Financial statement:
The Financial statement is the part of
Assets:
Assets are the resources that a company needs to run the business. An asset is economic resources of the company.
Liabilities:
Liabilities are generally the amount owned by the company from lenders, suppliers, or a bank. Liabilities are the burden on the company that they have to pay to others.
Equity:
The Company needs finance to run the business. Equity is one of the methods through which the company raises the capital.
The assets, liabilities and equity relation is known as the accounting equation. Assets are the resources of the company and that increase as business expand whereas liabilities are the burden on a company that has to pay in future; Equity means the owner claim on assets. An accounting equation represents the Assets of the Company are equal to the liabilities and Equity of the company
a.
To identify: The amount of assets liabilities and equity.
b.
To verify:
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FINANCIAL ACCT.FUND.(LOOSELEAF)
- Current Liabilities and Ratios Several accounts that appeared on Kruses 2016 balance sheet are as follows: Required Prepare the Current Liabilities section of Kruses 2016 balance sheet. Compute Kruses working capital. Compute Kruses current ratio. What does this ratio indicate about Kruses condition?arrow_forwardUse the current asset section of the balance sheets of the Waverley Company as of June 30, 2017 and 2016 presented below to answer the questions that follow. 2017 2016Cash and cash equivalents R 75,000 R 58,800Trade accounts receivable, net 157,500 193,200Inventory 208,200 253,400Other current assets 18,400 15,500Total current assets R 459,100 R 520,900Total assets R2,650,000 R3,430,000Required:Complete a horizontal analysis of the current asset section of Waverley Company’s balance sheet for 2017. Your answers for “% Change” should be rounded to one decimal place, e.g.,…arrow_forwardIn cell D22, by using cell references, calculate the total long-term assets for year 2014 Use the relevant cells from the given data in the balance sheet. In call D23, by using a cell reference, calculate the total assets for year 2014. Refer to the relevant cell from the given data in the balance sheet. Note: The total assets must equal the total liabilities and owners' equity." in cell D18, by using cell references, calculate the total current assets for year 2014. Use the relevant cells in the balance sheet. In cell D16, by using cell references, calculate the accounts receivable for year 2014. Use the relevant cells in the balance sheet, in cell H14, by using cell references, calculate the accounts payable for year 2014. Use the relevant cells from the given cata in the balance sheet. In cell H22, by using cell references, calculate the total owners' equity for year 2014. Use the relevant cells from the given data in the balance sheet. In cell H18, by using cell references,…arrow_forward
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- Required information [The following information applies to the questions displayed below.] The balance sheets for Federer Sports Apparel for 2025 and 2024 are presented below. Required: 1. Prepare a vertical analysis of the balance sheet data for 2025 and 2024. Express each amount as a percentage of total assets. (Amounts to be deducted should be indicated by a minus sign. Round your answers to 1 decimal place.) Assets Cash Accounts receivable Inventory Buildings Less: Accumulated depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Contingent liability Common stock Retained earnings Total liabilities and stockholders' equity FEDERER SPORTS APPAREL Balance Sheet December 31 Amount 2025 $ 2,431,000 1,581,000 3,128,000 11,832,000 (1,972,000) $ 17,000,000 $ 1,496,000 1,360,000 7,888,000 6,256,000 $ 17,000,000 $ Amount 2024 754,000 1,305,000 1,595,000 11,832,000 (986,000) $ 14,500,000 $ 1,856,000 1,100,000 7,888,000 3,656,000 $ 14,500,000 %arrow_forwardconcerning such concepts as the business entity and the valuation of assets, 37 liabilities, and owner's equity. BERSOZA PLAYHOUSE Statement of Financial Position September 30, 2019 ASSETS Cash P 21,900 132,200 LIABILITIES & OWNER'S EQUITY Liabilities: Accounts Accounts Payable P 60,000 Receivable Props and Costumes Theatre Building Lighting Equipment Automobile 30,000 Salaries Payable 29,200 270,000 Total Liabilities P 89,200 94,000 Owner's Equity: 350,000 Helen Bersoza, 808,900 Capital Total Total P 898.100 P 898.100 The following facts were discovered after reviewing the records of the Playhouse: a. The amount of cash include P 15,000 in the company's bank account, P 1,900 in the company's safe and P 5,000 in Bersoza's personal savings account. b. The accounts receivable include P 7,200 owed to Playhouse by Artistic Tours and the remaining P 125,000 is an estimate of future ticket sales for the next three months, c. Bersoza explains to you that the props and costumes were purchased…arrow_forwardQuestions related to the Statement of Financial position: What is the most liquid Asset account for Emirates in 2018? State the account name and respective. Calculate the Current Ratio for the year 2018. PLEASE MAKE SURE THE ANSWER IS CORRECT 100%arrow_forward
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