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Good evening! I was able to do a few but I feel like I'm going wrong somewhere, we only have one Check My Work feature,
Good evening! I was able to do a few but I feel like I'm going wrong somewhere, we only have one "Check My Work" feature, could someone help me? It's a multi-part question
Selected current year-end financial statements of Cabot Corporation follow. (All sales were on credit; selected balance sheet amounts at December 31 of the prior year were inventory, $49,900; total assets, $189,400; common stock, $84,000; and retained earnings, $35,369.) Sales CABOT CORPORATION Income Statement For Current Year Ended December 31 $ 453,600 Cost of goods sold 297,950 Gross profit 155,650 Operating expenses 99, 100 Interest expense 4,000 Income before taxes 52,550 Income tax expense 21,169 Net income $ 31,381 $ Assets Cash Short-term investments Accounts receivable, net Merchandise inventory CABOT CORPORATION Balance Sheet December 31 Liabilities and Equity $ 22,000 Accounts payable 9,200 Accrued wages payable 33,800 Income taxes payable 32,150 Long-term note payable, secured by mortgage on plant assets 2,600 Common stock 149,300 Retained earnings $ 249,050 Total liabilities and equity 19,500 4,800 3,600 70,400 Prepaid expenses Plant assets, net Total assets 84,000 66,750 $ 249,050 Required: Compute the following: (1) current ratio, (2) acid-test ratio, (3) days' sales uncollected, (4) inventory turnover, (5) days' sales in inventory, (6) debt-to-equity ratio, (7) times interest earned, (8) profit margin ratio, (9) total asset turnover, (10) return on total assets, and (11) return on common stockholders' equity. (Do not round intermediate calculations.) Complete this question by entering your answers in the tabs below. Req 1 and 2 Req 3 Reg 4 Req 5 Reg 6 Req 7 Reg 8 Reg 9 Reg 10 Req 11 Compute the current ratio and acid-test ratio. (1) Current Ratio Choose Numerator: Choose Denominator: Current Ratio Current assets 1 Current liabilities Current ratio 3.6 to 1 $ 99,750) $ 27,900 (2) Acid-Test Ratio Choose Numerator: 1 Choose Denominator: Acid-Test Ratio Quick assets / Current liabilities Acid-Test Ratio 23 to 1 $ 65,000 $ 27,900 Compute the following: (1) current ratio, (2) acid-test ratio, (3) days' sales uncollected, (4) inventory turnover, (5) days' sales in inventory, (6) debt-to-equity ratio, (7) times interest earned, (8) profit margin ratio, (9) total asset turnover, (10) return on total assets, and (11) return on common stockholders' equity. (Do not round intermediate calculations.) Complete this question by entering your answers in the tabs below. Reg 1 and 2 Reg 3 Reg 4 Req 5 Req 6 Req 7 Req 8 Req9 Reg 10 Req 11 Compute the days' sales uncollected. (3) Days' Sales Uncollected Choose Denominator: Days Days Sales Uncollected Choose Numerator: Accounts Receivable, net $ 33,8001 Net sales 365 Days sales uncollected $ 453,600 x 365 27.2 days equired: Compute the following: (1) current ratio, (2) acid-test ratio, (3) days' sales uncollected, (4) inventory turnover, (5) days' sales in inventory, (6) debt-to-equity ratio, (7) times interest earned, (8) profit margin ratio, (9) total asset turnover, (10) return on total assets, and (11) return on common stockholders' equity. (Do not round intermediate calculations.) Complete this question by entering your answers in the tabs below. Req 1 and 2 Reg 3 Req 4 Req 5 Req 6 Req 7 Req 8 Reg 9 Reg 10 Req 11 Compute the inventory turnover. (4) = Choose Numerator: Cost of goods sold Inventory Turnover 1 Choose Denominator: 1 Average inventory / Inventory Turnover Inventory turnover - 0 times Compute the following: (1) current ratio, (2) acid-test ratio, (3) days' sales uncollected, (4) inventory turnover, (5) days' sales in inventory, (6) debt-to-equity ratio, (7) times interest earned, (8) profit margin ratio, (9) total asset turnover, (10) return on total assets, and (11) return on common stockholders' equity. (Do not round intermediate calculations.) Complete this question by entering your answers in the tabs below. Req 1 and 2 Reg 3 Reg 4 Req 5 Req 6 Reg 7 Req 8 Reg 9 Req 10 Req 11 Compute the days' sales in inventory. (5) Days' Sales in Inventory Choose Denominator: Choose Numerator: 1 Days / = Days' Sales in Inventory Days' sales in inventory 0 days 1 X Compute