of goods sold
Net sales
Liabilities and Stockholders' Equity
Assets
Current Assets:
Cash
Current Liabilities:
Accounts payable
Interest payable
Student Name:
Class:
3,086,000
80,500 38.3 times «- Correct!
415,000
104,000 4.0 to 1 «- Correct!
1,126,000
3,086,000 36.5% «- Correct!
Problem 12-06
McGraw-Hill/Irwin
Instructor
=
=
VIRTUAL GAMING SYSTEMS
Requirement 1: Risk Ratios
=
Receivables turnover ratio
Current ratio
2018
2018
Gross profit ratio
Requirement 2: Profitability Ratios
2018
Student Name:
Class:
Problem 12-06
McGraw-Hill/Irwin
Instructor
139,000
3,086,000 4.5% «- Correct!
=
2018
Profit margin
2019 2018
3,560,000\$ 3,086,000\$
2,490,000 1,960,000
2019 2018 2017
216,000\$ 196,000\$ 154,000\$
90,000 91,000 70,000
161,000\$ 76,000\$ 137,200\$
12,000 8,000 4,000
Net Sales
Cost of goods sold
For the Year Ended December 31
Income Statements
VIRTUAL GAMING SYSTEMS
Current Assets:
Cash
Accounts receivable
Balance Sheets
VIRTUAL GAMING SYSTEMS
December 31
Assets
Liabilities and Stockholders' Equity
Given Data P12-06:
Current Liabilities:
Accounts payable
Interest payable

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