QRB 501 WEEK 4 PRACTICE QUIZ STUDY GUIDE
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1. Prepare a balance sheet for the bakery for December 31, 2012. The company assets include cash, $2002, Accounts Receivable, $4130, and merchandise inventory, $2514. The liabilities include Accounts Payable, $3455, wages payable, $1667. The owner’s capital is $3524. Prepare the balance sheet 2. Complete the vertical analysis on the balance sheet for the bakery for 2012.
3. Complete the horizontal analysis showing differences in dollar amounts and percents on the comparative balance sheet for the bakery. 4. Find a percent of total debt compared to total assets, divide the total liabilities by the total assets and write in percent form. Find the total debt to total assets for the bakery for 2012. 5. Complete the portion for July 31, 2011, of the income statement shown for miss muffin’s bakery using the given information: gross sales $35,568, returns and allowances, $341, cost of beginning inventory, $17,166, cost of purchases, $27,743, cost of ending inventory, $22,037, total operating expenses, $3097, compute net sales, cost of goods sold, gross profit, and net income. 6. Extend the income statement for miss muffin’s bakery to include a vertical analysis for 2010 in 2011. 7. Extend income statement for miss muffin’s bakery to include the amounts of increase or decrease and the percents of increase or decrease for a horizontal analysis. 8. What is the current ratio for Denmark, Inc., which has current assets of $160,860 and current liabilities of $121,409?