Fort Myers General Merchandise Co. Chart of Accounts and balances as of 12/31/20
ID: 2463001 • Letter: F
Question
Fort Myers General Merchandise Co.
Chart of Accounts and balances as of 12/31/2015
Selected Balances provided as of 12/31/2014
Balances
Selected Balances
Acct No.
Description
12/31/2015
12/31/2014
1100
Cash
84,500
73,050
1120
Accounts Receivable
247,450
253,975
1150
Merchandise Inventory
550,000
383,975
1160
Prepaid Insurance
4,800
2,400
1170
Store Supplies
4,000
750
1230
Store Equipment
569,500
1240
Accumulated Depreciation—Store Equipment
70,700
56,700
2100
Accounts Payable
209,000
198,525
2110
Salaries Payable
47,750
42,625
Long Term Notes
300,000
300,000
3100
Common Stock (10,000 shares issued, $25 Par)
250,000
250,000
3110
Capital in Excess of Par Value
100,000
100,000
3120
Dividends Paid
100,000
3200
Retained Earnings
335,300
335,300
4100
Sales
5,032,350
4,225,135
4110
Sales Returns and Allowances
113,700
15,955
4120
Sales Discounts
61,600
35,455
5100
Cost of Merchandise Sold
3,012,150
2,300,422
5200
Sales Salaries Expense
727,800
5210
Advertising Expense
292,000
5220
Depreciation Expense
14,000
5230
Store Supplies Expense
9,800
5290
Miscellaneous Selling Expense
12,600
5300
Office Salaries Expense
417,700
5310
Rent Expense
88,700
5320
Insurance Expense
12,000
5390
Miscellaneous Administrative Expense
7,800
5650
Interest Expense
15,000
Total Assets at 12/31/2014
1,125,138
I need
1) Working capital
2) current ratio
3) quick ratio
4) accounts receivable turnover
5) number of days' sales in receivables
6) inventory turnover
7) number of days' sales in inventory
8) liabilities to stockholders' equity
9) net sales to assets
10) rate earned on total assets
11) rated earned on stockholders' equity
12) rate earned on common stockholders' equity
13) earnings per share on common stock
Fort Myers General Merchandise Co.
Chart of Accounts and balances as of 12/31/2015
Selected Balances provided as of 12/31/2014
Balances
Selected Balances
Acct No.
Description
12/31/2015
12/31/2014
1100
Cash
84,500
73,050
1120
Accounts Receivable
247,450
253,975
1150
Merchandise Inventory
550,000
383,975
1160
Prepaid Insurance
4,800
2,400
1170
Store Supplies
4,000
750
1230
Store Equipment
569,500
1240
Accumulated Depreciation—Store Equipment
70,700
56,700
2100
Accounts Payable
209,000
198,525
2110
Salaries Payable
47,750
42,625
Long Term Notes
300,000
300,000
3100
Common Stock (10,000 shares issued, $25 Par)
250,000
250,000
3110
Capital in Excess of Par Value
100,000
100,000
3120
Dividends Paid
100,000
3200
Retained Earnings
335,300
335,300
4100
Sales
5,032,350
4,225,135
4110
Sales Returns and Allowances
113,700
15,955
4120
Sales Discounts
61,600
35,455
5100
Cost of Merchandise Sold
3,012,150
2,300,422
5200
Sales Salaries Expense
727,800
5210
Advertising Expense
292,000
5220
Depreciation Expense
14,000
5230
Store Supplies Expense
9,800
5290
Miscellaneous Selling Expense
12,600
5300
Office Salaries Expense
417,700
5310
Rent Expense
88,700
5320
Insurance Expense
12,000
5390
Miscellaneous Administrative Expense
7,800
5650
Interest Expense
15,000
Total Assets at 12/31/2014
1,125,138
Explanation / Answer
Fort Myers General Merchandise Co. Chart of Accounts and balances as of 12/31/2015 Selected Balances provided as of 12/31/2014 Balances Selected Balances Acct No. Description 12/31/2015 12/31/2014 1100 Cash 84,500 73,050 1120 Accounts Receivable 247,450 253,975 1150 Merchandise Inventory 550,000 383,975 1160 Prepaid Insurance 4,800 2,400 1170 Store Supplies 4,000 750 1230 Store Equipment 569,500 1240 Accumulated Depreciation—Store Equipment 70,700 56,700 2100 Accounts Payable 209,000 198,525 2110 Salaries Payable 47,750 42,625 Long Term Notes 300,000 300,000 3100 Common Stock (10,000 shares issued, $25 Par) 250,000 250,000 3110 Capital in Excess of Par Value 100,000 100,000 3120 Dividends Paid 100,000 3200 Retained Earnings 335,300 335,300 4100 Sales 5,032,350 4,225,135 4110 Sales Returns and Allowances 113,700 15,955 4120 Sales Discounts 61,600 35,455 5100 Cost of Merchandise Sold 3,012,150 2,300,422 5200 Sales Salaries Expense 727,800 5210 Advertising Expense 292,000 5220 Depreciation Expense 14,000 5230 Store Supplies Expense 9,800 5290 Miscellaneous Selling Expense 12,600 5300 Office Salaries Expense 417,700 5310 Rent Expense 88,700 5320 Insurance Expense 12,000 5390 Miscellaneous Administrative Expense 7,800 5650 Interest Expense 15,000 Income 247,500 Total Asset as at 31/12/2015 1,460,250 Total Assets at 12/31/2014 1,125,138 I need 1) Working capital Current Asset- Current Liabilities 629,200 2) current ratio Current Asset/Current Liabilities 3 3) quick ratio Quick Asset/Current Liabilities 1 4) accounts receivable turnover Accounts Receivable/Sales 0.049171858 5) number of days' sales in receivables Accounts Receivable/Sales *365 17.9477282 6) inventory turnover Inventory/Sales 0.109292875 7) number of days' sales in inventory Inventory/Sales*365 39.89189941 8) liabilities to stockholders' equity Debt/Equity 0.857142857 9) net sales to assets Net sales/Asset 3.539743082 10) rate earned on total assets Income/Total assets 16.95% 11) rated earned on stockholders' equity Income/Equity 70.71% 12) rate earned on common stockholders' equity Income/Debt + Equity 38.08% 13) earnings per share on common stock Income/No of shares 24.75