FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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The condensed statements of Independent Auto Inc. follow:
Independent Auto Inc.
Income Statement ($000)
For Years Ended December 31
Net sales
Cost of goods sold
Gross profit from sales
Selling expenses
Administrative expenses
Total operating expenses
Profit before taxes
Income taxes
Profit
Assets
Current assets
Non-strategic investments
Plant and equipment, net
Total assets
2023
$210,000
125,434
Liabilities and Equity
Current liabilities
Common shares
Retained earnings
Total liabilities and equity
$ 84,566
$ 29,677
19,011
Independent Auto Inc.
Balance Sheet $000)
December 31
$ 48,688
$ 35,878
6,843
$ 29,035
2023
$ 35,336
0
65,800
$101, 136
$ 14,840
59 500
26, 796
$101.136
2022
$193,200
119,700
$ 73,500
$ 26,695
27,035
$ 53, 730
$ 19,770
6,227
$ 13.543
2022
$27,947
630
70,000
$98,577
$14,672
59,500
24,405
$98,577
2021
$168,000
106,428
$ 61,572
$22,226
13,909
$ 36,135
$25,437
5,293
$ 20,144
2021
$36,854
3,304
42,700
$82,858
$14,336
44,800
23,722
$82,858
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Transcribed Image Text:The condensed statements of Independent Auto Inc. follow: Independent Auto Inc. Income Statement ($000) For Years Ended December 31 Net sales Cost of goods sold Gross profit from sales Selling expenses Administrative expenses Total operating expenses Profit before taxes Income taxes Profit Assets Current assets Non-strategic investments Plant and equipment, net Total assets 2023 $210,000 125,434 Liabilities and Equity Current liabilities Common shares Retained earnings Total liabilities and equity $ 84,566 $ 29,677 19,011 Independent Auto Inc. Balance Sheet $000) December 31 $ 48,688 $ 35,878 6,843 $ 29,035 2023 $ 35,336 0 65,800 $101, 136 $ 14,840 59 500 26, 796 $101.136 2022 $193,200 119,700 $ 73,500 $ 26,695 27,035 $ 53, 730 $ 19,770 6,227 $ 13.543 2022 $27,947 630 70,000 $98,577 $14,672 59,500 24,405 $98,577 2021 $168,000 106,428 $ 61,572 $22,226 13,909 $ 36,135 $25,437 5,293 $ 20,144 2021 $36,854 3,304 42,700 $82,858 $14,336 44,800 23,722 $82,858
1. Calculate each year's current ratio. (Round the final answers to 1 decimal place.)
December 31, 2023
December 31, 2022
December 31, 2021
2. Express the income statement data in common-size percentages. (Round your final percentage answers to 2 decimal places.)
Current ratios
to 1
to 1
to 1
INDEPENDENT AUTO INC.
Common-Size Comparative Income Statement (in %)
For Years Ended December 31, 2023, 2022, and 2021
2023
2022
Net sales
Cost of goods sold
Gross profit from sales
Selling expenses
Administrative expenses
Total operating expenses
Profit before taxes
Income taxes
Profit
2021
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Transcribed Image Text:1. Calculate each year's current ratio. (Round the final answers to 1 decimal place.) December 31, 2023 December 31, 2022 December 31, 2021 2. Express the income statement data in common-size percentages. (Round your final percentage answers to 2 decimal places.) Current ratios to 1 to 1 to 1 INDEPENDENT AUTO INC. Common-Size Comparative Income Statement (in %) For Years Ended December 31, 2023, 2022, and 2021 2023 2022 Net sales Cost of goods sold Gross profit from sales Selling expenses Administrative expenses Total operating expenses Profit before taxes Income taxes Profit 2021
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