FINANCIAL ACCT-CONNECT
8th Edition
ISBN: 9781266627903
Author: Wild
Publisher: INTER MCG
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Summary operating data for Custom Wire & Tubing Company during the year ended April 30, 2018, are as follows: cost of goods sold, $510,700; administrative expenses, $63,600; interest expense, $38,000; rent revenue, $127,200; sales, $826,800; and selling expenses, $95,400.
Prepare a single-step income statement.
Custom Wire & Tubing Company
Income Statement
For the Year Ended April 30, 2018
Revenues:
$
Total revenues
$
Expenses:
$
Total expenses
$
Use the following selected data from Business Solutions's income statement for the three months ended March 31, 2022, and from its March 31, 2022, balance sheet to complete the requirements. Computer services revenue $ 25, 364 Net sales (of goods) 18, 138 Total sales and revenue 43, 502 Cost of goods sold 15, 644 Net income 19, 551 Quick assets 90, 356 Current assets 97, 288 Total assets 121, 816 Current liabilities 820 Total liabilities 820 Total equity 120, 996 Required: Compute the gross margin ratio (both with and without services revenue) and net profit margin ratio. Compute the current ratio and acid - test ratio. Compute the debt ratio and equity ratio. What percent of its assets are current? What percent are long term?
Use the following selected data from Business Solutions’s income statement for the three months ended March 31, 2022, and from its March 31, 2022, balance sheet to complete the requirements. Computer services revenue $ 28,668 Net sales (of goods) 20,628 Total sales and revenue 49,296 Cost of goods sold 12,624 Net income 18,450 Quick assets 88,812 Current assets 95,720 Total assets 122,032 Current liabilities 1,110 Total liabilities 1,110 Total equity 120,922
Compute the gross margin ratio (both with and without services revenue) and net profit margin ratio.
Compute the current ratio and acid-test ratio.
Compute the debt ratio and equity ratio.
What percent of its assets are current? What percent are longterm?
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Chapter 13 Solutions
FINANCIAL ACCT-CONNECT
Ch. 13 - Explain the difference between financial reporting...Ch. 13 - Prob. 2DQCh. 13 - Prob. 3DQCh. 13 - Prob. 4DQCh. 13 - Prob. 5DQCh. 13 - Prob. 6DQCh. 13 - Prob. 7DQCh. 13 - Prob. 8DQCh. 13 - Prob. 9DQCh. 13 - Prob. 10DQ
Ch. 13 - Prob. 11DQCh. 13 - Prob. 12DQCh. 13 - Prob. 13DQCh. 13 - Prob. 14DQCh. 13 - Prob. 15DQCh. 13 - Prob. 16DQCh. 13 - Prob. 17DQCh. 13 - Financial reporting Cl. Which of the following...Ch. 13 - Prob. 2QSCh. 13 - Prob. 3QSCh. 13 - Prob. 4QSCh. 13 - Prob. 5QSCh. 13 - Prob. 6QSCh. 13 - Prob. 7QSCh. 13 - Prob. 8QSCh. 13 - Prob. 9QSCh. 13 - Prob. 1ECh. 13 - Prob. 2ECh. 13 - Prob. 3ECh. 13 - Prob. 4ECh. 13 - Prob. 5ECh. 13 - Prob. 6ECh. 13 - Prob. 7ECh. 13 - Prob. 8ECh. 13 - Risk and capital structure analysis P3 Refer to...Ch. 13 - Prob. 10ECh. 13 - Prob. 11ECh. 13 - Prob. 12ECh. 13 - Prob. 14ECh. 13 - Prob. 15ECh. 13 - Prob. 1PSACh. 13 - Prob. 2PSACh. 13 - Prob. 3PSACh. 13 - Prob. 4PSACh. 13 - Prob. 5PSACh. 13 - Prob. 6PSACh. 13 - Prob. 1PSBCh. 13 - Prob. 2PSBCh. 13 - Prob. 3PSBCh. 13 - Prob. 4PSBCh. 13 - Prob. 5PSBCh. 13 - Prob. 6PSBCh. 13 - Prob. 13SPCh. 13 - Prob. 1BTNCh. 13 - Prob. 2BTNCh. 13 - Prob. 3BTNCh. 13 - Prob. 7BTNCh. 13 - Prob. 9BTN
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