Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Use the following partially blank Income Statement and Balance Sheet plus the ratios provided for Questions 1 6. Your task is to work backwards, using

Use the following partially blank Income Statement and Balance Sheet plus the ratios provided for Questions 1 6. Your task is to work backwards, using the ratios, to fill in the missing information on the financial statements. Once you have completed the Income Statement and Balance Sheet, answer Questions 1 - 6.

Question 5: What is the correct value for Total Assets?

Question 6: What is the correct value for Current Liabilities?

Answer in the format: XXXXXX for $XXX,XXX, or -XXXXXX for -$XXX,XXX

Please enter your answer without using the thousand separator (,) or dollar sign ($).

Note: There is no $ sign in the answer, cash outflow are negative values, cash inflows are positive values.

image text in transcribed

HIS Cracker Barrel Foods Corp Income Statement January 1 - December 31st, 2020 Revenues $ 6,227 844 Cost of Goods $ 3,844,576 Sold Expenses $ 1,298,668 Depreciation $ 362,325 EBITAMUSTAN $ 722,275 Interest Expense $ Taxable income $ Taxes @ 30% $ Net Income $ 1.330 1.117 0.004 0.58 1.37 2.37 Cracker Barrel Foods Corp 2020 Financial Ratios Liquidity Ratios 1. Current Ratio 2. Quick Ratio 3. Cash Ratio Solvency Ratios 4. Total Debt Ratio 5. Debt Equity Ratio 6. Equity Multiplier Asset Management Ratios 7. Times Interest Eamed 8. Cash Coverage (EBITDA) Ratio 9. Inventory Turnover Ratio 10. Days Sales in Inventory 11. Receivables Turnover Ratio 12. Days Sales in A/R (Average Collection Period) 13. NWC Turnover 14. Fixed Asset Turnover 15. Total Asset Turnove Profitability Ratios 16. Profit Margin 17. Return on Assets (ROA) 18. Return on Equity (ROE) 4.82 7.23 9.88 36.93 5.10 2020 Current Assets Cash AR Inventory Other Current Assets Total Current Assets Net Fixed Assets Cracker Barrel Foods Corp Balance Sheet As of December 31st, 2020 Current Liabilities $ 10,445 A/P $ N/P $ Other Current Liab $ 812,000 Total Current Liab. $ Long Term Debt $ 3,129,754 Common Stock Retained earnings $ Total Liab. & O.E 2020 330,000 250,000 1,250,000 $ $ $ $ $ $ $ $ 71.61 10.33 1.99 1.12 1,389,615 1,761,044 6.4% 7.2% 17.1% Total Assets

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

The Data And Analytics Playbook Proven Methods For Governed Data And Analytic Quality

Authors: Lowell Fryman, Gregory Lampshire, Dan Meers

1st Edition

0128023074, 978-0128023075

Students also viewed these Accounting questions

Question

Draw a picture consisting parts of monocot leaf

Answered: 1 week ago