{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-05-27T19:06:29-04:00", "answer_date": "2024-05-27 19:06:29", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "1796154", "url": "\/study-help\/questions\/exercise-128-algo-calculate-profitability-ratios-lo124-the-balance-sheets-1796154", "question_creation_date_js": "2024-05-27T19:06:29-04:00", "question_creation_date": "May 27, 2024 07:06 PM", "meta_title": "[Solved] Exercise 12-8 (Algo) Calculate profitabil | SolutionInn", "meta_description": "Answer of - Exercise 12-8 (Algo) Calculate profitability ratios (LO12-4) The balance sheets for Monitor World Corporation and addi | SolutionInn", "meta_keywords": "exercise,12-8,algo,profitability,ratios,lo12-4,balance,sheets,monitor,world,corporation,additional", "question_title_h1": " Exercise 12-8 (Algo) Calculate profitability ratios (LO12-4) The balance sheets for Monitor World Corporation and additional information are provided below. MONITOR WORLD CORPORATION Balance", "question_title": " Exercise 12-8 (Algo) Calculate profitability ratios (LO12-4) The balance sheets for", "question_title_for_js_snippet": "Exercise 12 8 (Algo) Calculate profitability ratios (LO12 4) The balance sheets for Monitor World Corporation and additional information are provided below MONITOR WORLD CORPORATION Balance Sheets December 31, 2024 and 2023 2024 2023 Assets Current assets Cash Accounts receivable Inventory Investments Long term assets Land Equipment Less Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities Accounts payable Interest payable $138,880 74,000 $118,000 90,000 93,000 78,000 3,800 1,800 460,000 460,000 770,000 (408,000) 650,000 (248,000) $1,131,680 $97,600 5,500 $1,149,800 Income tax payable Long term liabilities Notes payable Stockholders' equity Common stock Retained earnings Total liabilities and stockholders' equity Additional information for 2024 1 Net income is $70,880 2 Sales on account are $1,451,400 (All sales are credit sales ) 3 Cost of goods sold is $1,120,050 $83,000 11,800 7,500 4,800 100,000 200,000 680,000 680,000 241,080 170,200 $1,131,680 $1,149,800", "question_description": "\"image\"image\"image", "transcribed_text": "Exercise 12-8 (Algo) Calculate profitability ratios (LO12-4) The balance sheets for Monitor World Corporation and additional information are provided below. MONITOR WORLD CORPORATION Balance Sheets December 31, 2024 and 2023 2024 2023 Assets Current assets: Cash Accounts receivable Inventory Investments Long-term assets: Land Equipment Less: Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable $138,880 74,000 $118,000 90,000 93,000 78,000 3,800 1,800 460,000 460,000 770,000 (408,000) 650,000 (248,000) $1,131,680 $97,600 5,500 $1,149,800 Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings Total liabilities and stockholders' equity Additional information for 2024: 1. Net income is $70,880. 2. Sales on account are $1,451,400. (All sales are credit sales.) 3. Cost of goods sold is $1,120,050. $83,000 11,800 7,500 4,800 100,000 200,000 680,000 680,000 241,080 170,200 $1,131,680 $1,149,800", "related_book": { "title": "Cost Accounting Foundations and Evolutions", "isbn": "9781285401072, 1111971722, 1285401077, 978-1111971724", "edition": "9th edition", "authors": "Michael R. Kinney, Cecily A. Raiborn", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/307.jpg", "uri": "\/textbooks\/cost-accounting-foundations-and-evolutions-9th-edition-307", "see_more_uri": "" }, "free_related_book": { "isbn": "979-8660089558", "uri": "\/textbooks\/aviation-early-years-of-flight-prior-to-1934-1st-edition-979-8660089558-168174", "name": "Aviation Early Years Of Flight Prior To 1934", "edition": "1st Edition" }, "question_posted": "2024-05-27 19:06:29", "see_more_questions_link": "\/study-help\/questions\/business-finance-2024-September-22", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/study-help\/questions\/interpret-the-graph-covid19-literacy-scale-90-80-70-60-280959", "description": "Interpret the graph COVID-19 LITERACY SCALE 90 80 70 60 666 6 50 40 30 20 10 01 02 Q3 04 Q5 06 07 Q8 a9 Q10 Q11 Q12 Q13 Q14 Q15 Q16 Q17 Science Non-Science Figure 1. 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