Question
The financial records for BioTech Ltd. for the year ended December 31, 2023, include: Income Statement Amount Sales Revenue $950,000 Cost of Goods Sold $570,000
The financial records for BioTech Ltd. for the year ended December 31, 2023, include:
Income Statement | Amount |
Sales Revenue | $950,000 |
Cost of Goods Sold | $570,000 |
Operating Expenses | $250,000 |
Net Income | $80,000 |
Balance Sheet | Amount |
Current Assets | $190,000 |
Total Assets | $450,000 |
Current Liabilities | $100,000 |
Total Liabilities | $220,000 |
Shareholders' Equity | $230,000 |
Requirements: a. Calculate the quick ratio. b. Determine the return on equity. c. Compute the gross profit margin. d. Evaluate the company's solvency with the debt ratio. e. Assess the company's efficiency with inventory turnover ratio.
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Accounting Volume 1
Authors: Charles T. Horngren, Walter T. Harrison, Jo Ann L. Johnston, Carol A. Meissner, Peter R. Norwood
9th Canadian edition
978-013309863, 9780133128338, 013309863X, 133128334, 978-0132690096
