The following information relates to SE10-5 through SE10-7:(in millions)Net sales...Cost of goods soldSE10-7.Gross profit.Selling and administrative expensesIncome from operationsInterest expense..EVANS & SONS, INC.Income StatementFor Years Ended December 31, 2019 and 2018Income before income taxesIncome tax expense.Net income(in millions)AssetsCurrent assetsCash and cash equivalentsAccounts receivableInventory..Other current assets.Total current assetsProperty, plant, & equipment (net)Other assets.Total AssetsLiabilities and Stockholders' EquityCurrent liabilities.Long-term liabilities.Total liabilities..EVANS & SONS, INC.Balance SheetDecember 31, 2019 and 2018Stockholders' equity - common.Total Liabilities and Stockholders' Equity..20199,800(5,500)4,300(2,800)1,500(300)$1,200201910090050040020181,9002,6005,700$10,2009,300(5,200)4,100(2,700)(220)(200)$980 $9501,400$(250)1,15020183008006502502,0002,5005,900$10,400$ 3,000 $ 2,9005,0005,4008,0008,3002,2002,100$10,200 $10,400SE10-5. Current Ratio Calculate the current ratio for Evans & Sons, Inc., for 2018 and 2019, and commenton the company's working capital position. Did the company's ability to pay its current liabilitiesimprove over the two years?SE10-6. Quick Ratio Calculate the quick ratio for Evans & Sons, Inc., for 2018 and 2019, and commenton the company's working capital position. Did the company's ability to pay its current liabilitiesimprove over the two years?Times-Interest-Earned Ratio Calculate the times-interest-earned ratio for Evans & Sons, Inc., for2018 and 2019, and comment on the company's ability to pay its current interest payments. Did thecompany's ability to pay its current interest charges improve?

Liquidity is very important in business and liquidity is measured by current ratio and quick ratio…

g information relates to SE10-5 through SE10-7: n millions) et sales..... ost of goods sold ross profit. ... elling and administrative expenses come from operations terest expense.. come before income taxes come tax expense. et income.... millions) EVANS & SONS, INC. Income Statement For Years Ended December 31, 2019 and 2018 ssets urrent assets ash and cash equivalents ccounts receivable... ventory.... ther current assets.. tal current assets ... operty, plant, & equipment (net) ther assets.... EVANS & SONS, INC. Balance Sheet December 31, 2019 and 2018 2019 $9,800 $ (5,500) 4,300 (2,800) 1,500 (300) $ 1,200 (220) $ 980 $ 2019 100 900 500 400 1,900 2,600 5,700

g information relates to SE10-5 through SE10-7: n millions) et sales..... ost of goods sold ross profit. ... elling and administrative expenses come from operations terest expense.. come before income taxes come tax expense. et income.... millions) EVANS & SONS, INC. Income Statement For Years Ended December 31, 2019 and 2018 ssets urrent assets ash and cash equivalents ccounts receivable... ventory.... ther current assets.. tal current assets ... operty, plant, & equipment (net) ther assets.... EVANS & SONS, INC. Balance Sheet December 31, 2019 and 2018 2019 $9,800 $ (5,500) 4,300 (2,800) 1,500 (300) $ 1,200 (220) $ 980 $ 2019 100 900 500 400 1,900 2,600 5,700

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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