close solutoin list

As the accounting manager of Spring Creek Plastics, Inc., you have been asked to calculate the following financial ratios for the company's 2015 annual report. Use the balance sheet and the income statement on page 528 for Spring Creek. Spring Creek Plastics, Inc. Balance Sheet As of December 31,2015 Assets Cash $250,000 Accounts Receivable 325,400 Merchandise Inventory 416,800 Marketable Securities 88,700 Supplies 12,100 Total Current Assets $1,093,000 Land and Building 1,147,000 Fixtures and Equipment 868,200 Total Property. Plant, and Equipment 2,015.200 Total Assets $3,108,200 Liabilities and Owner's Equity Accounts Payable $286,500 Notes Payable (6-month) 153,200 Total Current Liabilities $439,700 Mortgage Payable 325,700 Notes Payable (4-year) 413,100 Total Long-Term Liabilities 738,800 Total Liabilities 1,178,500 Owner's Equity 1,929,700 Total Liabilities and Owner's Equity $3,108,200 Spring Creek Plastics, Inc. Income Statement, 2015 Net Sales $1,695,900 Merchandise Inventory. Jan. 1 $767,800 Net Purchases 314,900 Freight In 33.100 Goods Available for Sale 1,115,800 Merchandise Inventory. Dec. 31 239,300 Cost of Goods Sold 876,500 Gross Margin 819,400 Total Operating Expenses 702,300 Income before Taxes 117,100 Taxes 35,200 Net Income $81,900 Gross profit margin:

BuyFind

Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
Publisher: Cengage Learning
ISBN: 9781305585447
BuyFind

Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
Publisher: Cengage Learning
ISBN: 9781305585447

Solutions

Chapter
Section
Chapter 15, Problem 19AT
Textbook Problem

As the accounting manager of Spring Creek Plastics, Inc., you have been asked to calculate the following financial ratios for the company's 2015 annual report. Use the balance sheet and the income statement on page 528 for Spring Creek.

Spring Creek Plastics, Inc.

Balance Sheet As of December 31,2015

Assets
Cash $250,000
Accounts Receivable 325,400
Merchandise Inventory 416,800
Marketable Securities 88,700
Supplies 12,100
Total Current Assets $1,093,000
Land and Building 1,147,000
Fixtures and Equipment 868,200
Total Property. Plant, and Equipment 2,015.200
Total Assets $3,108,200
Liabilities and Owner's Equity
Accounts Payable $286,500
Notes Payable (6-month) 153,200
Total Current Liabilities $439,700
Mortgage Payable 325,700
Notes Payable (4-year) 413,100
Total Long-Term Liabilities 738,800
Total Liabilities 1,178,500
Owner's Equity 1,929,700
Total Liabilities and Owner's Equity $3,108,200

Spring Creek Plastics, Inc. Income Statement, 2015

Net Sales $1,695,900
Merchandise Inventory. Jan. 1 $767,800
Net Purchases 314,900
Freight In 33.100
Goods Available for Sale 1,115,800
Merchandise Inventory. Dec. 31 239,300
Cost of Goods Sold 876,500
Gross Margin 819,400
Total Operating Expenses 702,300
Income before Taxes 117,100
Taxes 35,200
Net Income $81,900

Gross profit margin:

Expert Solution

Want to see this answer and more?

Experts are waiting 24/7 to provide step-by-step solutions in as fast as 30 minutes!*

See Solution

*Response times vary by subject and question complexity. Median response time is 34 minutes and may be longer for new subjects.

