Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The comparative statements of Corbin Company are presented below. CORBIN COMPANY Income Statement For the Years Ended December 31 2017 2016 Net sales (all on

The comparative statements of Corbin Company are presented below.

CORBIN COMPANY Income Statement For the Years Ended December 31

2017

2016

Net sales (all on account) $600,500 $520,200
Expenses
Cost of goods sold 415,500 353,600
Selling and administrative 119,000 114,500
Interest expense 7,900 6,500
Income tax expense 19,000 14,700
Total expenses 561,400 489,300
Net income $ 39,100 $ 30,900

CORBIN COMPANY Balance Sheets December 31

Assets

2017

2016

Current assets
Cash $ 21,300 $ 17,400
Short-term investments 18,700 15,400
Accounts receivable (net) 85,200 75,000
Inventory 90,000 71,000
Total current assets 215,200 178,800
Plant assets (net) 422,900 383,500
Total assets $638,100 $562,300

Liabilities and Stockholders Equity

Current liabilities
Accounts payable $122,000 $109,400
Income taxes payable 23,300 20,700
Total current liabilities 145,300 130,100
Long-term liabilities
Bonds payable 119,200 80,700
Total liabilities 264,500 210,800
Stockholders equity
Common stock ($5 par) 149,400 149,400
Retained earnings 224,200 202,100
Total stockholders equity 373,600 351,500
Total liabilities and stockholders equity $638,100

$562,300

Additional data: The common stock recently sold at $18.71 per share.

Compute the following ratios for 2017. (Round Acid-test ratio and Earnings per share to 2 decimal places, e.g. 1.65, and all other answers to 1 decimal place, e.g. 6.8 or 6.8%.) current ratio, acid test ratio, accounts recievable, inventory turnover, profit margin, asset turnover, return on assets, earnings per share, price earning ratio, payout ratio, debt to asset ratio, times interset earning

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions