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Canadian Bacon Inc. financial statements are presented in the table below. Based on the information in the table, caluclate the firms the net-working capital to-sales
Canadian Bacon Inc. financial statements are presented in the table below.
Based on the information in the table, caluclate the firmsthe net-working capital to-salesratio.
Round the answers to two decimal places in percentage form.(Write the percentage sign in the "units" box).
Balance Sheet December 31, 2015
Cash and marketable securities | $187,000 | Accounts payable | $217,000 |
Accounts receivable | $498,000 | Notes payable | $51,500 |
Inventories | $799,000 | Accrued expenses | $58,300 |
Prepaid expenses | $19,300 | Total current liabilities | $326,800 |
Total current assets | $1,503,300 | Long-term debt | $215,400 |
Gross fixed assets | $1,978,000 | Par value and paid-in-capital | $128,000 |
Less: accumulated depreciation | $478,000 | Retained Earnings | $2,333,100 |
Net fixed assets | $1,500,000 | Common Equity | 2,461,100 |
Total assets | $3,003,300 | Total liabilities and owners equity | $3,003,300 |
Income Statement, Year of 2015
Net sales (all credit) | $5,386,600.00 |
Less: Cost of goods sold | $3,716,754.00 |
Selling and administrative expenses | $329,000.00 |
Depreciation expense | $138,000.00 |
EBIT | $1,202,846.00 |
Interest expense | $39,600.00 |
Earnings before taxes | $1,163,246.00 |
Income taxes | $465,298.40 |
Net income | $697,947.60 |
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