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2021 Cristiano and Messi Ltd Income Statement For the Year Ended December 31 2022 Net Sales (All on account) 18,989,000 Cost of Goods Sold 8,703,000
2021 Cristiano and Messi Ltd Income Statement For the Year Ended December 31 2022 Net Sales (All on account) 18,989,000 Cost of Goods Sold 8,703,000 Gross Profit 10,286,000 Selling and Administrative 1,244,000 Expenses Income from Operations 9,042,000 Interest Expense 300,000 Income Before Income Tax 8,742,000 Income Tax Expense (25%) 2,185,500 Net Income 6,556,500 15,678,000 6,587,000 9,091,000 1,131,000 7,960,000 180,000 7,780,000 1,945,000 5,835,000 Cristiano and Messi Ltd Statements of Financial Position December 31 2022 1,129,000 2,304,000 1,043,000 Assets Plant Assets (Net) Intangible Assets Inventory 2021 877,000 1,111,000 1,345,000 1,000,000 1,200,000 1,000,000 7,676,000 740,000 800,000 1,550,000 6,423,000 2,222,000 Accounts Receivable (net) Short-term Investment Cash TOTAL ASSETS Equity and Liabilities Share Capital - Ordinary ($20 par) Retained Earnings TOTAL EQUITY Liabilities Bonds Payable Notes Payable (short term) Salaries and Wages Payable Accounts Payable TOTAL LIABILITIES TOTAL EQUITY AND LIABILITIES 888,000 3,110,000 845,000 777,000 1,622,000 1,578,000 1,580,000 700,000 708,000 4,566,000 1,453,000 1,878,000 673,000 797,000 4,801,000 6,423,000 7,676,000 Compute the following ratios for 2022. Show complete computations. a. Current Ratio g. Return on Assets b. Acid-Test (Quick) Ratio h. Return on Ordinary Shareholders' Equity c. Accounts Receivable Turnover i. Earnings per Share (EPS) d. Average Collection Period j. Times Interest Earned e. Inventory Turnover k. Debt to Assets Ratio f. Asset Turnover
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