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The following ratios have been computed for Monty Company for 2022. Profit margin ratio 20 % Current ratio 2.5 1 Times interest earned 12 times
The following ratios have been computed for Monty Company for 2022. Profit margin ratio 20 % Current ratio 2.5 1 Times interest earned 12 times Debt to assets ratio 24 % Accounts receivable turnover 5 times Use the above ratios and information from the Monty Company financial statements to fill in the missing information on the financial statements. The 2022 financial statements for Monty Company with missing information follows: MONTY COMPANY Comparative Balance Sheet December 31, Assets 2022 2021 Cash Debt Investments Accounts receivable (net) Inventory Property, plant, and equipment (net) Total assets Liabilities and stockholders' equity $25,500 $35,700 15,300 15,300 51,000 51,000 204,000 163,200 $ $ Accounts payable Short-term notes payable Bonds payable Common stock Retained earnings Total liabilities and stockholders' equity $ $ 15,300 $25,500 35,700 30,600 20,400 204,000 204,000 47,940 35,700 $316,200 Total liabilities and stockholders' equity $ MONTY COMPANY Income Statement For the Year Ended December 31, 2022 Net sales Cost of goods sold Gross profit Expenses: Depreciation expense $ Interest expense 5,100 Selling expenses 10,200 Administrative expenses 15,300 Total expenses $204,000 102,000 102,000 $316,200 Income before income taxes Income tax expense Net income tA $
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