The MGT500. Business Basics assignment entails Globus Enterprises Year End Balances. So, using the data in the table above, create an income statement for the year being examined.
MGT500. Business Basics : Globus Enterprises Year End Balances
MGT500. Business Basics
Assignment 2 GLOBUS ENTERPRISES YEAR END BALANCES
Globus Enterprises Year End Balances
Firstly, Owner’s Equity $112,350
Then, Revenue $263,200
Again, Wages expense $121,800
Rent expense $65,100
Supplies expense $50,400
Miscellaneous expenses $5,250
Cash $81,200
Accounts receivable $51,800
Supplies $9,100
Prepaid insurance $8,400
Land (fixed asset) $29,400
Equipment (fixed asset) $25,900
Accounts payable $20,650
Notes payable $43,050
Mortgage (long term) $29,750
MGT500. Business Basics : Globus Enterprises Year End Balances
Assignment
Firstly, Using the data in the table above, create a balance sheet for Globus’s operations. As of yearend (December 31, 200X)
Secondly,using the data in the table above, create an income statement for the year being examined.
Thirdly, Analyze the financial statements using the following analytical tools:
a. Current ratio,. Then, (What does this ratio tell us about Globus?)
b. Net working capital, So, (What does net working capital tell us about Globus?)
Note: Net working capital is the difference between current assets and current liabilities.
c. Debt to equity ratio (What does this ratio tell us about Globus?). So, Note: To compute owners’ equity from the data supplied here, remember the fundamental accounting equation:
Assets = Liabilities + Owners’ equity
d. Leverage ratio. So, (What does this ratio tell us about Globus?)
e. Return on equity. Again, (What does this ratio tell us about Globus?)
Detailed Instructions
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