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Pronghorn Companys condensed financial statements provide the following information. PRONGHORN COMPANY BALANCE SHEET Dec. 31, 2017 Dec. 31, 2016 Cash $ 52,400 $ 60,600 Accounts
Pronghorn Companys condensed financial statements provide the following information.
PRONGHORN COMPANY BALANCE SHEET | ||||||
Dec. 31, 2017 | Dec. 31, 2016 | |||||
Cash | $ 52,400 | $ 60,600 | ||||
Accounts receivable (net) | 197,600 | 79,200 | ||||
Short-term investments | 79,200 | 40,000 | ||||
Inventory | 437,500 | 361,900 | ||||
Prepaid expenses | 3,000 | 7,000 | ||||
Total current assets | $ 769,700 | $ 548,700 | ||||
Property, plant, and equipment (net) | 854,600 | 858,900 | ||||
Total assets | $1,624,300 | $1,407,600 | ||||
Current liabilities | 233,500 | 167,200 | ||||
Bonds payable | 404,000 | 404,000 | ||||
Common stockholders equity | 986,800 | 836,400 | ||||
Total liabilities and stockholders equity | $1,624,300 | $1,407,600 |
INCOME STATEMENT FOR THE YEAR ENDED 2017 | |||
Sales | $1,649,400 | ||
Cost of goods sold | (799,700) | ||
Gross profit | 849,700 | ||
Selling and administrative expenses | (444,100) | ||
Interest expense | (39,600) | ||
Net income | $ 366,000 |
Determine the following for 2017. (Round answers to 2 decimal places, e.g. 1.59 or 45.87%.)
(1) | Current ratio at December 31 | ||||
(2) | Acid-test ratio at December 31 | ||||
(3) | Accounts receivable turnover | ||||
(4) | Inventory turnover | ||||
(5) | Return on assets | ||||
(6) | Profit margin on sales |
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