Chapter 15 Solutions

Contemporary Mathematics for Business & Consumers
Show all chapter solutions
Ch. 15.I - Calculate the following values according to the...Ch. 15.I - Calculate the missing balance sheet items for...Ch. 15.I - Calculate the missing balance sheet items for...Ch. 15.I - Calculate the missing balance sheet items for...Ch. 15.I - For the following balance sheet items, check the...Ch. 15.I - For the following balance sheet items, check the...Ch. 15.I - For the following balance sheet items, check the...Ch. 15.I - For the following balance sheet items, check the...Ch. 15.I - For the following balance sheet items, check the...Ch. 15.I - For the following balance sheet items, check the...Ch. 15.I - For the following balance sheet items, check the...Ch. 15.I - For the following balance sheet items, check the...Ch. 15.I - For the following balance sheet items, check the...Ch. 15.I - For the following balance sheet items, check the...Ch. 15.I - For the following balance sheet items, check the...Ch. 15.I - For the following balance sheet items, check the...Ch. 15.I - For the following balance sheet items, check the...Ch. 15.I - For the following balance sheet items, check the...Ch. 15.I - For the following balance sheet items, check the...Ch. 15.I - For the following balance sheet items, check the...Ch. 15.I - For the following balance sheet items, check the...Ch. 15.I - For the following balance sheet items, check the...Ch. 15.I - For the following balance sheet items, check the...Ch. 15.I - For the following balance sheet items, check the...Ch. 15.I - For the following balance sheet items, check the...Ch. 15.I - For the following balance sheet items, check the...Ch. 15.I - Prepare the following statements on separate...Ch. 15.I - a. Use the following financial information to...Ch. 15.II - Use the following financial information to prepare...Ch. 15.II - Prepare a vertical analysis of the income...Ch. 15.II - Complete the following comparative income...Ch. 15.II - Calculate the missing information based on the...Ch. 15.II - Calculate the missing information based on the...Ch. 15.II - Calculate the missing information based on the...Ch. 15.II - Calculate the missing information based on the...Ch. 15.II - Calculate the missing information based on the...Ch. 15.II - Calculate the missing information based on the...Ch. 15.II - Calculate the missing information based on the...Ch. 15.II - Calculate the missing information based on the...Ch. 15.II - Calculate the missing income statement items for...Ch. 15.II - Calculate the missing income statement items for...Ch. 15.II - Calculate the missing income statement items for...Ch. 15.II - 12. For the third quarter. Micro Tech had gross...Ch. 15.II - For August, Island Traders, Inc. had the following...Ch. 15.II - Prepare the following statements on separate...Ch. 15.II - Prepare the following statements on separate...Ch. 15.III - Use the balance sheet and income statement on...Ch. 15.III - Prepare a trend analysis from the following...Ch. 15.III - Calculate the amount of working capital and the...Ch. 15.III - Calculate the amount of working capital and the...Ch. 15.III - Calculate the amount of working capital and the...Ch. 15.III - Calculate the amount of working capital and the...Ch. 15.III - Calculate the amount of working capital and the...Ch. 15.III - Marketable Accounts Quick Acid Test Company Cash...Ch. 15.III - Marketable Accounts Quick Acid...Ch. 15.III - Marketable Accounts Quick Acid Test Company Cash...Ch. 15.III - Marketable Accounts Quick Acid Test Company Cash...Ch. 15.III - ...Ch. 15.III - Calculate the average collection period for...Ch. 15.III - Calculate the average collection period for Impact...Ch. 15.III - 13. a. Calculate the average collection period for...Ch. 15.III - Calculate the average inventory and inventory...Ch. 15.III - Calculate the average inventory and inventory...Ch. 15.III - Calculate the average inventory and inventory...Ch. 15.III - Calculate the average inventory and inventory...Ch. 15.III - Calculate the average inventory and inventory...Ch. 15.III - 19. The Organic Market had net sales of $650,000...Ch. 15.III - 20. Heads or Tails Coin Shop had net sales of...Ch. 15.III - Calculate the amount of owner's equity and the two...Ch. 15.III - Calculate the amount of owner's equity and the two...Ch. 15.III - Calculate the amount of owner's equity and the two...Ch. 15.III - Calculate the amount of owner's equity and the two...Ch. 15.III - Calculate the gross and net profits and the two...Ch. 15.III - Calculate the gross and net profits and the two...Ch. 15.III - Calculate the gross and net profits and the two...Ch. 15.III - Calculate the gross and net profits and the two...Ch. 15.III - Using the owner's equity information below,...Ch. 15.III - Using the owner's equity information below,...Ch. 15.III - Using the owner's equity information below,...Ch. 15.III - Using the owner's equity information below,...Ch. 15.III - 33. Prepare a trend analysis from the following...Ch. 15 - 1. In accounting, economic resources owned by a...Ch. 15 - 2. The financial statement that illustrates the...Ch. 15 - 3. The balance sheet is a visual presentation of...Ch. 15 - In vertical analysis of a balance sheet, each...Ch. 15 - 5. A financial statement prepared with the data...Ch. 15 - Horizontal analysis is a method of analyzing...Ch. 15 - 7. A financial statement summarizing the...Ch. 15 - 8. Write the formula that illustrates the...Ch. 15 - In vertical analysis of an income statement, each...Ch. 15 - 10. Name the four major categories of financial...Ch. 15 - Write the formulas for the current ratio and...Ch. 15 - 12. Write the formulas for the debt-to-assets...Ch. 15 - 13. The use of index numbers to track percentage...Ch. 15 - 14. With index numbers, a base period is chosen...Ch. 15 - Prepare the following statements on separate...Ch. 15 - Prepare the following statements on separate...Ch. 15 - Calculate the missing income statement items for...Ch. 15 - Prepare the following statements on separate...Ch. 15 - a. Use the following financial information to...Ch. 15 - a. Use the following financial information to...Ch. 15 - For the second quarter. Evergreen Plant Nursery...Ch. 15 - 8. For the month of January. Consolidated Engine...Ch. 15 - Prepare the following statements on separate...Ch. 15 - a. Use the following financial information to...Ch. 15 - As the accounting manager of Spring Creek...Ch. 15 - As the accounting manager of Spring Creek...Ch. 15 - As the accounting manager of Spring Creek...Ch. 15 - As the accounting manager of Spring Creek...Ch. 15 - As the accounting manager of Spring Creek...Ch. 15 - As the accounting manager of Spring Creek...Ch. 15 - As the accounting manager of Spring Creek...Ch. 15 - As the accounting manager of Spring Creek...Ch. 15 - As the accounting manager of Spring Creek...Ch. 15 - As the accounting manager of Spring Creek...Ch. 15 - As the accounting manager of Spring Creek...Ch. 15 - Prepare a trend analysis from the financial data...Ch. 15 - 23. As part of the trend analysis for Coastal...Ch. 15 - 24. From the following consolidated statements of...

