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Compute the amounts listed with ? ABC Company Income Statement For the Year Ended December 31 ABC Company Balance Sheet As of December 31 $2,700,000
Compute the amounts listed with ?
ABC Company Income Statement For the Year Ended December 31 ABC Company Balance Sheet As of December 31 $2,700,000 Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income Interest expense Net income before taxes Income taxes (40%) Net income before taxes Current assets: Cash Accounts receivable, net Inventory Total current assets Plant and equipment, net Total assets - 45.000 E- $250,000 Current liabilities Bonds payable, 10% Total liabilities Stockholders' equity: Common stock, $2.50 par Retained earnings Total stockholders equity Total liabilities and stockholders' equity Selected balances at the beginning of the year (January 1) Accounts receivable $160,000 Inventory $280,000 Total assets $1,200,000 Selected financia ratios computed from the financial statements at the left Current ratio 2.40 Acid-test ratio 1.12 Accounts receivable turnover 15.0 Inventory turnover 6.0 Debt-to-equity ratio 0.875 Times earned ratio 7.0 Earnings per share $4.05 Return on total assets 14% Other given data 1 The interest expense on the income statement relates to the bonds payable: the amount of bonds outstanding did not change throughout the year There were no changes in the number of shares of common stock outstanding during the year 3 All sales during the year were on account. C D E ABC Company Income Statement For the Year Ended December 31 ABC Company Balance Sheet As of December 31 700,000 Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income Interest expense Net income before taxes Income taxes (40%) Net income before taxes Current assets: Cash Accounts receivable, net Inventory Total current assets Plant and equipment, net Total assets 45.000 $250.000 Current liabilities Bonds payable, 10% Total liabilities Stockholders' equity Common stock, $2.50 par Retained earnings Total stockholders equity Total liabilities and stockholders' equity Step by Step Solution
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