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P13-8A The interest expense relates to the bonds payable that were outstanding all year. Required Compute the mising amounts, and complete the financial statements of
P13-8A The interest expense relates to the bonds payable that were outstanding all year. Required Compute the mising amounts, and complete the financial statements of Omicron Company, H lete the income statement first. Company. Hint Comp .Ratios Compared with In dustry Averages Because you own the common stock of Phantom Cor- poration, a paper manufacturer, you decide to analyze the firm's performance for the most recent Lo vear. The following data are taken from the firm's latest annual report Dec. 31, 2016 Dec. 31, 2015 Quick assets. Inventory Other assets. S 700,000 552,000 312,000 4,200,000 $5,064,000 and prepaid expenses 372,000 $5,860,000 1,440,000 10% Bonds payable 8%Preferred stock, $100 par value 1,440,000 480,000 2,160,000 420,000 480,000 516,000 Total Liabilities and Stockholders' Equity .. . . . ...$5,860,000 $5,064,000 For 2016, net sales amoant to $11,280,000, net income is $575,000, and preferred stock dividends paid are $42,000. Required a. Calculate the following ratios for 2016: 1. Return on sales 2. Return on assets 3. Return on common stockholders' equity 4. Quick ratio 5. Current ratio 6. Debt-to-equity ratio
P13-8A
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