Prepare the balance-sheet for Varun Inc. based on the following information: At
ID: 2695670 • Letter: P
Question
Prepare the balance-sheet for Varun Inc. based on the following information: At the end of year 2012, the company had cash balance worth $ 210,000, accounts payable of $522,000, current liability of $714,000, current assets of $984,000. Tangible Net Fixed Assets and Intangible Net Fixed Assets were worth $4,380,000 and $876,000 respectively. Long-term liabilities and Total Liabilities are respectively $2,568,000 and $3,282,000. Common stock is $582,000. a) Find out the following components: (for parts (i) through (vi), 2.5 points each, i.e. 6*2.5 = 15 points) i) Total Net Fixed Asset, ii) Total Assets, iii) Total Liabilities & Owner's Equity, iv) Accumulated Retained Earnings, v) Notes Payable, and vi) Inventory balance b) Calculate the Common-size ratios: (5 points) ONLY NEED THE BALANCE SHEET!!Explanation / Answer
total net fixed asset =$6240000 total liabilities and owner's equity =$3804000 inventory balance =$1566000 accumulated retained earnings =$ 210000 + $ 582000 =$ 692000 notes payable = $522000 Common-size ratio = inventory /total asset =0.22 total assets = $ 7032000