FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Need assistance with (a) (4) through (7)

Cash Accounts receivable (net) Other current assets December 31 Investments Property, plant, and equipment (net) Current liabilities Long-term debt Common stock, $10 par Retained earnings 2022 $ 29,100 50,000 90,100 54,500 500,500 $724,200 $85,000 144,900 342,000 152,300 $724,200 2021 $ 17,400 Sales Less: Sales returns and allowances Net sales Cost of goods sold Gross profit Operating expenses (including income taxes) Net income Lily Corporation Income Statements For the Years Ended December 31 2022 $737,000 $599,100 39,900 697,100 424,400 44,700 95,700 272,700 182,077 70,600 370,700 $599,100 $80,500 84,200 311,000 $ 90,623 123,400 $ 17,800 47,500 2021 2020 358,200 $531,000 63,500 44,000 $69,100 $605,400 31,000 299,000 574,400 370,500 113,400 $531,000 203,900 146,460 $ 57,440 49,500
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Transcribed Image Text:Cash Accounts receivable (net) Other current assets December 31 Investments Property, plant, and equipment (net) Current liabilities Long-term debt Common stock, $10 par Retained earnings 2022 $ 29,100 50,000 90,100 54,500 500,500 $724,200 $85,000 144,900 342,000 152,300 $724,200 2021 $ 17,400 Sales Less: Sales returns and allowances Net sales Cost of goods sold Gross profit Operating expenses (including income taxes) Net income Lily Corporation Income Statements For the Years Ended December 31 2022 $737,000 $599,100 39,900 697,100 424,400 44,700 95,700 272,700 182,077 70,600 370,700 $599,100 $80,500 84,200 311,000 $ 90,623 123,400 $ 17,800 47,500 2021 2020 358,200 $531,000 63,500 44,000 $69,100 $605,400 31,000 299,000 574,400 370,500 113,400 $531,000 203,900 146,460 $ 57,440 49,500
Additional information: 1. 2. (a) Compute the following ratios for 2021 and 2022. (Round Asset turnover and Earnings per share to 2 decimal places, e.g. 1.65. Round payout ratio and debt to assets ratio to O decimal places, e.g. 18%. Round all other answers to 1 decimal place, e.g. 6.8 or 6.8%.) (1) (2) (3) (4) (5) (6) The market price of Jergan's common stock was $7.00, $7.50, and $8.50 for 2020, 2021, and 2022, respectively. You must compute dividends declared. All declared dividends were paid in cash in the year of declaration. (7) Profit margin Gross profit rate Asset turnover Earnings per share $ Price-earnings ratio Payout ratio Debt to assets ratio 2022 % de % times times % % +A $ 2021 % % times times % %
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Transcribed Image Text:Additional information: 1. 2. (a) Compute the following ratios for 2021 and 2022. (Round Asset turnover and Earnings per share to 2 decimal places, e.g. 1.65. Round payout ratio and debt to assets ratio to O decimal places, e.g. 18%. Round all other answers to 1 decimal place, e.g. 6.8 or 6.8%.) (1) (2) (3) (4) (5) (6) The market price of Jergan's common stock was $7.00, $7.50, and $8.50 for 2020, 2021, and 2022, respectively. You must compute dividends declared. All declared dividends were paid in cash in the year of declaration. (7) Profit margin Gross profit rate Asset turnover Earnings per share $ Price-earnings ratio Payout ratio Debt to assets ratio 2022 % de % times times % % +A $ 2021 % % times times % %
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