FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Assets Current assets: Cash Accounts receivable Inventory Supplies Long-term assets: Equipment Less: Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders equity: Common stock Retained earnings Total liabilities and stockholders' equity Show Transcribed Text THE ATHLETIC ATTIC Balance Sheets December 31 Risk Ratios 1 Receivables turnover ratio 2 Average collection period 3. Inventory turnover ratio 4 Average days in inventory 5. Current ratio 6 Acid-test ratio 7 Debt to equity ratio 8 Times interest earned ratio 3 times days times days to 1 to 1 % times c 2021 $ 155,000 745,000 1,360,000 101,000 1,105,000 (402,000) $3,064,000 $ 106,000 0 35,500 510,000 610,000 1,802,500 $3,064,000 2020 $ 205,000 765,000 1,030,000 76,000 1,105,000 Required: Assuming that all sales were on account, calculate the following risk ratios for 2021. (Use 365 days a year. Round your intermediate and final answers to 1 decimal place.) (201,000) $2,980,000 $ 82,000 4,100 30,100 510,000 610,000 1,743,800 $2,980,000
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Transcribed Image Text:Assets Current assets: Cash Accounts receivable Inventory Supplies Long-term assets: Equipment Less: Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders equity: Common stock Retained earnings Total liabilities and stockholders' equity Show Transcribed Text THE ATHLETIC ATTIC Balance Sheets December 31 Risk Ratios 1 Receivables turnover ratio 2 Average collection period 3. Inventory turnover ratio 4 Average days in inventory 5. Current ratio 6 Acid-test ratio 7 Debt to equity ratio 8 Times interest earned ratio 3 times days times days to 1 to 1 % times c 2021 $ 155,000 745,000 1,360,000 101,000 1,105,000 (402,000) $3,064,000 $ 106,000 0 35,500 510,000 610,000 1,802,500 $3,064,000 2020 $ 205,000 765,000 1,030,000 76,000 1,105,000 Required: Assuming that all sales were on account, calculate the following risk ratios for 2021. (Use 365 days a year. Round your intermediate and final answers to 1 decimal place.) (201,000) $2,980,000 $ 82,000 4,100 30,100 510,000 610,000 1,743,800 $2,980,000
Problem 12-4B Calculate risk ratios (LO12-3) The following income statement and balance sheets for The Athletic Attic are provided. THE ATHLETIC ATTIC Income Statement For the year ended December 31, 2021 Net sales Cost of goods sold Gross profit Expenses: Operating expenses Depreciation expense Interest expense Income tax expense Total expenses Net income $1,555,000 201,000 41,000 351,000 $8,810,000 5,405,000 3,405,000 2,148,000 $1,257,000
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Transcribed Image Text:Problem 12-4B Calculate risk ratios (LO12-3) The following income statement and balance sheets for The Athletic Attic are provided. THE ATHLETIC ATTIC Income Statement For the year ended December 31, 2021 Net sales Cost of goods sold Gross profit Expenses: Operating expenses Depreciation expense Interest expense Income tax expense Total expenses Net income $1,555,000 201,000 41,000 351,000 $8,810,000 5,405,000 3,405,000 2,148,000 $1,257,000
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