Answered step by step
Verified Expert Solution
Link Copied!

Question

...
1 Approved Answer

The financial statements of Flint Office Supply Company appear below:FLINT OFFICE SUPPLY COMPANYComparative Balance SheetDecember 3 1 Assets 2 0 2 5 2 0 2

The financial statements of Flint Office Supply Company appear below:FLINT OFFICE SUPPLY COMPANYComparative Balance SheetDecember 31Assets20252024Cash$ 26,600$ 38,700Debt investments18,80064,000Accounts receivable (net)53,50024.200Inventory131,000176,000Property, plant, and equipment (net)162,000180,000Total assets$396,900$482,900Liabilities and stockholders equityAccounts payable$ 26,500$ 32.400Short-term notes payable43,60089,500Bonds payable79,900159,300Common stock151,900135,700Retained earnings95,00066,000Total liabilities and stockholders' equity5396,900$482,900Flint OFFICE SUPPLY COMPANYIncome StatementFor the Year Ended December 31,2025Net sales (all on credit)Cost of goods soldGross profitExpensesInterest expenseSelling expensesAdministrative expensesTotal expensesIncome before income taxesincome tax expenseNet income$9,90027.00018.0005412,000185,000227,00054,900172,10033,900$ 138,200Using the financial statements and additional information, compute the following ratios for the Flint Company for 2025.(Round inventory turnover to 2 decimal places, eg.52.75, return on common stockholder's equity and payout ratio to 0 decimal places eg 52%, and other answers to 1 decimal place eg.527 or 52.7%.)1. Current ratio2. Return on common stockholders equity3. Price-earnings ratio4. Inventory turnover5. Accounts receivable turnover6. Times interest earned7. Pront margin8. Average days in inventory9. Payoutratio10.Return on assets:1%timestimestimestimes%days%%

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Income Tax Fundamentals 2013

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill

31st Edition

9781285586618

Students also viewed these Accounting questions

Question

What is organizational culture, and what are its components?

Answered: 1 week ago