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Given: S&S AIR, INC. 2022 Balance Sheet Assets Liabilities and Owner's Equity Current Assets Current liabilities Cash $ 530,037 Accounts Payable $ 1,039,168 Accounts Receivable
Given:
S&S AIR, INC. 2022 Balance Sheet | |||||
Assets | Liabilities and Owner's Equity | ||||
Current Assets | Current liabilities | ||||
Cash | $ 530,037 | Accounts Payable | $ 1,039,168 | ||
Accounts Receivable | $ 2,228,356 | Notes Payable | $ 2,100,173 | ||
Inventory | $ 1,798,302 | Total | $ 3,139,341 | ||
Total | $ 4,556,695 | Long-term debt | $ 5,570,000 | ||
Owners' equity | |||||
common stock | $ 210,000 | ||||
retained earnings | $ 13,519,722 | ||||
Fixed assets | total | $ 13,729,722 | |||
Net Plant and equip. | $ 17,882,368 | Total Liabilities and owners equity | $ 22,439,063 | ||
Total Assets | $ 22,439,063 | ||||
S&S AIR, INC. 2022 Income Statement | ||
Sales | $ 29,151,760 | |
Cost of goods sold | $ 21,758,220 | |
Other expenses | $ 3,483,370 | |
Depreciation | $ 952,300 | |
EBIT | $ 2,957,870 | |
Interest paid | $ 528,170 | |
taxable income | $ 2,429,700 | |
taxes (21%) | $ 510,237 | |
net income | $ 1,919,463 | |
dividends | $ 297,660 | |
addition to retained earnings | $ 1,621,803 |
Are my calculations for the ratios correct?
Current Ratio | 1 |
quick ratio | 1 |
cash ratio | 0.17 |
total asset turnover | 1.30 |
inventory turnover | 12.10 |
receivables turnover | 13.08 |
total debt ratio | 0.39 |
debt-equity ratio | 0.39 |
Equity multiplier | 1.00 |
times interest earned | 5.60 |
cash coverage ratio | 7.40 |
profit margin | 7% |
return on assets | 9% |
return on equity | 9% |
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