The following ratios have been computed for Gilbert Company for 2012.
Gilbert Company's 2012 financial statements with missing information follow:
Required: Use the above ratios and information from the Gilbert Company financial statements to fill in the missing information on the financial statements.Follow the sequence indicated.Show computations that support your answers.
Definitions:
Depreciation
The process of methodically allocating the expense of a physical asset over its functional life.
Sales Price
The amount at which goods or services are sold to customers, sometimes before discounts, taxes, or additional charges.
Equipment Cost
The total expense incurred in purchasing and preparing equipment for its intended use, including acquisition, delivery, and setup costs.
Land Account
An account in the financial statements that tracks the cost of land owned by a company.
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