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Good sum The following information is available about the company a. Al sales during the year were on account 8. There was no change in
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The following information is available about the company a. Al sales during the year were on account 8. There was no change in the number of shares of common stock outstanding during the year The interest expense on the income statement relates to the bonds payable the amount of bonds outstanding did not change during the year d. Selected balances at the beginning of the current year wete Accounts receivable Inventory Total assets $ 150 000 $ 270,000 $1.665.000 e. Selected financial ratios computed from the statements below for the current year are Eamings per share $ 270 Debt-toequity atio 0.800 Accounts receivable turnover 150 Current ratio 250 Retum on total assets 10% Times interest eamed ratio 50 Acid-test ratio 1.18 Inventory turnover 7.9 Required: Compute the missing amounts on the company's financial statements (Hint What's the difference between the acid-test ratio and the current ratio ? (Do not found intermediate calculations.) Papper industries Income Statement For the Year Ended March 1 Isalon $ 3.000000 Cost of goods sold Gross margin Selling and administrative experties Net operating income Interest expone Net income before taxes Income (40%) Notic 45.000 Pepper Industries Balance Sheet March 31 Current assets Cash Accounts receivable net Inventory Total current assets Plant and equipment, net Total assets Liabilities: Current liabilities Bonds payable, 10% Total liabilities Stockholders equity Common stock $2.50 par value Retained earnings Total stockholders' equity Total liabilities and stockholders equity $ 250.000Step by Step Solution
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