Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

pls help me solve 17 The financial statements of EarthCare Landscaping include the following items: Balance Sheet 2020 2019 Cash $97000 $76000 Short-term investments 26000

pls help me solve 17

image text in transcribed
The financial statements of EarthCare Landscaping include the following items: Balance Sheet 2020 2019 Cash $97000 $76000 Short-term investments 26000 12000 Net receivables 65000 70000 Inventory 112000 88000 Prepaid expenses 1200 1500 Total current assets $301200 $247500 Total current liabilities 45000 52000 Income Statement Net sales $627000 $541000 Cost of goods sold $471000 $355000 Net income $57000 $35000 Cash Flow Statement: Net cash provided by operations $76000 $62000 Required: The owners of EarthCare Landscaping are wondering what percentage of each sales dollar is earned as net income. Calculate one ratio for 2020 that will answer the owners' question. Round your final answer to 2 decimal places and convert to a percentage (however do not enter the % sign in your answer)

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

Payroll Accounting

Authors: Bernard J. Bieg, Judith Toland

21st Edition

1111531056, 978-1111531058

More Books

Students also viewed these Accounting questions

Question

Values: What is important to me?

Answered: 1 week ago

Question

Purpose: What do we seek to achieve with our behaviour?

Answered: 1 week ago

Question

An action plan is prepared.

Answered: 1 week ago