Solution-Discuss the possibility of preparing financial

Discuss the possibility of preparing financial statements

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Reference no: EM131728819

In an accounting conference, discussion turned to the possibility of preparing financial statements from few accounts together with financial ratios. The Assistant Controller provided the following data:

Item Rs.

Net Income 1,200,000

Rate of return (Income) on Sales 10%

Gross Profit rate on Net Sale 40%

Rate of Marketing expenses to Sales 15%

Total Liabilities 2,000,000

5% Bond payable represents 37.5% of the total liabilities -

Required: An Income Statement based on the above information

Reference no: EM131728819

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Discuss the possibility of preparing financial statements

Reference no: EM131728819

Reference no: EM131728819

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