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Current Attempt in Progress The following ratios have been computed for Martinez Company for 2022. Profit margin ratio Times interest earned Accounts receivable turnover MARTINEZ COMPANY Comparative Balance Sheet December 31, Assets Cash Debt Investments Use the above ratios and information from the Martinez Company financial statements to fill in the missing information on the financial statements. Accounts receivable (net) The 2022 financial statements for Martinez Company with missing information follows: Inventory Total assets Property, plant, and equipment (net) Bonds payable Liabilities and stockholders' equity Accounts payable Short-term notes payable Expenses: Depreciation expense MARTINEZ COMPANY Income Statement For the Year Ended December 31, 2022 Net sales Cost of goods sold Gross profit Interest expense Selling expenses 20 % Common stock Retained earnings Total liabilities and stockholders' equity $ Administrative expenses 12 times Total expenses 5 times Income before income taxes Income tax expense Net income $ Current ratio Debt to assets ratio 2022 $ 6,500 13.000 2.5 :1 19,500 24 % $ $ 32,500 19,500 260,000 $ 19,500 45,500 260,000 61,100 2021 $260,000 130,000 130,000 $45,500 19,500 65,000 65,000 208,000 $ 32,500 39,000 26,000 260,000 45,500 $403,000

Current Attempt in Progress The following ratios have been computed for Martinez Company for 2022. Profit margin ratio Times interest earned Accounts receivable turnover MARTINEZ COMPANY Comparative Balance Sheet December 31, Assets Cash Debt Investments Use the above ratios and information from the Martinez Company financial statements to fill in the missing information on the financial statements. Accounts receivable (net) The 2022 financial statements for Martinez Company with missing information follows: Inventory Total assets Property, plant, and equipment (net) Bonds payable Liabilities and stockholders' equity Accounts payable Short-term notes payable Expenses: Depreciation expense MARTINEZ COMPANY Income Statement For the Year Ended December 31, 2022 Net sales Cost of goods sold Gross profit Interest expense Selling expenses 20 % Common stock Retained earnings Total liabilities and stockholders' equity $ Administrative expenses 12 times Total expenses 5 times Income before income taxes Income tax expense Net income $ Current ratio Debt to assets ratio 2022 $ 6,500 13.000 2.5 :1 19,500 24 % $ $ 32,500 19,500 260,000 $ 19,500 45,500 260,000 61,100 2021 $260,000 130,000 130,000 $45,500 19,500 65,000 65,000 208,000 $ 32,500 39,000 26,000 260,000 45,500 $403,000

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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Current Attempt in Progress The following ratios have been computed for Martinez Company for 2022. Profit margin ratio Times interest earned Accounts receivable turnover MARTINEZ COMPANY Comparative Balance Sheet December 31, Assets Cash Debt Investments Accounts receivable (net) Use the above ratios and information from the Martinez Company financial statements to fill in the missing information on the financial statements. The 2022 financial statements for Martinez Company with missing information follows: Total assets Inventory Property, plant, and equipment (net) Bonds payable Common stock Liabilities and stockholders' equity Accounts payable Short-term notes payable Retained earnings Expenses: Depreciation expense MARTINEZ COMPANY Income Statement For the Year Ended December 31, 2022 Net sales Cost of goods sold Gross profit Interest expense Selling expenses 20 % Total liabilities and stockholders' equity $ Administrative expenses 12 times Total expenses 5 times Income before income taxes Income tax expense Net income $ Current ratio Debt to assets ratio $ 2022 6.500 13,000 2.5 1 19,500 24 % $ $ 32,500 19,500 260,000 $ 19,500 45,500 260,000 61,100 2021 $ $260,000 130.000 130,000 $ 45,500 19,500 65,000 65,000 208,000 $ 32,500 39,000 26,000 260,000 45,500 $403,000
Transcribed Image Text:Current Attempt in Progress The following ratios have been computed for Martinez Company for 2022. Profit margin ratio Times interest earned Accounts receivable turnover MARTINEZ COMPANY Comparative Balance Sheet December 31, Assets Cash Debt Investments Accounts receivable (net) Use the above ratios and information from the Martinez Company financial statements to fill in the missing information on the financial statements. The 2022 financial statements for Martinez Company with missing information follows: Total assets Inventory Property, plant, and equipment (net) Bonds payable Common stock Liabilities and stockholders' equity Accounts payable Short-term notes payable Retained earnings Expenses: Depreciation expense MARTINEZ COMPANY Income Statement For the Year Ended December 31, 2022 Net sales Cost of goods sold Gross profit Interest expense Selling expenses 20 % Total liabilities and stockholders' equity $ Administrative expenses 12 times Total expenses 5 times Income before income taxes Income tax expense Net income $ Current ratio Debt to assets ratio $ 2022 6.500 13,000 2.5 1 19,500 24 % $ $ 32,500 19,500 260,000 $ 19,500 45,500 260,000 61,100 2021 $ $260,000 130.000 130,000 $ 45,500 19,500 65,000 65,000 208,000 $ 32,500 39,000 26,000 260,000 45,500 $403,000
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