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First photo is the information provided for the following Its all one big exercise. And thanks a lot I will like. Balance Sheet Assets: Cash
First photo is the information provided for the following
Its all one big exercise. And thanks a lot I will like.
Balance Sheet Assets: Cash and marketable securities Accounts receivable Inventories Prepaid expenses Total current assets Fixed assets 2,800,000 Less: accum. depreciation (1,087,500) Net fixed assets Total assets $ 400,000 1,025,000 1,937,500 124,000 $3,486,500 $1,712,500 $5.199.000 Liabilities: Accounts payable Notes payable Accrued taxes Total current liabilities Long-term debt Owner's equity Total liabilities and owner's equity $ 340,000 825,000 42,000 $1,207,000 1,175,000 2,817,000 $5.199,000 Income Statement Net sales (all credit) Less: Cost of goods sold Selling and administrative expense Depreciation expense Interest expense Earnings before taxes Income taxes Net income $7,375,000 (4,312,500) (1,387,500) (135,000) (127,000) 1,413,000 (625,000) $ 788.000 Common stock dividends $488,000 Complete the following from the information above: Current ratio- Acid test ratio- Account receivable turnover- Average collection period- Inventory Turnover- Fixed asset turnover ratio- Total asset turnover- Debt asset ratio- Time interest earnedStep by Step Solution
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