Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Given the balance sheet and income statement, summarize the major changes from 2022. 2022 2023 2022 2023 Total Revenue $1,520,000 $1,540,000 Cash $39,000 $46,000 Other

Given the balance sheet and income statement, summarize the major changes from 2022.

2022 2023 2022 2023
Total Revenue $1,520,000 $1,540,000 Cash $39,000 $46,000
Other Current Assets 180,000 174,000
Expenses Fixed Assets 981,000 1,050,000
Salaries & Benefits $854,000 $894,000 Total Assets $1,200,000 $1,270,000
Supplies 470,000 475,000
Depreciation 93,000 89,000 Current Liabilities $112,000 $135,000
Interest 24,000 22,000 Long Term Debt 301,000 288,000
Total Expense $1,441,000 $1,480,000 Total Liabilities $413,000 $423,000
Net Income $79,000 $60,000 Net Worth $787,000 $847,000
Liquidity 2022 2023 % change
Current ratio 2 1.6 -16.70%
Days cash on hand 10.6 12.1 14.30%
Capital Structure
Equity financing 65.60% 66.70% 1.70%
Times interest earned 4.3 3.7 -13.20%
Turnover
Total asset turnover 1.3 1.2 -4.30%
Current asset turnover 6.9 7 0.90%
Fixed asset turnover 1.5 1.5 -5.30%
Profitability
Total margin 5.20% 3.90% -25.00%
ROA 6.60% 4.70% -28.20%
ROE 10.00% 7.10% -29.40%

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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 in an Economic Context

Authors: Jamie Pratt

8th Edition

9781118139424, 9781118139431, 470635290, 1118139429, 1118139437, 978-0470635292

More Books

Students also viewed these Accounting questions

Question

1. To gain knowledge about the way information is stored in memory.

Answered: 1 week ago