Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

To follow is the year end balances in the accounts of Vern Corporation at 12/31/13 Common Stock.......................................$ 20,000 Equipment................................................$24250 Accounts payable....................................$3100 Accounts Receivable.............................$10150 Prepaid rent............................................$380

To follow is the year end balances in the accounts of Vern Corporation at 12/31/13

Common Stock.......................................$ 20,000

Equipment................................................$24250

Accounts payable....................................$3100

Accounts Receivable.............................$10150

Prepaid rent............................................$380

salary & wages expenses.......................$5840

retained earnings, beggining 1/1/2013...$13960

cash..............................................................$20955

notes payable (due in 2018)....................$4700

sales revenue............................................$20450

Accumulated Depreciation-equipment...$6600

depreciation expense.................................$3200

dividends.......................................................$2800

income tax expense.....................................$700

income tax payable......................................$300

interest expenses........................................$350

interesr payable............................................$175

rent expense.................................................$660

Requirements : Calculate the following ratios

a) Gross Profit %

b) net profit %

c) Working Capital

d) Current ratio

e) Debt to total Assets.

[useful information]

- Sales Revenue.............$ 20,450

-Total expenses..............$10, 750

- Net income.....................$ 9700

- retained earnings.........$ 20,860

- total asset......................$ 49,135

- total liabilities.................$8275

- total equity.......................$ 40,860

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

Security And Audit Field Manual

Authors: Alex Meyer, Mark Polino

1st Edition

B0B72Q3V4M, 979-8841258483

More Books

Students also viewed these Accounting questions

Question

which taxes would not be withheld from an employees paycheck?

Answered: 1 week ago