Quixote Consulting Income Statement For the Month Ended June 30, 2010 Revenues: Fees Earned $12,425 Expenses: Salary Expenses 920 Rent Expense 1,500 Supplies Expense 980 Depreciation Expense 500 Insurance Expense 150 Miscellaneous Expense 450 Total Expenses 4,500 Net Income $7,925 Quixote Consulting Statement of Owners Equity For the Month Ended June 30, 2010 Dustin Larkin Capital June 1 $- Add: Additional Investment 20250 Add: Net Income 7,925 Subtotal 28,175 Less: Drawings 4,500 Dustin Larkin Capital June 30 $23,675 Quixote Consulting Balance Sheet June 30, 2010 Assets: Current Assets Cash 8,875 Accounts Receivable 3,450 Supplies 1,020 Prepaid Rent 3,000 Prepaid insurance 1,650 17,995 Noncurrent Assets Office Equipment 9,300 Less: Accumulated Depreciation 500 8,800 Total Assets $26,795 Liabilities: Accounts Payable 1,000 Salaries Payable 120 Unearned fees 2,000 Total Liabilities 3,120 Stockholders' Equity: Dustin Larkin, Capital 23,675 Total Stockholders' Equity 23,675 Total Liabilities & Stockholders' Equity $26,795 Net credit sales 4,350 Compute the following ratios: 1. Current ratio 2. Acid test ratio 3. Accounts receivable turnover 4. Debt to total asset ratio 5. Profit margin 6. Asset turnover 7. Return on assets