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Pepper Company provided the incomplete financial statements shown below as well as the following additional information a. All sales during the year were on account.
Pepper Company provided the incomplete financial statements shown below as well as the following additional information a. All sales during the year were on account. b. There was no change in the number of shares of common stock outstanding during the year c. 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 were Accounts receivable Inventory Total assets $270,000 $ 380,000 $ 2,130,000 e. Selected financial ratios computed from the statements below for the current year are $ 5.04 0.790 16.0 2.50 Earnings per share Debt-to-equity ratio Accounts receivable turnover Current ratico Return on total assets Times interest earned ratio Acid-test ratio Inventory turnover 12% 7.0 1.12 8.0 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 round intermediate calculations.) Pepper Company provided the incomplete financial statements shown below as well as the following additional information a. All sales during the year were on account. b. There was no change in the number of shares of common stock outstanding during the year c. 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 were Accounts receivable Inventory Total assets $270,000 $ 380,000 $ 2,130,000 e. Selected financial ratios computed from the statements below for the current year are $ 5.04 0.790 16.0 2.50 Earnings per share Debt-to-equity ratio Accounts receivable turnover Current ratico Return on total assets Times interest earned ratio Acid-test ratio Inventory turnover 12% 7.0 1.12 8.0 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 round intermediate calculations.)
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