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Help preparing balance sheet & income statement

 
 
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      03-18-2012, 02:19 AM
Hello all,

I need assistance.
I have been given a task to prepare balance sheet and income statement as part of my course. I have been running short of time managing family and work and hence haven't read the whole thing thoroughly.
Wondering if someone could help me.


Item Amount () Notes
Sales for the year 44,470,500
Debtors at the beginning of the year 8,925,500 The entire amount was paid up during the year
Creditors at the beginning of the year 6,250,000 The entire amount was paid during the year
Year-end creditors 3,670,000
Year-end debtors 3,077,000
Stock purchased during year 4,800,000 All stock purchases were paid for in cash
Stock at the beginning of the year 7,725,000
Stock at the end of the year 1,630,900
Personnel cost for the year 24,342,000 Paid monthly in arrears
Outsourced services 1,325,000
Fixed assets residual value 15,575,000
Depreciation 1,768,000
Equity 7,694,000
Loan repayment (remaining at the end of the year) 7,932,000
Loan (payment for the year) 658,000 Paid at the end of the year
Interest rate on the loan 6%
Cash at the end of the year 6,764,100
Tax 33% Paid in the following year
Retained profit of previous year 2,125,000
Previous year tax The firm had no cash outflow for paying taxes related to the previous year

Thanks
 
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      03-18-2012, 04:17 AM
Income Statement :
Sales 44,470,500
Less : Cost of goods sold
Opening stock 7,725,000
Add : Purchase 4,800,000
Less : Closing stock (1,630,900) 10,894,100
-------------- -------------
Gross Profit 33,576,400
Less : Expenses
Personnel costs 24,342,000
Outsourced services 1,325,000
Depreciation 1,768,000
Loan Interest 515,400 27,950,400
------------- -------------
Net Profit before tax 5,626,000
Less : Taxation 1,856,580
------------
Net Profit after tax 3,769,420
=======

Balance Sheet :
Fixed Assets 15,575,000
Current Assets :
Stock 1,630,900
Debtors 3,077,000
Bank 6,764,100
------------ 11,472,000

Current Liabilities :
Creditors 3,670,000
Tax Payable 1,856,580
----------- 5,526,580

21,520,420
=========

Equity 7,694,000
Retained profit b/f 2,125,000
Profit for the year 3,769,420
------------
13,588,420
Long Term Loan 7,932,000
------------
21,520,420
========
 
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      03-18-2012, 11:31 AM
Thank you very much
You saved my day.
 
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      03-18-2012, 12:42 PM
Got another question: based on the above calculations, how do I calculate the following:

return on capital employed
return on sales
return on equity
current ratio
liquidity/quick/acid-test ratio
creditors days
debtors days
stock days
gearing
interest cover



Many thanks in advance
 
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      03-18-2012, 12:50 PM
Quote:
Originally Posted by pry001 View Post
Got another question: based on the above calculations, how do I calculate the following:

return on capital employed
return on sales
return on equity
current ratio
liquidity/quick/acid-test ratio
creditors days
debtors days
stock days
gearing
interest cover



Many thanks in advance
=> You can do it with this link
Financial|Accounting Ratios Formulas
 
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      03-18-2012, 01:14 PM
Thanks Triest123
I have managed to find out Current ration & ROS but struggling with others. I am not so sure which figure will go where.
Thanks in advance


ROS 13.81005386

Current Ratio (Current Assets / Current Liabilities) 2.08
 
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      03-18-2012, 02:45 PM
Can anyone pls help?
 
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      03-18-2012, 10:23 PM
anyone pls?
 
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