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MGT 201 Spring Semester 2008
Assignment 01

Solution:

Balance Sheet
Vanier Corporation
As on 31st December 1996
(In thousands)

Assets Liabilities
Cash and marketable securities Rs.500 Accounts payable Rs.400
Accounts receivable 1000 Bank loan 500
Inventories 1800 Accruals 200
Current assets 3300 Current liabilities 1100
Net fixed assets 4200 Long term debt 2650
Common stock &
retained earnings
3750 Total
liabilities & Total assets 7500
equity 7500

Income Statement
Vanier Corporation:
For the year ending 1996
(In thousands)
Credit sales Rs. 8000
Cost of goods sold 5400
Gross profit 2600
Selling and administrative expenses 1200
Interest expense 400
Profit before taxes 1000
Taxes (44% rate) 440
Profit after taxes 560

Working:

Average collection period = 45 days


= Accounts receivable/ average sale per day
45 = Accounts receivable / (8000/360)
45 = Accounts receivable / 22.22
Accounts receivable = 1000
www.vutube.edu.pk
MGT 201 Spring Semester 2008
Assignment 01

Net profit margin = Net profit after taxes / Sales


7% = Net profit after taxes / 8000
Net profit after taxes = 560

Inventory turn over = Cost of Goods sold / Inventory


3/1 = Cost of Goods sold / 1800
Cost of Goods sold = 5400

Total liabilities /
Common stock
And retained earnings = 1/1

Current liabilities +
Long term liabilities / = 1/1
Common stock
And retained earnings

Current liabilities = 3750-2650


Current liabilities = 1100

Net fixed assets = Total assets – current assets


= 7500 – 3300
Net fixed assets = 4200

Current ratio = Current assets / current liabilities


3/1 = Current assets / current liabilities
Current assets = 1100* 3
Current assets = 3300

Inventory turn over = Cost of goods sold / inventory


3/1 = Cost of goods sold / 1800
Cost of goods sold = 1800* 3
Cost of goods sold = 5400

Profit before tax = 560/56 *100


Profit before tax = 1000

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