Case 11-21 (Algo) Analytical case-complete an income statement and balance sheet using financial ratio data Financial ratios computed for Whittaker Incorporated include the following:
Case 11-21 (Algo) Analytical case-complete an income statement and balance sheet using financial ratio data Financial ratios computed for Whittaker Incorporated include the following: Current ratio Acid-test ratio Debt/equity ratio Inventory turnover Accounts receivable turnover Times interest earned Gross profit ratio Return on investment Earnings per share 1.7 to 1 1.2 to 1 1.6 to 1 3.2 times 5.2 times 4.50 times 20% 7.15% $ 3.63 All sales during the year were made on account. Cash collections during the year exceeded sales by $11,000, and no uncollectible accounts were written off. The balance of the accounts receivable account was $53,000 on January 1, 2023. No common stock was issued during the year. Dividends declared and paid during the year were $4,376. The balance of the inventory account was $73,500 on January 1, 2023. Interest expense on the income statement relates to the 12% bonds payable; $10,000 of these bonds were issued on May 1, 2023; the remaining amount of bonds payable were outstanding throughout the year. All bonds were issued at face amount. Required: a. Complete the income statement and balance sheet for Whittaker Incorporated. Complete this question by entering your answers in the tabs below. Required A1 Required A2
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Income Statement for Whittaker Incorporated Amount Sales Less Cost of Goods Sold 80 of Sales Gross Profit Less Operating Expenses Operating Income Les...See step-by-step solutions with expert insights and AI powered tools for academic success
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