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What is the Quick Ratio, Gross Margin, Net margin, and Return on Equity ratios for the year 2017? Peyton Approved Statement of Retained Earnings For
What is the Quick Ratio, Gross Margin, Net margin, and Return on Equity ratios for the year 2017?
Peyton Approved Statement of Retained Earnings For Year Ending 12/31/2017 Beginning Balance: plus Net Income less Dividends: Ending Balance: 83,642.3920,000.0063,642.39 Balance Sheet As of December 31, 2017 Assets Liabilities and Owners' Equity Current Assets: \begin{tabular}{l|r|r} \hline Current Liabilities: & & \\ \hline Accounts Payable & 27,325.00 & \\ \hline Wages Payable & 22,800.00 & \\ \hline Interest Payable & 1,468.75 & \\ \cline { 2 - 3 } Total Current Liabilities & & 51,593.75 \\ & & \\ \hline Long Term Liabilities: & & \\ \hline Notes Payable & 10,000.00 & \\ \hline Loans Payable & 21,000.00 & \\ \cline { 2 - 3 } Total Long Term Liabilities: & & 31,000.00 \\ \hline Total Liabilities: & & 82,593.75 \\ & & \end{tabular} Long Term/Fixed Assets: \begin{tabular}{|l|r|r|l|l|} \hline Baking Equipment & 17,000.00 & & Common Stock & 30,000.00 \\ \hline Accumulated Depreciation & 5,928.58 & & Retained Earnings & \\ \hline & & 11,071.42 & & \\ \hline Leasehold Improvements & 10,000.00 & & Total Equity \\ \hline Accumulated Amortization & 4,000.00 & 6,000.00 & & \\ \hline & 2,300.00 & 2,300.00 & & \\ \hline Trademark & & & & \\ \hline & & 176,236.14 & Total Liabilities \& Equity \\ \hline Total Assets: & & \\ \hline \end{tabular} \begin{tabular}{|c|l|r|r|} \hline \multicolumn{3}{|c|}{ Peyton Approved } \\ \hline \multicolumn{3}{|c|}{ Closing Entries } \\ \hline \multicolumn{3}{|c|}{ For Year Ending 12/31/2017 } & \\ \hline & \multicolumn{1}{|c|}{ Accounts } & Debit & Credit \\ \hline Date & \multicolumn{1}{|c|}{} & 335,675.00 & \\ \hline \hline 31 -Dec & Bakery Sales & 35,200.00 & \\ \hline & Merchandise Sales & & 370,875.00 \\ \hline & Income Summary & & \\ \hline & & 287,232.61 & \\ \hline 31 -Dec & Income Summary & & 137,400.00 \\ \hline & Baking Cost of Goods Sold & 90,000.00 \\ \hline & Rent Expense & & 1,468.75 \\ \hline & Interest Expense & & 2,000.00 \\ \hline & Insurance Expense & & 2,642.86 \\ \hline & Depreciation Expense & 2,000.00 \\ \hline & Amortization Expense & & 2,780.00 \\ \hline & Misc. Expense & & 1,350.00 \\ \hline & Office Supplies Expense & 375.00 \\ \hline & Business License Expense & & 5,200.00 \\ \hline & Advertising Expense & & 22,800.00 \\ \hline & Wages Expense & & 3,456.00 \\ \hline & Telephone Expense & & 15,760.00 \\ \hline & Merchandise Cost of Goods Sold (FIFO) & & \\ \hline 31 Dec & Income Summary & 83,642.39 & \\ \hline & Retained Earnings & & \\ \hline & & & \\ \hline 31-Dec & Retained Earnings & & \\ \hline & Dividends & & \\ \hline & & & \\ \hline \end{tabular} Peyton Approved Income Statement For Year Ending 12/31/2017 Bakery Sales Merchandise Sales Total Revenues Merchandise Cost of Goods Sold (FIFO) Baking Cost of Goods Sold Gross Profit \begin{tabular}{|r|} \hline 335,675.00 \\ \hline 35,200.00 \\ \hline 370,875.00 \\ 15,760.00 \\ \hline 137,400.00 \\ \hline 217,715.00 \\ \hline \end{tabular} Operating Expenses: Rent Expense Interest Expense Insurance Expense Depreciation Expense Amortization Expense Misc. Expense Office Supplies Expense Business License Expense Advertising Expense Wages Expense Telephone Expense Total Operating Expenses: Net Income 83,642.39 \begin{tabular}{|l|r|r|r|r|} \hline & 2017 & 2016 & 2015 & Industry Standard \\ \hline Quick Ratio & & 2.2 & 2.8 & 1.75 \\ \hline Gross Margin & & 0.55 & 0.7 & 0.7 \\ \hline Net Margin & & 0.22 & 0.32 & 0.24 \\ \hline Return on Equity & & 0.9 & 0.78 & 0.8 \\ \hline \end{tabular}Step by Step Solution
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