Answered step by step
Verified Expert Solution
Question
1 Approved Answer
$ 35,000 29,000 Assets Cash Accounts receivable Inventory Total current assets Fixed assets Balance Sheet Liabilities and Equity $ 14,000 Accounts payable 76,000 Notes payable
$ 35,000 29,000 Assets Cash Accounts receivable Inventory Total current assets Fixed assets Balance Sheet Liabilities and Equity $ 14,000 Accounts payable 76,000 Notes payable 57,000 147,000 Total current liabilities 85,000 Long-term debt Equity $232,000 Total liabilities and equity 64,000 18,000 150,000 $232,000 Total assets Income Statement Sales (all on credit) Cost of goods sold Gross margin Selling and administrative expenses Depreciation EBIT Interest expense Earnings before tax Taxes Net income $320,000 240,000 80,000 20,000 4,000 56,000 6,500 49,500 14,850 $ 34,650 For this company, calculate the following: (Use 365 days in a year. Do not round intermediate calculations. Round your answers to 2 decimal places. (e.g., 32.16)) a. Current ratio times days times b. Number of days' sales in receivables C. Sales to total assets d. Number of days in inventory le..Debt-to-asset.ratio... days e. Debt-to-asset ratio % f. Cash-flow debt ratio % g. Return on assets % h. Return on equity %
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started