the following: (1) current ratio, (2) acid-test ratio, (3) days' sales uncollected, (4) inventory turnover, (5) days' sales in inventory, (6) debt-to-equity ratio, (7) times interest earned, (8) profit margin ratio, (9) total asset turnover, (10) return on total assets, and (11) return on common stockholders' equity. (Do not round intermediate calculations.) Complete this question by entering your answers in the tabs below. Req 1 and 2 Reg 3 Reg 4 Reg 5 Reg 6 Req 7 Req 8 Req 9 Req 10 Reg 11 Compute the debt-to-equity ratio. (6) Choose Numerator: = Debt-to-Equity Ratio | Choose Denominator: 1 Total equity / $ 150,750 Debt-to-Equity Ratio Debt-to-equity ratio Total liabilities $ 98,300 0.65 to 1 Compute the following: (1) current ratio, (2) acid-test ratio, (3) days' sales uncollected, (4) inventory turnover, (5) days' sales in inventory, (6) debt-to-equity ratio, (7) times interest earned, (8) profit margin ratio, (9) total asset turnover, (10) return on total assets, and (11) return on common stockholders' equity. (Do not round intermediate calculations.) Complete this question by entering your answers in the tabs below. Req 1 and 2 Req3 Reg 4 Reg 5 Reg 6 Req 7 Req 8 Reg 9 Reg 10 Reg 11 Compute the times interest earned. (7) Times Interest Earned Choose Numerator: 1 Choose Denominator: = Times Interest Earned Income before tax + Interest expense / Interest expense Times interest earned $ 52,550 + $ 4,000 1 $ 4,000 14.1 times Compute the following: (1) current ratio, (2) acid-test ratio, (3) days' sales uncollected, (4) inventory turnover, (5) days' sales in inventory, (6) debt-to-equity ratio, (7) times interest earned, (8) profit margin ratio, (9) total asset turnover, (10) return on total assets, and (11) return on common stockholders' equity. (Do not round intermediate calculations.) Complete this question by entering your answers in the tabs below. Req 1 and 2 Req3 Reg 4 Reg 5 Req 6 Reg 7 Req 8 Req 9 Req 10 Req 11 Compute the profit margin ratio. (8) Choose Numerator: 1 Profit Margin Ratio Choose Denominator: Net sales = Net income / Profit margin ratio Profit margin ratio 6.9 % $ 31,381 / S 453,600 Required: Compute the following: (1) current ratio, (2) acid-test ratio, (3) days' sales uncollected, (4) inventory turnover, (5) days' sales in inventory, (6) debt-to-equity ratio, (7) times interest earned, (8) profit margin ratio, (9) total asset turnover, (10) return on total assets, and (11) return on common stockholders' equity. (Do not round intermediate calculations.) Complete this question by entering your answers in the tabs below. Req 1 and 2 Req 3 Reg 4 Reg 5 Reg 6 Req 7 Reg 8 Req 9 Reg 10 Reg 11 Compute the total asset turnover. (9) Total Asset Turnover Choose Denominator: Choose Numerator: 1 Total Asset Turnover Net sales 1 Total asset turnover $ 453,600 1 0 times Required: Compute the following: (1) current ratio, (2) acid-test ratio, (3) days' sales uncollected, (4) inventory turnover, (5) days' sales in inventory, (6) debt-to-equity ratio, (7) times interest earned, (8) profit margin ratio, (9) total asset turnover, (10) return on total assets, and (11) return on common stockholders' equity. (Do not round intermediate calculations.) Complete this question by entering your answers in the tabs below. Req 1 and 2 Reg 3 Reg 4 Req 5 Reg 6 Req 7 Reg 8 Reg 9 Req 10 Req 11 Compute the return on total assets. (10) Return on Total Assets Choose Numerator: Return on Total Assets 1 Choose Denominator: 1 Average total assets Net income Return on total assets $ 31.381 / = 0 % Compute the following: (1) current ratio, (2) acid-test ratio, (3) days' sales uncollected, (4) inventory turnover, (5) days' sales in inventory, (6) debt-to-equity ratio, (7) times interest earned, (8) profit margin ratio, (9) total asset turnover, (10) return on total assets, and (11) return on common stockholders' equity. (Do not round intermediate calculations.) Complete this question by entering your answers in the tabs below. Req 1 and 2 Req3 Reg 4 Req 5 Reg 6 Req 7 Req 8 Req 9 Reg 10 Reg 11 Compute the return on common stockholders' equity. (11) Return on Common Stockholders' Equity Choose Numerator: 1 Choose Denominator Return On Common Stockholders' Equity Return on common stockholders' equity = %Step by Step Solution
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