Additional Math Textbook Solutions

Find more solutions based on key concepts
Show solutions
Differentiate. f(x)=3cotx2cosx

Calculus (MindTap Course List)

In Exercises 13-20, sketch a set of coordinate axes and plot each point. 16. (3, 4)

Applied Calculus for the Managerial, Life, and Social Sciences: A Brief Approach

In Exercises 15-22, find the equation of the specified line. Through (2,4) with slope 1

Finite Mathematics and Applied Calculus (MindTap Course List)

In Exercises 1-6, simplify the expression. 3+2x7x

Calculus: An Applied Approach (MindTap Course List)

Finding a Derivative In Exercises 13-32, find the derivative of the function. y=13x+5

Calculus: Early Transcendental Functions (MindTap Course List)

True or False: Partial fractions may be used for .

Study Guide for Stewart's Single Variable Calculus: Early Transcendentals, 8th

The point P graphed at the right has spherical coordinates:

Study Guide for Stewart's Multivariable Calculus, 8th

Describe the relationship between the alpha level and the likelihood of making a Type I error.

Research Methods for the Behavioral Sciences (MindTap Course List)

Given that z is a standard normal random variable, find z for each situation. The area to the right of z is .01...

Modern Business Statistics with Microsoft Office Excel (with XLSTAT Education Edition Printed Access Card) (MindTap Course List)

ReminderRound all answers to two decimal places unless otherwise indicated. The Cannon with a Different Muzzle ...

Functions and Change: A Modeling Approach to College Algebra (MindTap Course List)

In Problems 18 state the order of the given ordinary differential equation. Determine whether the equation is l...

A First Course in Differential Equations with Modeling Applications (MindTap Course List)