Activity 3. Financial Ratios R6 Company Comparative Balance Sheet OK, LET'S TRY THIS. December 31, 2017 and 2016 2017 2016 ASSETS Cash 30,000.00 45,000.00 Accounts Receivable (net) 97,500.00 90,000.00 Additional informatiu.i for 2017: 75,000.00 300,000.00 270,000.00 517,500.00 480,000.00 Inventory 90,000.00 Property, palnt and equipment (net) a. Income before interest expense and income taxes was P168,000. TOTAL ASSETS b. Sales on account were P990,000. LIABILITIES AND STOCKHOLDERS' EQUITY Accounts Payable Mortgage Payable Common Stock, P10 par c. Sales returns and allowances amounted to P5,625. 75,000.00 90,000.00 150,000.00 150,000.00 d. Cost of goods sold was P676,500. e. Interest expense totaled P12,000. f. Income tax rate is 30% 210,000.00 180,000.00 60,000.00 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 517,500.00 480,000.00 Retained Earnings 82,500.00
Activity 3. Financial Ratios R6 Company Comparative Balance Sheet OK, LET'S TRY THIS. December 31, 2017 and 2016 2017 2016 ASSETS Cash 30,000.00 45,000.00 Accounts Receivable (net) 97,500.00 90,000.00 Additional informatiu.i for 2017: 75,000.00 300,000.00 270,000.00 517,500.00 480,000.00 Inventory 90,000.00 Property, palnt and equipment (net) a. Income before interest expense and income taxes was P168,000. TOTAL ASSETS b. Sales on account were P990,000. LIABILITIES AND STOCKHOLDERS' EQUITY Accounts Payable Mortgage Payable Common Stock, P10 par c. Sales returns and allowances amounted to P5,625. 75,000.00 90,000.00 150,000.00 150,000.00 d. Cost of goods sold was P676,500. e. Interest expense totaled P12,000. f. Income tax rate is 30% 210,000.00 180,000.00 60,000.00 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 517,500.00 480,000.00 Retained Earnings 82,500.00
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter12: Fainancial Statement Analysis
Section: Chapter Questions
Problem 89PSB
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