Question

In: Accounting

Wong PTY LTD Adjusted trial balance As at 31 October 2019 Account name Debit Credit Cash...

Wong PTY LTD

Adjusted trial balance

As at 31 October 2019

Account name

Debit

Credit

Cash

$15,400

Supplies

1,550

Equipment

5,000

Accumulated depreciation

40

Accounts payable

2,550

Salaries payable

2,000

Bank loan (non-current)

5,000

Share capital

10,000

Retained earnings

0

Dividends

500

Service revenue

10,600

Salaries expense

7,650

Interest expense

50

Depreciation expense

40

$30,190

$30,190

Required:

  1. Prepare a Profit or Loss Statement
  2. Prepare a Balance Sheet
  3. Based on the Profit or Loss Statement and Balance Sheet, calculate the following ratios:
    • Return on assets (i.e., net profit/total assets)
    • Return on equity (i.e., net profit/total equity)
    • Current ratio (i.e., current assets/current liabilities)
    • Debt to asset ratio (i.e., total liabilities/total assets)
  4. Explain what useful information the ratios in (3) can provide to external users

Solutions

Expert Solution

ekkarill92 answered 1 year ago
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