Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please help!! The condensed financial statements of Ivanhoe Company for the years 2024 and 2025 are as follows. Total assets Current liabilities Long-term liabilities begin{tabular}{rr}

Please help!!
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
The condensed financial statements of Ivanhoe Company for the years 2024 and 2025 are as follows. Total assets Current liabilities Long-term liabilities \begin{tabular}{rr} $2,800 & $2,670 \\ \hline$980 & $950 \\ 620 & 520 \end{tabular} Stockholders' equity-common Total liabilities and stockholders' equity $2,800$2,670 Ivanhoe Company Income Statements For the Year Ended December 31 (in thousands) Net sales $3.9402025$3,6002024 Expenses Cost of goods sold 1,1301,050 Selling and administrative expenses 2,4002,330 Interest expense 10+20 Compute the following ratios for 2025 and 2024. (Round current ratio and imventory turnover to 2 decimal ploces, es 1.83 and all other answers to 1 decimal place, eg. 1.8 or 12.6% ) a. Current ratio. b. Inventork urnover. (Inventory on December 31,2023 , was $370.) c. Profitmargin. d. Return on assets. (Assets on December 31, 2023, were $1,980.) e. Return on common stockholders' equity. (Stockholders' equity-common on December 31,2023 , was $970.) f. Debt to assets ratio. g. Times interest earned. Current ratio Inventory turnover Profit margin \begin{tabular}{|l|rrr} \hline 1.88 & times & & \\ \hline 6.1 & % & & \\ \hline \end{tabular} Return on common stockholders' equity 20% Debt to assets ratio 57% Times interest earned

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

Quality Auditing A Tool For Excellence

Authors: David Mills, J. Mills

1st Edition

041245890X, 978-0412458903

More Books

Students also viewed these Accounting questions

Question

=+ (d) When is there convergence is the sense of (4.6)?

Answered: 1 week ago

Question

4. Describe phases of majority identity development.

Answered: 1 week ago