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The balance sheet and income statement for Barrells International for the period 2021 is shown below: Cash 2,000,000 Accounts receivable 4,500,000 Inventories 1,500,000 Current Asset
The balance sheet and income statement for Barrells International for the period 2021 is shown below: Cash 2,000,000 Accounts receivable 4,500,000 Inventories 1,500,000 Current Asset 8,000,000 Net fixed asset 16,000,000 Total assets 24,000,000 Accounts payable 2,500,000 Accrued expenses 1,000,000 Short term notes payable 3,500,000 Current liabilities 7,000,000 Long-term debt 8,000,000 Owners equity 9,000,000 Total liabilities & owners equity 24,000,000 Income statement Net sales $ 48,000,000 Cost of goods sold (36,000,000) Gross profit 12,000,000 Operating expenses (8,000,000) EBIT 4,000,000 Interest expense (1,150,000) EBT 2,850,000 Income tax (1,140,000) Net income 1,710,000 calculate current ratio operating return on assets return on equity debt ratio operating return on assets operating profit margin fixed assest turnover
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