Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

given the financial statement below select the best answer for each of the following calculations for 2016 Assets Cash. Temporary Investments Accounts Receivable (net). Inventories.

given the financial statement below select the best answer for each of the following calculations for 2016
image text in transcribed
image text in transcribed
Assets Cash. Temporary Investments Accounts Receivable (net). Inventories. Prepaid Expenses Total Current Assets... Pinnacle B Inc. Comparative Balance Sheet December 31, 2016 and 2015, Long-term Investments... Property, Plant, and Equipment (net)....... Total Assets. Current Liabilities... Long-term Liabilities: Total Liabilities... Liabilities Mortgage Note Payable Bonds Payable... Total Long-Term Liabilities. Stockholders' Equity Preferred Stock... Common Stock... Retained Earnings..... Total Stockholders' Equity... Total Liabilities and Stockholders' Equity.. Sales. Sales Returns and Allowances. Net Sales Cost of Goods Sold.. Gross Profit. Selling Expenses. Administrative Expenses.. Total Operating Expenses. Income From Operations... Other Income.. Dec 31 2016 Dec 31 2015 Other Expense (Interest) Income Before Income Tax... Income Tax Expense...... Net Income... $240,000 390,000 206,400 $180,000 420,000 180,000 480,000 432,000 $27,600 $21,600 $1,344,000 $1,233,600 $420,000 $288,000 $1,704,000 $1,122,000 $3,468,000 $2,643,600 $630,000 Pinnacle B Inc. Comparative Income Statement For the Years Ended December 31, 2016 and 2015 $480,000 $216,000 756,000 756,000 $696,000 $1,236,000 $972,000 $1,866,000 $1,668,000 $240,000 $240,000 $540,000 $540,000 $822,000 $195,600 $1,602,000 $975,600 $3,468,000 $2,643,600 2016 2015 $2,160,000 $2,040,000 24,000 18,000 $2,136,000 $2,022,000 840,000 792,000 $1,296,000 $1,230,000 288,000 216,000 144,000 132,000 $432,000 $348,000 $864,000 $882,000 48,000 36,000 $912,000 $918,000 84,000 64,800 $828,000 93,600 $853,200 96,000 $734,400 $757,200 V Inventory Turnover Number of Days Sales in Inventory Current Ratio Working Capital Quick Ratio Ratio of Liabilities to Stockholders' Equity

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

Accounting Principles

Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso

11th Edition

111856667X, 978-1118566671

More Books

Students also viewed these Accounting questions