Case Studies

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 Balanced Books Bookkeeping

Jessica and David are student interns at Balanced Books Bookkeeping. They have taken several business math and accounting classes and are now applying what they have learned to real-life situations. They enjoy their internship, but they are sometimes surprised by the assignments they are given. Luckily, they work together, so they share the assignments and learn from each other. Their most recent assignment is to take a listing of accounts provided by one of Balanced Books' clients and turn them into a balance sheet and income statement. David suggests that their client might appreciate it if they also performed a vertical analysis of each statement. Jessica suggests that they should also compute the current ratio and the acid-test ratio.

·         1. Create the financial statements  for December 31, 2011, depict them in vertical format, and compute the current and acid test ratios.

  

  

Account title

  

  

Amount

  

Cash

$4,000

Depreciation

2,000

Carlton,   equity

34,500

Cost   of goods sold

85,000

Rent   expense

15,000

Wages   payable

1,500

Utilities

6,500

Miscellaneous   expenses

1,500

Accounts   payable

$3,500

Merchandise   inventory

15,000

Accounts   receivable

6,000

Net   sales

120,000

Insurance   payable

500

Equipment

15,000

Wages

8,000

 

 

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