Answer Problems 3,4,5 (page. 652)

652 CHAPTER 15 Financial Statements and Ratios Amount 3. Complete the following chart for Alberta Heights Service Station. Express each item as a percent of net sales, and then write in the appropriate average percent from the chart on page 626. Round to the nearest tenth of a percent. [15.2] Alberta Heights Service Station Average (In Thousands) Percent $1200 100% Cost of Goods Sold Gross Profit $325 Net Income $112 Wages $129 Rent $72 Total Expenses $213 Percent 100% Net Sales Find (a) the current ratio and (b) the acid-test ratio for each firm. (Round to the nearest hundredth.) [15.4) 4. J&L Construction: Current assets: $2.482,500 Current liabilities: $1,800,200 Cash: $850,000 Notes and accounts $680,100 receivable: Inventory: $952,400 (a) (b) 5. Ben Franklin Tobacco: Current assets: Current liabilities: Cash: Notes and accounts receivable: Inventory: $154.000 $146.500 $22,000 $32,500 (a) (b) $99,500