Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Create the Income Statement and Balance Sheet for Lemonade Inc. Income Statement Sales Cost of Goods sold Gross Profits Overhead Depreciation expense Total operating expense
Create the Income Statement and Balance Sheet for Lemonade Inc. Income Statement Sales Cost of Goods sold Gross Profits Overhead Depreciation expense Total operating expense Operating income (EBIT) Interest expense Earnings before taxes Taxes Net Income S $ 40,000 S 28,000 S 12.000 $ 4,000 S $ 4,000 S 8,000 S S 8.000 $ 1,600 $ 6,400 Balance Sheet Cash Accounts receivable Inventory Total current assets Gross Buildings and equipment Accumulated Depreciation Net fixed assets Other assets Total assets S S 2,000 S 1.000 $ 20,000 $ 23,000 $ 5,000 S $ 5,000 S S 28,000 Accounts payable Notes payable Total current liabilities Long-term debt Total Liabilities Common Stock Retained earnings Total equity Total liabilities and equity S 10,000 S S 10.000 S S 10,000 S S S 18.000 S 28,000 Use the data you calculated to answer the following questions: Calculate Current Ratio Calculate Quick Ratio Calculate Gross Profit Margin Calculate Operating Profit Margin Calculate Net Profit Margin Calculate Earnings Per Share Calculate PE Ratio Calculate Return on Equity
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started