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Please fill out the bottom portion. Thank you Problem 14-6A The comparative statements of Corbin Company are presented below. CORBIN COMPANY Income Statement For the
Please fill out the bottom portion. Thank you
Problem 14-6A The comparative statements of Corbin Company are presented below. CORBIN COMPANY Income Statement For the Years Ended December 31 2017 2016 Net sales (all on account) $595,000 $520,000 Expenses Cost of goods sold 415,000 354,000 114,800 Selling and administrative 120,800 Interest expense 7,800 6,000 Income tax expense 15,000 14,000 Total expenses 488,800 558,600 31,200 $36,400 Net income CORBIN COMPANY Balance Sheets December 31 Assets 2017 2016 Current assets Cash $21,000 $18,000 18,000 15,000 Short-term investments Accounts receivable (net) 91,000 74,000 85,000 Inventory 70,000 215,000 Total current assets 177,000 Plant assets (net) 423,000 383,000 $638,000 $560,000 Total assets Liabilities and Stockholders' Equity Current liabilities Accounts payable $122,000 $110,000 Income taxes payable 23,000 20,000 130,000 Total current liabilities 145,000 Long-term liabilities Bonds payable 120,000 80,000 Total liabilities 265,000 210,000 Stockholders' equity Total liabilities 265,000 210.000 Stockholders' equity Common stock ($5 par) 150,000 150,000 Retained earnings 223,000 200,000 Total stockholders' equity 373,000 350,000 $560,000 $638,000 Total liabilities and stockholders' equity Additional data: The common stock recently sold at $19.50 per share. Compute the following ratios for 2017. (Round Acid-test ratio and Earnings per share to 2 decimal places, e.g. 1.65, and all other answers to 1 decimal place, e.g. 6.8 or 6.8%.) (a) Current ratio. 1 (b) Acid-test ratio. :1 Accounts receivable turnover. (c) times (d) Inventory turnover. times (e) Profit margin. % (f) Asset turnover. times Return on assets (g) (h Return on common stockholders' equity. (i) Earnings per share. t Price-earnings ratio. (j) times (k) Payout ratio. (I' Debt to assets ratio. (m) Times interest earned. times LINK TO TEXTStep by Step Solution
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