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Listed below are account balances, cash receipts and payments and other data for X Limited, a company that distributes chemical supplies, for the financial year ended 30 June 2012 and 2013:

 

                                                                                                           

                                                                                                       2012                     2013

 

                                                                                                            $                      $

Accounts payable.......................................................................... 22 000                  10500

Accounts receivable...................................................................... 11 000                  15000

Accumulated depreciation (buildings)........................................ 119 000                  125000

Accumulated depreciation (equipment)........................................ 45 000                  60000

Buildings..................................................................................... 412 000                  450000

Cash.............................................................................................. 16 000                  20000

Contributed capital..................................................................... 300 000                  300000

Purchase....................................................................................... 170000                  180000

Dividends (declared and paid)..................................................... 17 000                  12000

Equipment................................................................................... 245 000                  250000

General and administrative expenses............................................ 96 000                  90000

Income tax expense...................................................................... 14 000                  20000

Income tax payable......................................................................... 6 000                  5000

Interest expense............................................................................ 25 000                  30000

Interest payable............................................................................. 14 000                  10000

Land.............................................................................................. 35 000                  40000

Long-term investments................................................................. 35 000                  50000

Merchandise inventory................................................................. 62 000                  70000

Loans, current portion................................................................... 34 000                  22000

Loans, non-current...................................................................... 278 000                  290000

Prepaid insurance............................................................................ 7 000                  5000

Retained earnings, beginning balance........................................... 25 000                  60000

Sales revenue.............................................................................. 357 000                  400000

Selling expenses............................................................................ 47 000                  35000

Supplies......................................................................................... 13 000                  15000

Trademarks................................................................................... 13 000                  15000

Wages payable.............................................................................. 18 000                  14500

 

Note: Beginning inventory for the financial year ended 3oth June 2012 is $ 15,000

Required:

a)   Prepare classified Statement of Financial Performance for 2012 and 2013        

b)   Prepare classified Statement of Financial Position for 2012 and 2013               

 

C)  From the company’s financial statements, calculate the following ratios for the two years:-          

        i)      Return on Assets ratio

        ii)     Return on Equity ratio

        iii)    Net Margin

        iv)    Quick ratio

        v)     Current ratio

        vi)    Asset turnover ratio

        vii)   Average settlement period for debtors

        viii)  Average settlement period for creditors

        ix) Interest cover ratio

        x) Gross profit margin.

       

d) Provide a Report to Management of X Limited Company giving advice based on your results from the ratios above.

 

 

Accounting

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