Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The following financial statement items are shown for J&T Manufacturing. $840,000 Net Sales Cost of Goods Sold $360,000 Insurance Expense $28,000 Total Operating Expenses $120,000
The following financial statement items are shown for J&T Manufacturing. $840,000 Net Sales Cost of Goods Sold $360,000 Insurance Expense $28,000 Total Operating Expenses $120,000 $56,000 Net Income Calculate the common-size percentage for Gross Margin. 11.6% 57.1% 0.8% 42.8% The 2013 and 2014 balance sheets for Ottoman Manufacturing Company appear below: 2013 2014 Current Assets $ 16,000 $ 15,000 Cash Accounts Receivable, net 20,000 19,000 30,000 Inventory 28,000 Total Current Assets 66,000 62,000 60,000 Plant & Equipment, net 40,000 Total Assets 126,000 102,000 Current Liabilities 20,000 30,000 Noncurrent Liabilities 60,000 40,000 70,000 Total Liabilities 80,000 Stockholders' Equity Common Stock 2,000 2,000 Additional Paid-In Capital 4,000 4,000 Retained Earnings 26,000 40,000 Total Stockholders' Equity 46,000 32,000 Total liabilities and Stockholders' Equity $126,000 $102,000 What is the debt ratio for 2014? 68.6% 39.2% 100% 61.4% The 2013 and 2014 partial balance sheets for Ottoman Manufacturing Company appear below: 2013 2014 Current Liabilities 20,000 30,000 Noncurrent Liabilities 60,000 40,000 Total Liabilities 80,000 70,000 Stockholders' Equity 2,000 Common Stock 2,000 Additional Paid-In Capital 4,000 4,000 Retained Earnings 40,000 26,000 Total Stockholders' Equity 46,000 32,000 Total liabilities and Stockholders' Equity $126,000 $102,000 What is the debt-to-equity ratio for 2014? 2.19 1.80 1.25 0.46 The income statement for Otto Construction Company appear below: Net sales (all credit sales) $180,000 Cost of Goods Sold 100,000 Gross margin 80,000 Operating expenses 30,000 Interest expense 12,000 Net income before taxes 38,000 Income tax 9,500 $ 28,500 Net income Average total assets total $240,000. Otto's income tax rate is 25%. What is the times interest earned ratio? 3.16 2.38 4.17 3.13
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started