Charter Corporation Finance Assingment Help With Solution
Charter Corporation, which began business in 2011, appropriately uses the installment sales method of accounting for its installment sales. The following data were obtained for sales during 2011 and 2012:
Installment sales $380,000 $480,000
Cost of installments sales 280,000 300,000
Cash collections on installments sales during:
2011 230,000 80,000
2012 ___ 290,000
Prepare summary journal entries for 2011 and 2012 to account for the installment sales and cash collections. The company uses the perpetual inventory system.
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You are a new staff accountant with a large regional CPA firm, participating in your first audit. You recall from your auditing class that CPAs often use ratios to test the reasonableness of accounting numbers provided by the client. Since ratios reflect the relationship among various account balances, if it assumed that prior relationships still hold, prior years’ ratios can be used to estimate what current balances should approximate. However, Corporate brings you the list of ratios shown below and tells you these reflect the relationships maintained by Covington Pike in recent years.
Profit margin on sale = 0.05
Return on assets = 0.075
Gross profit margin= 0.4
Inventory turnover ratio = 6
Receivables turnover ratio = 25
Acid-test ratio = 0.9
Current ratio = 2
Return on shareholders equity = 0.1
Debt to equity = 0.33
Times interest earned ratio = 12 times
Jotted in the margins are the following notes:
Net incomes $ 14,000
Only one short-term note (5,000); all other current liabilities are trade accounts
Property, plant, and equipment are the only noncurrent assets
Bonds payable are the only noncurrent liabilities
The effective interest rate on short-term notes and bonds is 0.08
Cash balance totals $15,000
You are requested to approximate the current year’s balances in the form of a balance sheet and income statement to the extent the information allows.
Accompany those financial statements with the calculations you use to estimate each amount reported.
Product Code :Fin240
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