Question
Compute the missing amounts, and complete the statements of the Cyrus Co (Hint: Complete the Income Statement first) CYRUS COMPANY BALANCE SHEET AS OF DECEMBER
Compute the missing amounts, and complete the statements of the Cyrus Co (Hint: Complete the Income Statement first) CYRUS COMPANY BALANCE SHEET AS OF DECEMBER 31, 2017
Cash | ? | Current Liabilities | ? |
Accounts Receivable (Net) | ? | 8.25% Long-Term Bonds Payable | 2,000,000 |
Inventory | ? | Common Stock | ? |
PPE (Net) | ? | Retained Earnings | 550,000 |
Total Assets | 4,500,000 | Total Liabilities and Stockholders' Equity | ? |
CYRUS COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2017 Net Sales ? Cost of Goods Sold ? Gross Profit ? SGA Expenses ? Income from Operations ? Interest Expense on Bonds Payable ? Income before Income Taxes ? Income Tax Expense ? Net Income 335,000 The following information is available about Cyrus Company's financial statements: 1. The Accounts Receivable Collection Period (DRO) is 52.6 Days 2. The Days Inventory Outstanding (DIO) is 58.7 Days 3. The Current Ratio for the firm is 2.18 4. The Net Profit Margin for the firm is 11.2% 5. The Operating Profit Margin for the firm is 21.07% 6. The Gross Profit Margin for the firm is 35% 7. The Return on Common Equity for the firm is 19.7% 8. The Income Tax Rate for the firm is 28%
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