Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

begin{tabular}{lrr} Net sales revenues & & $176,690 Interest revenue & & 240 Expenses: & $39,100 & Cost of goods sold & 58,720

image text in transcribedimage text in transcribed

\begin{tabular}{lrr} Net sales revenues & & $176,690 \\ Interest revenue & & 240 \\ Expenses: & $39,100 & \\ Cost of goods sold & 58,720 & \\ Operating expenses & 17,850 & \\ Depreciation expense & 8,281 & \\ Interest expense & 15,100 & 139,051 \\ Income tax expense & & $37,879 \\ \hline Total expenses & & \\ Net income \end{tabular} GREAT ADVENTURES, INCORPORATED Balance Sheets December 31, 2025 and 2024 Assets Current assets: CashAccountsreceivableInventoryOthercurrentassets$231,84448,6808,2001,020$64,620004,980 Long-term assets: LandBuildingsEquipmentAccumulateddepreciationTotalassets620,000830,00074,360$26,450)$1,78,65400(8,000$1,38,300 Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Other current liabilities Notes payable (current) Notes payable (long-term) Stockholders' equity: Common stock Paid-in capital Retained earnings Treasury stock Total liabilities and stockholders' equity \begin{tabular}{rr} (126,000) & 0 \\ \hline$1,787,654 & $107,300 \end{tabular} RWP12-1 (Algo) Great Adventures Continuing Case Part 2 2. Calculate the following profitability ratios for 2025. (Use 365 days in a year. Round your intermediate calculations and final answers to 1 decimal place.)

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

Recommended Textbook for

Contemporary Auditing Real Issues And Cases

Authors: Michael C. Knapp, Loreen Knapp

5th Edition

032418834X, 978-0324188349

More Books

Students also viewed these Accounting questions