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Please answer fully and correctly for thumbs up! :) The following income statement and balance sheets for Laser World are provided: LASER WORLD Income Statement
Please answer fully and correctly for thumbs up! :)
The following income statement and balance sheets for Laser World are provided: LASER WORLD Income Statement For the year-ended December 31, 2021 Sales revenue $2,260,000 Cost of goods sold 1,580,000 Gross profit 680,000 Expenses: Operating expenses 349,000 Depreciation expense 70,000 Loss on sale of land 4,700 Interest expense 23,000 Income tax expense 55,000 Total expenses 501,700 Net income $ 178,300 LASER WORLD Balance Sheet December 31 2021 2020 Assets Current assets: Cash Accounts receivable iTinyantomine $ 124,000 95,000 79,000 1 Saved 2020 $184,900 79,000 120,000 16,000 LASER WORLD Balance Sheet December 31 2021 Assets Current assets: Cash $ 124,000 Accounts receivable 95,000 Inventory 140,000 Prepaid rent 16,000 Long-term assets: Land 360,000 Equipment 340,000 Accumulated depreciation (71,000) Total assets $1,004,000 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 60,000 Interest payable 9,000 Income tax payable 15,700 Long-term liabilities: Notes payable 390,000 Stockholders equity: Common stock 120,000 Retained earnings 409,300 Total liabilities and equity $1,004,000 300,000 290,000 (45,000) $864,000 $ 56,000 8,000 12,600 290,000 120,000 377,400 S864,000 Assuming that all sales were on account, calculate the following risk ratios for 2021. (Assume 365 days in a year. Round yo intermediate calculations and final answers to 1 decimal place.) Risk Ratios 1 Receivables turnover ratio tinies 15,700 12,600 390,000 290,000 Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings Total liabilities and equity 120,000 409,300 $1,004,000 120,000 377,400 $864,000 Assuming that all sales were on account, calculate the following risk ratios for 2021: (Assume 365 days in a year. Round your intermediate calculations and final answers to 1 decimal place.) Risk Ratios 1 times 2. days times 3 4. days Receivables turnover ratio Average collection period Inventory turnover ratio Average days in inventory Current ratio Acid-test ratio Debt to equity ratio Times interest earned ratio 5 to 1 6 to 1 7. % 8. times
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