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Oriole Companys condensed financial statements provide the following information. ORIOLE COMPANY BALANCE SHEET Dec. 31, 2020 Dec. 31, 2019 Cash $ 51,800 $ 60,000 Accounts
Oriole Companys condensed financial statements provide the following information.
ORIOLE COMPANY BALANCE SHEET | ||||||
Dec. 31, 2020 | Dec. 31, 2019 | |||||
Cash | $ 51,800 | $ 60,000 | ||||
Accounts receivable (net) | 199,200 | 79,400 | ||||
Short-term investments | 79,400 | 40,000 | ||||
Inventory | 441,500 | 358,000 | ||||
Prepaid expenses | 3,100 | 7,100 | ||||
Total current assets | $ 775,000 | $ 544,500 | ||||
Property, plant, and equipment (net) | 857,700 | 848,300 | ||||
Total assets | $1,632,700 | $1,392,800 | ||||
Current liabilities | 250,200 | 154,900 | ||||
Bonds payable | 402,000 | 402,000 | ||||
Common stockholders equity | 980,500 | 835,900 | ||||
Total liabilities and stockholders equity | $1,632,700 | $1,392,800 |
INCOME STATEMENT FOR THE YEAR ENDED 2020 | |||
Sales | $1,638,100 | ||
Cost of goods sold | (798,700 | ) | |
Gross profit | 839,400 | ||
Selling and administrative expenses | (443,500 | ) | |
Interest expense | (39,800 | ) | |
Net income | $ 356,100 |
(a) Determine the following for 2020. (Round answers to 2 decimal places, e.g. 1.59 or 45.87%.)
(1) | Current ratio at December 31 | times | |||
(2) | Acid-test ratio at December 31 | times | |||
(3) | Accounts receivable turnover | times | |||
(4) | Inventory turnover | times | |||
(5) | Return on assets | % | |||
(6) | Profit margin on sales | % |
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