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TB PR Qu . 1 2 - 1 7 7 ( Algo ) The following income statement... The following income statement and balance sheets for
TB PR QuAlgo The following income statement...
The following income statement and balance sheets for Ringling Company are provided.
RINGLING COMPANY
Income Statement
For the Year Ended December
Net sales $
Cost of goods sold
Gross profit
Expenses:
Operating expenses $
Depreciation expense
Interest expense
Income tax expense
Total expenses
Net income $
RINGLING COMPANY
Balance Sheets
December
Assets
Current assets:
Cash $ $
Accounts receivable
Inventory
Supplies
Longterm assets:
Equipment
Less: Accumulated depreciation
Total assets $ $
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $ $
Interest payable
Income tax payable
Longterm liabilities:
Notes payable
Stockholders' equity:
Common stock
Retained earnings
Total liabilities and stockholders equity $ $
Required:
Assuming that all sales were on account, calculate the following risk ratios for Use days a year. Round your final answers to decimal place.
Acid Test Ratio
Debt to equity ratio
Times interest earned ratio
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