Slayer Inc. Year 2 Income Statement: Required: Sales COGS Gross Margin Op. Expenses Op. Income Loss on Disposal Income Before Taxes Taxes $ 1,050,000 615,000 435,000 305,000 130,000 10,000 120,000 35,000 85,000 i) Compute Current Ratio & Quick Ratio ii) Compute the four Efficiency Ratios iii) Compute the five Profitabilty Ratios iv) Compute the three Solvency Ratios V) Complete the Quiz on Canvas Net Income Comparative Balance Sheets: Assets Cash AYR Inventory Prepaids Total Current Assets Year 2 30,000 205,000 225,000 25,000 485,000 Year 1 35,000 185,000 190,000 15,000 425,000 Long Term Investments 25,000 Property, Plant & Equipment Accum. Depreciation Net Property, Plant & Equipment 435,000 (120,000) 315,000 320,000 (80,000) 240,000 Total Assets 825,000 $ 665,000 Liabilities A/P Unearned Revenue Total Current Liabilities 145,000 30,000 175,000 150,000 45,000 195,000 Long Term Note Payable 140,000 125,000 Total Liabilities 315,000 320,000 Equity Common Stock Retained Earnings Total Owners' Equity 370,000 140,000 510,000 250,000 95,000 345,000 Total Liabilities & Equity 825,000 $ 665,000 Week 15 (Chapter 13) Quiz Financials v2.0 Slayer Inc. Year 2 Income Statement: Required: Sales COGS Gross Margin Op. Expenses Op. Income Loss on Disposal Income Before Taxes Taxes $ 1,050,000 615,000 435,000 305,000 130,000 10,000 120,000 35,000 85,000 i) Compute Current Ratio & Quick Ratio ii) Compute the four Efficiency Ratios iii) Compute the five Profitabilty Ratios iv) Compute the three Solvency Ratios V) Complete the Quiz on Canvas Net Income Comparative Balance Sheets: Assets Cash AYR Inventory Prepaids Total Current Assets Year 2 30,000 205,000 225,000 25,000 485,000 Year 1 35,000 185,000 190,000 15,000 425,000 Long Term Investments 25,000 Property, Plant & Equipment Accum. Depreciation Net Property, Plant & Equipment 435,000 (120,000) 315,000 320,000 (80,000) 240,000 Total Assets 825,000 $ 665,000 Liabilities A/P Unearned Revenue Total Current Liabilities 145,000 30,000 175,000 150,000 45,000 195,000 Long Term Note Payable 140,000 125,000 Total Liabilities 315,000 320,000 Equity Common Stock Retained Earnings Total Owners' Equity 370,000 140,000 510,000 250,000 95,000 345,000 Total Liabilities & Equity 825,000 $ 665,000 Week 15 (Chapter 13) Quiz Financials v2.0