Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

Fill in all the blanks plase. Condensed statements of financial position and statement of income data for Oak Ridge Corporation follow: 2019 OAK RIDGE CORPORATION

Fill in all the blanks plase. image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Condensed statements of financial position and statement of income data for Oak Ridge Corporation follow: 2019 OAK RIDGE CORPORATION Statement of Financial Position December 31 2021 2020 Assets Current assets Cash $25,000 $20,100 Accounts receivable (net) 55,400 44.900 Inventory 101,000 84,600 Total current assets 181,400 149.600 Long-term investments 55,200 70.200 Property, plant, and equipment (net) 498,900 372,800 Total assets $735,500 $592,600 Liabilities and Shareholders' Equity Liabilities Current liabilities $84,500 $79.900 Non-current liabilities 156,100 85,900 Total liabilities 240,600 165,800 $17.900 47.700 63,400 129,000 48,100 258,000 $435.100 $29,700 20,100 49,800 Shareholders' equity Common shares Retained earnings Total shareholders' equity Total liabilities and shareholders' equity 329,900 165,000 494,900 $735,500 300.700 126,100 426,800 $592,600 301,900 83,400 385,300 $435,100 OAK RIDGE CORPORATION Statement of Income Year Ended December 31 2021 Sales 702,400 Cost of goods sold 448,300 Gross profit 254,100 Operating expenses 148.900 Income from operations 105,200 Interest expense 10,000 Income before income tax 95,200 Income tax expense 19,040 Net income $76,160 2020 452,300 299,200 153,100 84,200 68,900 3,860 65,040 13,008 $52,032 Additional information: 1. 2. The allowance for doubtful accounts was $4,900 in 2019, $4,500 in 2020, and $5,000 in 2021. All sales were credit sales. Net cash provided by operating activities was $120,700 in 2020 and $102,100 in 2021. Net capital expenditures were $153,100 for 2020 and $181,400 for 2021. 3. 4. (a) Calculate the following ratios for 2020 and 2021: (Round answers to 1 decimal place, e.g.5.2:1 or 5.2% or 5.2. Enter negative answers preceeding either-sign, e.g.-45 or in parentheses, eg. (45)) 2021 2020 1. Current ratio :1 :1 2. Receivables turnover times times 3. Inventory turnover times times 4. Debt to total assets 96 % 5. Times interest earned times times 6. Free cash flow 7. Gross profit margin % 8. Profit margin % % 9. Asset turnover times times 10. Return on assets % %

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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 An Introduction

Authors: Mr Barry Elliott, Mr Augustine Benedict

2nd Edition

0273737651, 9780273737650

Students also viewed these Accounting questions