Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Can someone help me with parts d, f , and m? Thanks very much Some recent financial statements for Earl Grey Golf Corp. follow. Assets
Can someone help me with parts d, f , and m?
Thanks very much
Some recent financial statements for Earl Grey Golf Corp. follow. Assets Current assets Cash Accounts receivable Inventory Total Fixed assets Net plant and equipment Total assets Sales Cost of goods sold Depreciation Earnings before interest and tax Interest paid Taxable income Taxes (35%) Net income Dividends Additions to retained earnings Asset utilization ratios: d. Total asset turnover e. Inventory turnover f. Receivables turnover Profitability ratios: 1. Profit margin m. Return on assets n. Return on equity EARL GREY GOLF CORP. 2017 and 2018 Statement of Financial Position 2017 2018 Current liabilities. Accounts payable $ 24,046 $ 24,255 Notes payable 12,448 25,392 15,235 27,155 Other $ 61,886 $ 66,645 Total Long-term debt Owners' equity $324,695 $365,734 Common stock and paid-in surplus Retained earnings Total $386,581 $432,379 Total liabilities and owners' equity EARL GREY GOLF CORP. 2018 Statement of Comprehensive Income $366,996 253,122 32,220 $ 81,654 14,300 $ 67,354 23,574 $ 43,780 $20,000 23,780 0.900 x times 9.63 times 26.51 times % * % % 11.93 10.69 15.44 Liabilities and Owners' Equity 2017 $ 23,184 12,000 11,571 $ 46,755 $ 80,000 $ 40,000 219,826 $259,826 $386,581 2018 $ 27,420 10,800 15,553 $ 53,773 $ 95,000 $ 40,000 243,606 $283,606 $432,379 Some recent financial statements for Earl Grey Golf Corp. follow. Assets Current assets Cash Accounts receivable Inventory Total Fixed assets Net plant and equipment Total assets Sales Cost of goods sold Depreciation Earnings before interest and tax Interest paid Taxable income Taxes (35%) Net income Dividends Additions to retained earnings Asset utilization ratios: d. Total asset turnover e. Inventory turnover f. Receivables turnover Profitability ratios: 1. Profit margin m. Return on assets n. Return on equity EARL GREY GOLF CORP. 2017 and 2018 Statement of Financial Position 2017 2018 Current liabilities. Accounts payable $ 24,046 $ 24,255 Notes payable 12,448 25,392 15,235 27,155 Other $ 61,886 $ 66,645 Total Long-term debt Owners' equity $324,695 $365,734 Common stock and paid-in surplus Retained earnings Total $386,581 $432,379 Total liabilities and owners' equity EARL GREY GOLF CORP. 2018 Statement of Comprehensive Income $366,996 253,122 32,220 $ 81,654 14,300 $ 67,354 23,574 $ 43,780 $20,000 23,780 0.900 x times 9.63 times 26.51 times % * % % 11.93 10.69 15.44 Liabilities and Owners' Equity 2017 $ 23,184 12,000 11,571 $ 46,755 $ 80,000 $ 40,000 219,826 $259,826 $386,581 2018 $ 27,420 10,800 15,553 $ 53,773 $ 95,000 $ 40,000 243,606 $283,606 $432,379Step 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