Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

hi help me solve the question The condensed statements of independent Auto Inc. follow 3 25 points Independent Auto Inc. Income Statement (see) For Years

hi help me solve the question image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
The condensed statements of independent Auto Inc. follow 3 25 points Independent Auto Inc. Income Statement (see) For Years Ended December 31 2020 2019 Net soles $210,500 5193,780 Cost of goods sold 125,559 119,825 Gross profit from sales $ 84,941 $273,875 Selling expenses $ 29,752 $ 26,770 Administrative expenses 19,061 27.885 Total operating expenses $ 48,813 $ 53,855 Profit before taxes $ 36, 128 $ 20,020 Income taxes 6,918 6302 Profit $ 29,210 $ 13,718 2018 $168,500 196 553 $ 61 942 $ 22, 301 13.959 36,260 $ 25,687 5.368 $ 20,319 Print 2019 2018 Independent Auto Inc. Balance Sheet (5000) December 31 2020 Assets Current assets $ 35, 586 Non-strategic Investments Plant and equipment, net 66,300 Total assets $101,886 Liabilities and Equity Current liabilities $ 14,965 Common shares 60,000 Retained earnings 26.921 $28,197 680 70,500 599,377 $37,104 3,429 43,200 583,733 $14,797 60,000 24,580 $14.461 45,300 23.972 2019 2018 Independent Auto Inc. Balance Sheet (5000) December 31 2020 Assets Current assets $ 35, 586 Non-strategic investments Plant and equipment, net 66,300 Total assets $101,886 Liabilities and Equity Current liabilities $ 14,965 Common shares 60,000 Retained earnings 26,921 Total liabilities and equity $101,886 $28,197 680 170,500 $99,377 $37,104 3,429 43,200 $83,733 $14,797 60,000 24,589 $99,377 $14,461 45,300 23,972 $83,733 Required: 1. Calculate each year's current ratio. (Round the final answers to 1 decimal place.) Current ratios to 1 December 31, 2020 December 31, 2019 December 31, 2018 to 1 to 1 Assignment 11 - Ch 17 Help Suve & Exit Submit 3 2. Express the income statement data in common-size percentages. (Round your final percentage answers to 2 decimal places.) 25 points Print INDEPENDENT AUTO INC Common Size Comparative Income Statement(in) For Years Ended December 31, 2020, 2019 and 2018 2020 2019 2018 Net sales Cost of goods sold Gross profit from sales Selling expenses Administrative expenses Total operating expenses Profit before taxes Income taxes Profit 3. Express the balance sheet data in trend percentages with 2018 as the base year. (Round your final percentage answers to 2 decimal places.) INDEPENDENT AUTO INC Balance Sheet Data in Trend Percentages (in %) December 31, 2020, 2019, and 2018 2020 2019 2018 Assets Current assets Non-strategic investments Plant and equipment, net Total assets Liabilities and Equity Current liabilities Common shares Retained earnings Total liabilities and 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

The Definitive Guide To Blockchain For Accounting And Business

Authors: Saurav K. Dutta

1st Edition

1789738687, 9781789738681

More Books

Students also viewed these Accounting questions

Question

3. Dont make threats or raise your voice.

Answered: 1 week ago

Question

What would you do?

Answered: 1 week ago