TagPro, Inc. Balance Sheets Assets Cash and cash equivalents Accounts receivable
ID: 2425573 • Letter: T
Question
TagPro, Inc. Balance Sheets Assets Cash and cash equivalents Accounts receivable, net of allowance for doubtful accounts of $10,970 at 01/31/16 and $11,352 01/31/15 Inventory Short-term marketable securities Total current assets Property, plant and equipment, net of accumulated depreciation Other assets Total assets Liabilities Accounts payable Accrued compensation Unearned revenue Income taxes payable Other current liabilities Total current liabilities Notes payable Other long-term liabilities Total liabilities Stockholders' equity Common stock, no par value; 250,000 shares authorized; l 13,400 and 92,050 shares issued and outstanding respectively Retained earnings Total stockholders' equity Total liabilities and stockholders' equity January 31 2016 2015 119,790 113,528 481,725 457,512 139,357 144,731 108,140 107,934. 849,012 823,705 890,401 860,304 83,832 73,874 1,823245 1,757,883 $102,233 $107,184 76,235 52,983 80,247 0.010 17,925 19,135 69.518 51,582 357,131 309,921 217,196 271,680 26,964 26,912 601.291 608,513 276,313 249,494. 899,876 945,641 1.221,954 1,149.370 1823.245 1757.883Explanation / Answer
Correct entries Dr Cr 1) sales Revenue $25,000 Common Stock $25,000 2) Sales Revenue 75000 Unearned Revenue 75000 3) sales Revenue 55000 Equipment 15000 Long term Note Receivable 35000 Gain on sale of equipment 5000 4) Depreciation 45102 Accumulated Depreciation 45102 d) EPS=Net Income/No.of shares outstanding -1.53876 (45765-25000-75000-45102-55000+5000)/(92050+5000) Its negative EPS Current Ratio=849012-35000/(357131+75000) 1.88 Net Profit Margin=Net profit/ Sales -2.98451 (45765-25000-75000-45102+5000)/(3295885+20000-25000-75000-55000) Yes,Tagpro was successful because the actual ratios were negative than compare to painted financial statemnts ratio.
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