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Accounts receivable Inventory Total assets . Selected financial ratios computed from the statements below for the current year are: $ 1.47 0.920 Earnings per share Debt-to-equity ratio Accounts receivable turnover Current ratio Return on total assets Times interest earned ratio Acid-test ratio Inventory turnover $ 200,000 $ 310,000 $ 1,990,000 Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income Interest expense Net income before taxes Income taxes (30%) Net income Current assets: Cash Required: Compute the missing amounts on the company's financial statements. (Hint: What's the difference bet est ratio and the current ratio?) (Do not round intermediate calculations.) Liabilities: Pepper Industries Income Statement For the Year Ended March 31 $ 3,400,000 Pepper Industries Balance Sheet March 31 Accounts receivable, net Inventory Total current assets Plant and equipment, net Total assets Current liabilities Bonds payable, 10% Total liabilities 20.0 2.90 Stockholders' equity: Common stock, $2.90 par value Retained earnings 8% 4.00 1.17 7.0 Total stockholders' equity Total liabilities and stockholders' equity 49,000 $ 200,000

Accounts receivable Inventory Total assets . Selected financial ratios computed from the statements below for the current year are: $ 1.47 0.920 Earnings per share Debt-to-equity ratio Accounts receivable turnover Current ratio Return on total assets Times interest earned ratio Acid-test ratio Inventory turnover $ 200,000 $ 310,000 $ 1,990,000 Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income Interest expense Net income before taxes Income taxes (30%) Net income Current assets: Cash Required: Compute the missing amounts on the company's financial statements. (Hint: What's the difference bet est ratio and the current ratio?) (Do not round intermediate calculations.) Liabilities: Pepper Industries Income Statement For the Year Ended March 31 $ 3,400,000 Pepper Industries Balance Sheet March 31 Accounts receivable, net Inventory Total current assets Plant and equipment, net Total assets Current liabilities Bonds payable, 10% Total liabilities 20.0 2.90 Stockholders' equity: Common stock, $2.90 par value Retained earnings 8% 4.00 1.17 7.0 Total stockholders' equity Total liabilities and stockholders' equity 49,000 $ 200,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Qq.33.

Subject :- Account 

Accounts receivable Inventory Total assets e. Selected financial ratios computed from the statements below for the current year are: Earnings per share Debt-to-equity ratio Accounts receivable turnover Current ratio Return on total assets Times interest earned ratio $ 200,000 $ 310,000 $ 1,990,000 Acid-test ratio Inventory turnover Current assets: Cash Required: Compute the missing amounts on the company's financial statements. (Hint: What's the difference between the acid- test ratio and the current ratio?) (Do not round intermediate calculations.) Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income Interest expense Net income before taxes Income taxes (30%) Net income Liabilities: Pepper Industries Income Statement For the Year Ended March 31 $ 3,400,000 Accounts receivable, net Inventory $ 1.47 0.920 20.0 2.90 Pepper Industries Balance Sheet March 31 Total current assets Plant and equipment, net Total assets Current liabilities Bonds payable, 10% Total liabilities Stockholders' equity: Common stock, $2.90 par value Retained earnings 8% 4.00 1.17 7.0 Total stockholders' equity Total liabilities and stockholders' equity 49,000 $ 200,000
Transcribed Image Text:Accounts receivable Inventory Total assets e. Selected financial ratios computed from the statements below for the current year are: Earnings per share Debt-to-equity ratio Accounts receivable turnover Current ratio Return on total assets Times interest earned ratio $ 200,000 $ 310,000 $ 1,990,000 Acid-test ratio Inventory turnover Current assets: Cash Required: Compute the missing amounts on the company's financial statements. (Hint: What's the difference between the acid- test ratio and the current ratio?) (Do not round intermediate calculations.) Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income Interest expense Net income before taxes Income taxes (30%) Net income Liabilities: Pepper Industries Income Statement For the Year Ended March 31 $ 3,400,000 Accounts receivable, net Inventory $ 1.47 0.920 20.0 2.90 Pepper Industries Balance Sheet March 31 Total current assets Plant and equipment, net Total assets Current liabilities Bonds payable, 10% Total liabilities Stockholders' equity: Common stock, $2.90 par value Retained earnings 8% 4.00 1.17 7.0 Total stockholders' equity Total liabilities and stockholders' equity 49,000 $ 200,000
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