Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Condensed Balance Sheet As of December 31, 20X8 Condensed FinancialStatment For the Year Ended December 31 20X8 Current Assets: Cash Accounts Receivable Inventories Total Current

image text in transcribed

image text in transcribed

Condensed Balance Sheet As of December 31, 20X8 Condensed FinancialStatment For the Year Ended December 31 20X8 Current Assets: Cash Accounts Receivable Inventories Total Current Assets $ 108,000 $ 95,000 $ 13,000 $ 216,000 Revenue $ 1,500,000 Cost of Goods Sold $ 200,000 Operating Expenses $ 800,000 Contribution Margin $ 500,000 Undistributed Operating Expenses $ 125,000 Gross Operating Profit $ 375,000 Interest $ 120,000 Other Non-Operating Expenses $ 162,000 Income Before Taxes $ 93,000 Income Tax $ 27,900 Net Income $ 65,100 Property and Equipment: Land Building (net) Furniture & Equipment (net) Total Property and Equipment $ 60,000 $ 300,000 $ 80,000 $ 440,000 Total Assets $ 656,000 Liabilities and Owners' Equity Current Liabilities $225,000 Long-Term Liabilities: Note from Owner Mortgage Payable 40,000 80,000 Total Liabilities 345,000 Owners' Equity Common Stock Retained Earnings 100,000 211,000 Total Owners' Equity 311,000 Total Liabilities and Owners' Equity $656,000 Using the information above, calculate the following. Show your work using EXCEL formulas Using the information above, calculate the following. Show your work using EXCEL formulas Current Ratio 0.96 Acid-Test Ratio Debt-Equity Ratio 1.11 Times Interest Earned Operating Efficiency Ratio Contribution Margin Percentage Gross Operating Profit Margin Percentage Net Income Percentage

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting

Authors: Jill Collis

1st Edition

1137335882, 978-1137335883

More Books

Students also viewed these Accounting questions