Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please fill in the blanks. Thank you Problem 14-2A The comparative statements of Painter Tool Company are presented below PAINTER TOOL COMPANY Income Statement For
Please fill in the blanks. Thank you
Problem 14-2A The comparative statements of Painter Tool Company are presented below PAINTER TOOL COMPANY Income Statement For the Years Ended December 31 2017 2016 $1,750,500 996,000 Net sales $1,818,500 Cost of goods sold 1,011,500 Gross profit 807,000 754,500 Selling and administrative expenses 499,000 479,000 275,500 308,000 Income from operations Other expenses and losses Interest expense 18,000 14,000 Income before income taxes 290,000 261,500 Income tax expense 87,000 77,000 $203,000 $184,500 Net income PAINTER TOOL COMPANY Balance Sheets December 31 2017 Assets 2016 Current assets $64,200 Cash $60,100 Short-term investments 69,000 50,000 Accounts receivable (net) 107,800 102,800 133,000 115,500 Inventory Total current assets 369,900 332,500 Plant assets (net) 600,300 520,300 Total assets $970,200 $852,800 Liabilities and Stockholders' Equity Current liabilities Accounts payable $160,000 $145,400 43,500 42,000 Income taxes payable Total current liabilities 203,500 187,400 Bonds payable 200,000 200,000 Total liabilities 403,500 387,400 Stockholders' equity Common stock ($5 par) 280,000 300,000 Retained earnings 286,700 165,400 Total stockholders' equity 566,700 465,400 Iders' equity $970,200 $852,800 Total ies and All sales were on account. Compute the following ratios for 2017. (Weighted-average common shares in 2017 were 57,000.) (Round Earnings or 1.65:1, and all other answers to 1 decimal place, e.g. 6.8 or 6.8%.) (a) Earnings per share (b) Return on common stockholders' equity (c) Return on assets (d) Current ratio :1 (e) Acid-test ratio :1 (f) Accounts receivable turnover times (g) Inventory turnover times (h) Times interest earned times (i) Asset turnover times % (i) Debt to assets ratioStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started