Reopening image in new tab to clear blur
Q Search Sheet Insert Page Layout Formulas Data Review View Out Wrap Text Insert Delete Format Sort & Formatting as Table Styles Office Update To keep up-to-date with security updates, fixes, and improvements, choose Check for Updates. Chack for Updates 45 3 Tim Kennney started and operates Kenney Home Electronics. He has several stores where he sells and repairs televisions and stereo equipment. A balance sheat, statement of equity and income 5 statement are provided Calculate the folowing raios being sure to show the formula in written form and follawed by the numeric calculation. If you show the answer without the calculation, it will be marked wrong. Please carry out to 2 decimal places and if the ratio is expressed as a percentage B you must write it so in order to earn credit. 9 Presently the market price of the stock is $10.50. Income Statement Balance Sheet 5 Revenue fron sales SSETS Current Assets Sale6 Less sales returns and allowancss Cash Accounts Recevable Merchandise I Supplies 7,800 22,000 43,000 18 Net Sales 282,110 250,800 45,000 o Cost of Goods Sold 1 Gross profit 140,380 450 T3,550 Total Current Assets 3 Operating Expenses: 5,000 15,000 136,000 30,000 136,00 Less: accumulated depreciation Store equipment Less: accumulated depreciation 24,000 Utiites expense 9 Insurance expense 14,000 2,700 6,000 12,000 2,700 6,000 22,500 Depreciation expense buildi Depreciation expense-store equipment 2 Miscellaneous expense 88,000 252,000 OTAL ASSETS 224,950 Total operating cx 75590 LIABILITIES Current liabilities s Income from operations 64,770 9,00D 3,500 Accounts payable 2,000 Sales tax payable Unearned repair fees Interest revenue 40 Total other revenues 2,275 CO0 bafore Interest and Taxes Total current liabilities Long term liabiltios 45 46 Mortgage payable Less current 4 Net Income 45 73,425 STOCKHOLDER S EQUITY ommon Stock, $2 pa 150,000 150,000 51,975 Retained Earnings Statement for the Year Ended December 31, 2013 Total Stockholder's Equ TOTAL LIABILITIES& STOCKHOLDER'S EQUITY 252,000 224,950 Retained Eanin 4 Net Income for the Year s Less dividends 6 Increase in retained carnings 7 Retained Earnings, December 31, 2013 51,975 18975 Data Ratios Horizontal Analysis Vertical Analysis + Ready 100% Q Search Sheet Insert Page Layout Formulas Data Review View Out Wrap Text Insert Delete Format Sort & Formatting as Table Styles Office Update To keep up-to-date with security updates, fixes, and improvements, choose Check for Updates. Chack for Updates 45 3 Tim Kennney started and operates Kenney Home Electronics. He has several stores where he sells and repairs televisions and stereo equipment. A balance sheat, statement of equity and income 5 statement are provided Calculate the folowing raios being sure to show the formula in written form and follawed by the numeric calculation. If you show the answer without the calculation, it will be marked wrong. Please carry out to 2 decimal places and if the ratio is expressed as a percentage B you must write it so in order to earn credit. 9 Presently the market price of the stock is $10.50. Income Statement Balance Sheet 5 Revenue fron sales SSETS Current Assets Sale6 Less sales returns and allowancss Cash Accounts Recevable Merchandise I Supplies 7,800 22,000 43,000 18 Net Sales 282,110 250,800 45,000 o Cost of Goods Sold 1 Gross profit 140,380 450 T3,550 Total Current Assets 3 Operating Expenses: 5,000 15,000 136,000 30,000 136,00 Less: accumulated depreciation Store equipment Less: accumulated depreciation 24,000 Utiites expense 9 Insurance expense 14,000 2,700 6,000 12,000 2,700 6,000 22,500 Depreciation expense buildi Depreciation expense-store equipment 2 Miscellaneous expense 88,000 252,000 OTAL ASSETS 224,950 Total operating cx 75590 LIABILITIES Current liabilities s Income from operations 64,770 9,00D 3,500 Accounts payable 2,000 Sales tax payable Unearned repair fees Interest revenue 40 Total other revenues 2,275 CO0 bafore Interest and Taxes Total current liabilities Long term liabiltios 45 46 Mortgage payable Less current 4 Net Income 45 73,425 STOCKHOLDER S EQUITY ommon Stock, $2 pa 150,000 150,000 51,975 Retained Earnings Statement for the Year Ended December 31, 2013 Total Stockholder's Equ TOTAL LIABILITIES& STOCKHOLDER'S EQUITY 252,000 224,950 Retained Eanin 4 Net Income for the Year s Less dividends 6 Increase in retained carnings 7 Retained Earnings, December 31, 2013 51,975 18975 Data Ratios Horizontal Analysis Vertical Analysis + Ready 100%
