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    laale dijaan
    This document contains financial information for North County Rentals including a balance sheet, income statement, and key financial ratios. The balance sheet shows assets of $878,800 including cash, receivables, property and equipment. Liabilities include current liabilities of $11,725 and long term notes payable of $357,000. The income statement shows rental revenue of $393,400 and net income of $133,545. Key ratios calculated include a current ratio of 2.81 and a debt to equity ratio of 0.72.

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    P 7

    Uploaded by

    laale dijaan
    16 views2 pages
    This document contains financial information for North County Rentals including a balance sheet, income statement, and key financial ratios. The balance sheet shows assets of $878,800 including cash, receivables, property and equipment. Liabilities include current liabilities of $11,725 and long term notes payable of $357,000. The income statement shows rental revenue of $393,400 and net income of $133,545. Key ratios calculated include a current ratio of 2.81 and a debt to equity ratio of 0.72.

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    This document contains financial information for North County Rentals including a balance sheet, income statement, and key financial ratios. The balance sheet shows assets of $878,800 including cash, receivables, property and equipment. Liabilities include current liabilities of $11,725 and long term notes payable of $357,000. The income statement shows rental revenue of $393,400 and net income of $133,545. Key ratios calculated include a current ratio of 2.81 and a debt to equity ratio of 0.72.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    16 views2 pages

    P 7

    Uploaded by

    laale dijaan
    This document contains financial information for North County Rentals including a balance sheet, income statement, and key financial ratios. The balance sheet shows assets of $878,800 including cash, receivables, property and equipment. Liabilities include current liabilities of $11,725 and long term notes payable of $357,000. The income statement shows rental revenue of $393,400 and net income of $133,545. Key ratios calculated include a current ratio of 2.81 and a debt to equity ratio of 0.72.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 2

    Ques 1

    Wyett North capital 510075

    Balance 404030
    Add:net income 133545
    Less:withdrawals 27500
    Adjusted balance 510075

    Rent revenue 393400

    Less : expnenses
    Advertising expense 15700
    Depreciation expense, building 24500
    Depreciation expense, furniture 3000
    Interest expense 10210
    Janitorial expense 40500
    Office salaries expense 124125
    Utilities expense 36220
    Office supplies expense 5600

    Net income 133545


    North County Rentals
    Balance Sheet
    31-Mar-20
    Assets
    Current assets:
    Cash $ 16,500
    Rent receivable $ 15,500
    Office supplies $ 650
    Prepaid advertising $ 350

    Total current assets $ 33,000


    Long term investments
    Notes receivable $ 138,000
    Property, plant and equipment:
    Land $ 105,000
    Building $ 586,000
    Less: Accumulated depreciation $ 24,500 $ 561,500
    Furniture $ 41,800
    Less: Accumulated depreciation $ 3,000 $ 38,800
    Total property, plant and equipment $ 705,300
    Intangible assets:
    Brand name $ 2,500
    Total assets $ 878,800

    Liabilities
    Current liabilities:
    Accounts payable $ 8,600
    Interest payable $ 750
    Salaries payable $ 2,375

    Total current liabilities $ 11,725


    Long term liabilities:
    Long-term notes payable $ 357,000
    Total liabilities $ 368,725

    Equity
    Wyett North, capital $ 510,075
    Total liabilities and equity $ 878,800

    Current Ratio = 2.81 33000/11725


    Debt to Equity Ratio = 0.72 368725/510075

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