Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Adison company is preparing its year-end financials. It must prepare an income statement, balance sheet, and calculate some key ratios. The company has issued $2,451

Adison company is preparing its year-end financials. It must prepare an income statement, balance sheet, and calculate some key ratios. The company has issued $2,451 of preferred stock and $29,640 common stock at par. In addition, there is retained earinings of 91,800. Adison company has accruals of $16,800 and accounts payable of $30,000.It has $8,005 in the bank, and total current assets of $159,565. It also has accumulated depreciation of 50,000. Company experienced $720,000 in sales with a gross profitt margin of 38.7. It turned inventory six times with a 350 day work year. Its current ratio is 2.35, total asset turnover of 2.81 and an average collection period of 31 days. Adison company's debt ratio is 49.4. Assume Adision company's tax rate is 21% and it has interest expense of $2,829.Round all dollar calculations to the nearest dollar. (Please how how to calculate.)!!!

Question: How much marketable securities, accounts recieveable, inventory, gross fixed assets, net fixed assets, tatol assets, note payable, total current liabilities, long term debts, and total liabiliities does the company have?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Finance questions