Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please complete the chart Problem 12-4B Calculate risk ratios (LO12-3) The following income statement and balance sheets for The Athletic Attic are provided THE ATHLETIC

please complete the chart
image text in transcribed
image text in transcribed
image text in transcribed
Problem 12-4B Calculate risk ratios (LO12-3) The following income statement and balance sheets for The Athletic Attic are provided THE ATHLETIC ATTIC Balance Sheets December 31 20212020 Assets Current assets: Cash Accounts receivable Inventory Supplies Long-term assets: Equipment Less: Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: $155,000745,6001,360,000101,000$205,000765,0001,030,00076,000 Notes payable Stockholders: equity: Common stock Retained earnings Total liabilities and stockholders' equity $106,00004,10035,500$82,00030,100 510,000510,000 610,000610,000 $3,064,0001,802,500$2,980,0001,743,800 Required: Assuming that all sales were on account, calculate the following risk ratios for 2021 . (Use 365 doys a yeor. Round your intermediate and final answers to 1 decimal place.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing Principles And Practice

Authors: Kumar And Sharma

3rd Edition

8120350987, 9788120350984

More Books

Students also viewed these Accounting questions

Question

2. What efforts are countries making to reverse the brain drain?

Answered: 1 week ago