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Question No 4 (15) Income Statement Anne Elizabeth Company For the Year Ended December 31, 2010 Net sales Cost of goods sold Gross profit 2010 $718,500 580.000 $138.500 2009 $650,500 520,000 $130,500 2008 $640,000 515.000 $125.000 Operating expenses: Selling, general, and administrative Interest $ 71,000 4.000 $ 75,000 $ 63,500 30.000 $ 33,500 $ 67,000 3.000 $ 70.000 $ 60.500 29.000 $31.500 $ 65,000 2.500 $ 67,500 $ 57,500 28.000 $29.500 Earnings before income taxes Income taxes Net earnings Required Compute the following ratios for 2010: 1. Accounts receivable turnover 2. Merchandise inventory turnover 3. Working capital 4. Current ratio 5. Acid-test ratio (conservative) Sales to working capital 6. 2010 Practical Exercise Anne Elizabeth Company's Balance Sheet for December 31, 2010, and Income Statement For the Year Ended December 31, 2010, are given below. Balance Sheet Anne Elizabeth Company December 31, 2010 2009 Assets Current Assets: Cash $ 50,450 $ 28,538 Marketable Securities 25,000 20,500 Accounts Receivable, less allowance of $10,000 60,000 50,000 Inventory, Lifo 90,000 70,000 Prepaid 8,000 7,000 Total Current Assets $233,450 $176,038 Property, Plant, and Equipment: Land 9,000 8,000 Buildings and Equipment 220.000 210.000 $229,000 $218,000 Less Accumulated Depreciation (68,000) (60,000) Total Assets $394.450 $334,038 Practical Exercise (cont'd) $ 35,000 8,000 7.000 $ 50,000 $ 30,000 7.000 6.000 $ 43,000 Liabilities and Shareholders' Equity: Current Liabilities: Accounts Payable Accrued Compensation Income Taxes Total Current Liabilities Long-Term Debt Shareholders' Equity: Common Shares Retained Earnings Total Liabilities and Shareholders' Equity 40,000 11,038 60,000 244.450 $304.450 $394.450 60,000 220.000 $280.000 $334,038