The comparative statements of Dubai Company are presented below. All sales were on account. The allowance for doubtful accounts was $3,200 on December 31, 2017, and $3,000 on December 31, 2020. Required: Compute the following ratios for 2021. (Weighted average common shares in 2021 were 62,500.) Times interest earned. Asset turnover. Debt to assets.
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The comparative statements of Dubai Company are presented below.
All sales were on account. The allowance for doubtful accounts was $3,200 on December 31, 2017, and $3,000 on December 31, 2020.
Required:
Compute the following ratios for 2021. (Weighted average common shares in 2021 were 62,500.)
- Times interest earned.
- Asset turnover.
- Debt to assets.
Step by step
Solved in 2 steps with 1 images
- The comparative statements of Waterway Company are presented here. Waterway CompanyIncome StatementsFor the Years Ended December 3120222021Net sales$1,813,300 $1,753,100 Cost of goods sold1,008,900 983,000 Gross profit804,400 770,100 Selling and administrative expenses516,800 477,800 Income from operations287,600 292,300 Other expenses and losses Interest expense18,900 14,800 Income before income taxes268,700 277,500 Income tax expense78,224 77,700 Net income$ 190,476 $ 199,800 Waterway CompanyBalance SheetsDecember 31Assets20222021Current assets Cash$60,200 $64,500 Debt investments (short-term)70,600 49,200 Accounts receivable (net)117,800 102,700 Inventory123,600 114,700 Total current assets372,200 331,100 Plant assets (net)602,200 517,900 Total…The comparative statements of Waterway Company are presented here. Waterway CompanyIncome StatementsFor the Years Ended December 3120222021Net sales$1,813,300 $1,753,100 Cost of goods sold1,008,900 983,000 Gross profit804,400 770,100 Selling and administrative expenses516,800 477,800 Income from operations287,600 292,300 Other expenses and losses Interest expense18,900 14,800 Income before income taxes268,700 277,500 Income tax expense78,224 77,700 Net income$ 190,476 $ 199,800 Waterway CompanyBalance SheetsDecember 31Assets20222021Current assets Cash$60,200 $64,500 Debt investments (short-term)70,600 49,200 Accounts receivable (net)117,800 102,700 Inventory123,600 114,700 Total current assets372,200 331,100 Plant assets (net)602,200 517,900 Total…Required information For Year Ended December 31 Sales Cost of goods sold Other operating expenses Current Year $ 411, 225 209,550 12, 100 9,525 $ 673,500 642, 400 $31,100 $ 1.90 :. -. - == ....... 9 US Sa M
- Sanborn Corporation Comparative Income Statements in € For the Years Ended December 31, 20X8 and 20X7 20X8 20X7 Net Sales 3,276,800 3,146,400 Cost of goods (2,088,800) (2,008,400) Gross margin 1,188,000 1,138,000 Operating expenses Selling expenses (476,800) (518,000) General & administrative expenses (447,200) (423,200) Total operating expenses (924,000) (941,200) Income from operations 264,000 196,800 Interest expense (65,600) (39,200) Net income before taxes 198,400 157,600 Income taxes (62,400) (56,800) Net income after taxes 136,000 100,800 Earnings per share 3.40 2.52 Sanborn Corporation Comparative Balance Sheets in € December 31, 20X8 and 20X7 Assets 20X8 20X7 Liabilities & Stockholders' Equity 20X8 20X7 Fixed assets: Stockholders' equity: Property, plant and…A company reported the following data for the year ending 2018: Description Amount Sales Sales discount Sales returns and allowances $400,000 $16,000 $13,000 $117,000 $153,000 |Cost of goods sold |Operating expense Income tax expense $23,750 Compute the amount of gross profit to be reported on the income statement. a. $101,000 b. $117,000 c. $254,000 d. $124,750 Answer O O O O27 A1 CORPORATION, INC. Income Statement For the Year Ended December 31, 2026 Net Sales Cost of Goods Sold Gross Profit Operating Expenses Net Income Using vertical analysis, what percentage is assigned to cost of goods sold? OA) 37.5% B) 100% OC) 62.5% $240 150 90 65 $25 D) 50%
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- SUNLAND COMPANYIncome StatementsFor the Years Ended December 31 2022 2021 Net sales $2,178,400 $2,030,000 Cost of goods sold 1,207,000 1,187,080 Gross profit 971,400 842,920 Selling and administrative expenses 590,000 565,220 Income from operations 381,400 277,700 Other expenses and losses Interest expense 25,960 23,600 Income before income taxes 355,440 254,100 Income tax expense 106,632 76,230 Net income $ 248,808 $ 177,870 SUNLAND COMPANYBalance SheetsDecember 31 Assets 2022 2021 Current assets Cash $ 70,918 $ 75,756 Debt investments (short-term) 87,320 59,000 Accounts receivable 139,004 121,304 Inventory 148,680 136,290 Total current assets 445,922 392,350 Plant assets (net) 765,820 613,954 Total assets $1,211,742…B. Below is the Statement of Comprehensive Income of Q & A Trading Company: Percentage 2020 P1,939,500 900,000 1,039,500 445,500 37,575 P 556,425 2019 Percentage Revenue Cost of Goods Sold Gross Profit Selling and General Experses Other Experses Net Income P1,674,675 843,975 830,700 409,725 30,825 P 390,150 Requirements: Prepare a vertical aralysis for Q & A Trading Compary.Current Asset Current Liabilities COGS Inventory Total Liabilities Total Assets Net Sales Operating Income Gross Profit EBIT EBT Cash Flow Operation Retained Earning Owner's Equity 2018 80,073,836 26,882,064 51,678,144 14,854,944 80,133,248 124,776,768 160,099,728 75,249,200 108,421,584 56,436,900 45,149,520 49,716,192 28,967,893 44,643,520 2017 54,919,520 13,083,840 35,379,840 9,575,808 64,875,200 100,945,824 98,157,888 32,775,808 62,778,048 24,581,856 19,665,485 26,781,248 29,361,440 36,070,624