Sargassum Caribbean IncorporatedBalance Sheet as at December 31, 2020AssetsLiabilitiesCurrent Assets:Current Liabilities:CashAccounts Payable600,000300,000200,000400,000 Notes Payable900,0001,500,000 Total Current LiabilitiesAccounts ReceivableInventoryTotal Current Assets900,000Fixed Assets:Long-Term Liabilities:Property, Plant & EquipmentLess: Accumulated Depreciation1,200,000 Long-Term Debt1,000,000 Total Long Term Liabilities200,000300,000300,000Net Fixed AssetsOwners' Equity:Common Stock ($1 Par)Capital SurplusRetained EarningsTotal Owners' Equity100,000300,000100,000500,000Total Assets1,700,000 Total Liabilities & Owners'Equity1,700,000Sargassum Caribbean IncorporatedIncome Statement for Year Ending December 31, 2020Sales2,500,000800,000100,000104,0001,496,000Less: Cost of Goods SoldLess: Administrative ExpensesLess DepreciationEarnings Before Interest andТахesLess: Interest Expense20.0001,476,000663,000813,000417,000396,000Taxable IncomeLess: TaxesNet IncomeDividendsAddition to Retained Earnings 2. Assess the performance of SCI using the ratios below. Provide a thorough analysis that analyses theresults as well as the usefulness of each ratio. In your responses, include any recommendations thatmay help the company to improve its performance:1. Current Ratio2. Quick Ratio3. Debt Ratio4. Return on Assets5. Return on Equity6. Receivables Turnover7. Fixed Assets Turnover8. Total Assets Turnover9. Profit Margin10. Gross Profit Margin

Name: Sargassum Caribbean IncorporatedBalance Sheet as at December 31, 2020
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Description: Sargassum Caribbean IncorporatedBalance Sheet as at December 31, 2020AssetsLiabilitiesCurrent Assets:Current Liabilities:CashAccounts Payable600,000300,000200,000400,000 Notes Payable900,0001,500,000 Total Current LiabilitiesAccounts ReceivableInven

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Sargassum Caribbean Incorporated Balance Sheet as at December 31, 2020 Assets Liabilities Current Assets: Current Liabilities: 600,000 300,000 Cash Accounts Receivable Inventory Total Current Assets 200,000 Accounts Payable 400,000 Notes Payable 900,000 1,500,000 Total Current Liabilities 900,000 Fixed Assets: Long-Term Liabilities: Property, Plant & Equipment Less: Accumulated Depreciation 1,200,000 Long-Term Debt 1,000,000 Total Long Term Liabilities 200,000 300,000 300,000 Net Fixed Assets Owners' Equity: Common Stock ($1 Par) Capital Surplus Retained Earnings Total Owners' Equity 100,000 300,000 100,000 500,000 Total Assets 1,700,000 Total Liabilities & Owners' 1,700,000 Equity Sargassum Caribbean Incorporated Income Statement for Year Ending December 31, 2020 2,500,000 800,000 100,000 104,000 1,496,000 Sales Less: Cost of Goods Sold Less: Administrative Expenses Less Depreciation Earnings Before Interest and Таxes Less: Interest Expense Taxable Income 20,000 1,476,000 663,000 813,000 417.000 396,000 Less: Taxes Net Income Dividends Addition to Retained Earnings

Sargassum Caribbean Incorporated Balance Sheet as at December 31, 2020 Assets Liabilities Current Assets: Current Liabilities: 600,000 300,000 Cash Accounts Receivable Inventory Total Current Assets 200,000 Accounts Payable 400,000 Notes Payable 900,000 1,500,000 Total Current Liabilities 900,000 Fixed Assets: Long-Term Liabilities: Property, Plant & Equipment Less: Accumulated Depreciation 1,200,000 Long-Term Debt 1,000,000 Total Long Term Liabilities 200,000 300,000 300,000 Net Fixed Assets Owners' Equity: Common Stock ($1 Par) Capital Surplus Retained Earnings Total Owners' Equity 100,000 300,000 100,000 500,000 Total Assets 1,700,000 Total Liabilities & Owners' 1,700,000 Equity Sargassum Caribbean Incorporated Income Statement for Year Ending December 31, 2020 2,500,000 800,000 100,000 104,000 1,496,000 Sales Less: Cost of Goods Sold Less: Administrative Expenses Less Depreciation Earnings Before Interest and Таxes Less: Interest Expense Taxable Income 20,000 1,476,000 663,000 813,000 417.000 396,000 Less: Taxes Net Income Dividends Addition to Retained Earnings

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter7: Operating Assets

Section: Chapter Questions

Problem 36BE: Analyzing Fixed Assets Pitt reported the following information for 2018 and 2019: Required: Compute...

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