I WILL GRADUATE COMPANY
Statement of Financial Position
December 31, 2017 and 2016
2017 2016
ASSETS
Current assets
Cash and cash equivalents 600,000 500,000
Trade accounts receivable 90,000 120,000
Merchandise inventory 216,000 180,000
Other current assets 20,000 10,000
Total current assets 926,000 810,000
Noncurrent assets
Property, plant and equipment, net 1,100,000 1,200,000
Intangible assets, net 750,000 800,000
Investment in A Company 2,120,000 1,890,000
Total noncurrent assets 3,970,000 3,890,000
TOTAL ASSETS 4,896,000 4,700,000
LIABILITIES AND EQUITY
Current liabilities
Trade accounts payable 100,000 125,000
Current portion of a long-term debt 20,000 30,000
Current income tax payable 60,000 80,000
Total current liabilities 180,000 235,000
Noncurrent liabilities
Bonds payable 1,000,000 1,300,000
Total noncurrent liabilities 1,000,000 1,300,000
Shareholders' equity
Ordinary share capital, P15 par 2,000,000 2,000,000
Ordinary share premium 80,000 80,000
Unappropriated retained earnings 1,636,000 1,085,000
Total shareholders' equity 3,716,000 3,165,000
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 4,896,000 4,700,000
I WILL GRADUATE COMPANY
Statement of Comprehensive Income
For the year ended December 31, 2017
Sales 1,817,143
Less: Sales returns 50,000
Sales discounts 80,000
Net Sales 1,687,143
Less: Cost of goods sold 500,000
Gross Profit 1,187,143
Less: Total operating expenses 400,000
Net Income before tax 787,143
Less: Income tax expense 236,143
Net Income after tax 551,000
FROM THE FINANCIAL STATEMENTS GIVEN, ANSWER THE FOLLOWING QUESTIONS:
Guidelines:
1 Type your answers in the yellow spaces provided. Since the excel sheet is locked,
2 In case your answer has decimals, round it off to two decimal places.
3 DO NOT TYPE ANY COMMAS. However, you need to type the decimal point
4 If the cell says CORRECT! , your answer is correct and you may move on to the next
5 You may only leave the laboratory once all answers are CORRECT!
6 If your answer in any of the items is zero, type 0.01.
1 Peso change of merchandise inventory
2 Peso change of intangible assets
3 Peso change of trade accounts payable
4 Peso change of bonds payable
5 Peso change of ordinary share premium
6 Percentage change of cash
7 Percentage change of property, plant and equipment
8 Percentage change of current income tax payable
9 Percentage change of bonds payable
10 Percentage change of other current assets
11 2017 Current ratio
12 2017 Acid test ratio
13 2016 Acid test ratio
14 2017 Gross Profit ratio
15 2017 Net Profit ratio
16 2017 Operating ratio
17 2017 Debt-to-equity ratio
18 2016 Debt-to-equity ratio
19 Return on Shareholders' Equity
20 2017 Return on Total assets
YOU CANNOT GO OUT
WING QUESTIONS: Score: 19
xcel sheet is locked, only the yellow areas are clickable.
al places.
the decimal point for answers with decimals.
ou may move on to the next item. Otherwise, it will stay as WRONG :(
Prepared by: Kevin Troy M. Chua, CPA
36,000.00 CORRECT!
- 50,000.00 CORRECT!
- 25,000.00 CORRECT!
- 300,000.00 CORRECT!
0.01 CORRECT!
2000.00% % CORRECT!
8.33 % CORRECT!
25.00 % CORRECT!
23.08 % CORRECT!
100.00 % CORRECT!
5.14 CORRECT!
3.83 CORRECT!
2.64 CORRECT!
70.36 % CORRECT!
32.66 % CORRECT!
53.34 % CORRECT!
0.32 CORRECT!
0.48 CORRECT!
21.18 % WRONG:(
11.25 % CORRECT!
- 338,622.38
OUT
