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I cannot figure this one out. I believe these ratios are based on the information from the image below. Any help would be greatly appreciated.
I cannot figure this one out. I believe these ratios are based on the information from the image below. Any help would be greatly appreciated.
For each ratio, in the answer cell, use FORMULAS to calculate the ratio, do not type in the answer. \begin{tabular}{|l|l|l|l} \hline Ratio & Formula & Answer & \\ \hline Current Ratio & Current Assets/Current Liabilities & & Use A Formula \\ Debt to Equity & Total Liabilities/Stockholders Equity & & Use A Formula \\ Gross profit ratio & GP/Net Sales & & Use A Formula \\ Profit margin & Net income/Net sales & & Use A Formula \\ Return on Assets & Net income/Average total assets & & \end{tabular} Company Information \& Summary of Significant Account Policies Macon Machines Company began operations on November 1, 2024. The main operating goal of the company is to sell high end robots. Customers may pay using cash or if appropriate, credit is extended to customers with terms 3/15,n/30. The company uses the perpetual inventory method and a FIFO cost system. The company follows a calendar year, with all adjusting entries made at the end of the accounting period, December 31. The company uses the straight-line depreciation for all depreciable assets. The company has decided to use the Allowance method to account for uncollectible accounts. At the end of the period, based on industry standards, the company believes 2% of the balance in accounts recievable will be uncollectible. The company purchases robots for resale only as such they carry them as inventory. The company has two employees, one is a sales technician, salary of $9000 per month and the other employee is the office manager with a salary of $6000 per month. Payroll is processed on the last day of the month, and paid on the first day of the following month. This means the November 30 payroll with accrue into Salaries Payable and then be paid on Decemember 1. Required: 1) Make sure your student ID is correct, this will change the information. Macon Machines Company engaged in the following transactions for November and December. Record the following transactions on the Daily Transactions tab. Note: Place debits first, credits second but do NOT indent credits. If more than one debit or credit, please list in alphabetical order to receive full credit. Round to the penny unless otherwise noted. For each ratio, in the answer cell, use FORMULAS to calculate the ratio, do not type in the answer. \begin{tabular}{|l|l|l|l} \hline Ratio & Formula & Answer & \\ \hline Current Ratio & Current Assets/Current Liabilities & & Use A Formula \\ Debt to Equity & Total Liabilities/Stockholders Equity & & Use A Formula \\ Gross profit ratio & GP/Net Sales & & Use A Formula \\ Profit margin & Net income/Net sales & & Use A Formula \\ Return on Assets & Net income/Average total assets & & \end{tabular} Company Information \& Summary of Significant Account Policies Macon Machines Company began operations on November 1, 2024. The main operating goal of the company is to sell high end robots. Customers may pay using cash or if appropriate, credit is extended to customers with terms 3/15,n/30. The company uses the perpetual inventory method and a FIFO cost system. The company follows a calendar year, with all adjusting entries made at the end of the accounting period, December 31. The company uses the straight-line depreciation for all depreciable assets. The company has decided to use the Allowance method to account for uncollectible accounts. At the end of the period, based on industry standards, the company believes 2% of the balance in accounts recievable will be uncollectible. The company purchases robots for resale only as such they carry them as inventory. The company has two employees, one is a sales technician, salary of $9000 per month and the other employee is the office manager with a salary of $6000 per month. Payroll is processed on the last day of the month, and paid on the first day of the following month. This means the November 30 payroll with accrue into Salaries Payable and then be paid on Decemember 1. Required: 1) Make sure your student ID is correct, this will change the information. Macon Machines Company engaged in the following transactions for November and December. Record the following transactions on the Daily Transactions tab. Note: Place debits first, credits second but do NOT indent credits. If more than one debit or credit, please list in alphabetical order to receive full credit. Round to the penny unless otherwise notedStep by Step Solution
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