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Advanced MathContemporary Mathematics for Business & ConsumersAs 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*arrow_forward*

8th Edition

Robert Brechner + 1 other

Publisher: Cengage Learning

ISBN: 9781305585447

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:

Contemporary Mathematics for Business & Consumers

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Ch. 15.I - Use the following financial information to prepare...Ch. 15.I - Prepare a vertical analysis of the balance sheet...Ch. 15.I - Complete the following comparative balance sheet...Ch. 15.I - Calculate the following values according to the...Ch. 15.I - Calculate the following values according to the...Ch. 15.I - Calculate the following values according to the...Ch. 15.I - Calculate the following values according to the...Ch. 15.I - Calculate the following values according to the...Ch. 15.I - Calculate the following values according to the...Ch. 15.I - Calculate the following values according to the...

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. 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