Answered step by step
Verified Expert Solution
Question
1 Approved Answer
please use cell refrences, thank you! A 4 Balance Sheet 5 Cash 6 Accounts Receivable, Net 7 Inventory 8 Prepaid Insurance 9 Total Current Assets
please use cell refrences, thank you!
A 4 Balance Sheet 5 Cash 6 Accounts Receivable, Net 7 Inventory 8 Prepaid Insurance 9 Total Current Assets 10 Property and Equipment, Net 11 Total Assets 12 Current Liabilities 13 Long-term Liabilities 14 Total Liabilities 15 Contributed Capital 16 Retained Earnings 17 Total Stockholders' Equity 18 Total Liabilities and Stockholders' Equity 19 20 Income Statement 21 Net Sales (all on account) 22 Cost of Goods Sold 23 Gross Profit 24 Operating Expenses 25 Income from Operations 26 Interest Expense 27 Income before Income Tax Expense 28 Income Tax Expense 29 Net Income B 2022 2021 $185,000 $143,000 80,000 59,000 104,000 134,000 11,900 5,880 380,900 341,880 514,500 407,000 $895,400 $748,880 $85,300 $96,800 284,000 224,000 369,300 320,800 299,000 299,000 227,100 129,080 526,100 428,080 $895,400 $748,880 $3,031,000 1,949,000 1,082,000 891,400 190,600 14,500 176,100 47,000 $129,100 A 30 31 Required: 32 Compute the following liquidity ratios for 2022. 33 Round to the required number of decimal places using the Excel =ROUND function 34 Current ratio (rounded to one decimal place) 35 Accounts receivable turnover (rounded to two decimal places) times 36 Days' sales uncollected (rounded to the nearest whole day) days 37 Inventory turnover (rounded to two decimal places) times 38 Days' sales in inventory (rounded to the nearest whole day) days 39 40 Compute the following Solvency Ratios for 2022. 41 Round to the required number of decimal places using the Excel =ROUND function 42 Debt ratio ("%" format, rounded to one decimal place) 43 Times interest earned (rounded to one decimal place) times 44 45 Compute the following Profitability Ratios for 2022. 46 Round to the required number of decimal places using the Excel =ROUND function 47 Profit margin ratio ("%" format, rounded to one decimal place) 48 Gross margin ratio ("%" format, rounded to one decimal place) Step 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