Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The table below presents income statement data and some assorted financial ratios for three different clothing store companies: RedRock LLC, Explorer LLC and GForce LLC.

image text in transcribed
The table below presents income statement data and some assorted financial ratios for three different clothing store companies: RedRock LLC, Explorer LLC and GForce LLC. Using this data. what did GForce LLC roportos Total Equity on its income statement (rounded, if necessary, to the nearest dollar)? All income statement figures are in dollars Financial Statement Account RedRock LLC Explorer LLC GForce LLC Depreciation 47,300 8,100 12,900 Gross sales 684,000 318,000 976,000 Operating expenses 45,400 62,000 110,000 Returns and allowances 13,000 8,000 62,000 Taxes 4,850 12,860 38,760 Assorted Financial Ratios Gross profit margin Current ratio Times interest earned ratio Return on equity Debt ratio 30% 1.8 1.6 14.496 48.696 3596 1.2 2.5 5.896 33.296 26% 3.3 4.2 24.7% 78.896 1) $73,313 2) $57.169

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

Business Law With UCC Applications

Authors: Gordon Brown, Paul Sukys

13th Edition

0073524956, 978-0073524955

Students also viewed these Finance questions