Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

Please show me how to properly do this Multiple Enterprises, Inc. Selected figures from the Balance Sheet and Income Statement of Multiple Enterprises, Inc. are

Please show me how to properly do this

Multiple Enterprises, Inc.

Selected figures from the Balance Sheet and Income Statement of Multiple Enterprises, Inc. are shown below. (Compute answer accurate to two decimal places.)

From the Balance Sheet

From the Income Statement

Cash

$ 514,800

Net Sales

$1,900,000

Accounts Receivable

$ 324,000

Cost of Goods Sold

$ 796,000

Merchandise Inventory:

Net Income

$ 240,000

End of this year

$ 498,000

End of last year

$ 432,000

Total Current Assets

$ 1,336,800

Total Current Liabilities

$ 269,200

Total Stockholders' Equity

$ 1,292,800

5. Refer to Multiple Enterprises, Inc. Compute the working capital ratio.

6. Refer to Multiple Enterprises, Inc. Compute the acid test ratio.

7. Refer to Multiple Enterprises, Inc. Compute the inventory turnover rate.

8. Refer to Multiple Enterprises, Inc. Compute the ratio of accounts receivable to net sales.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Students also viewed these Accounting questions