Current Yr1 Yr Ago 2 Yrs AgoAt December 31AssetsCashAccounts receivable, netMerchandise inventoryPrepaid expensesPlant assets, net$ 31,60088,000112,50010,650281,000$ 36,250 $ 38,40062,00083,8009,350249,50049,50052,5004,500235,000Total assets$523,750$440,900 $ 379,900Liabilities and EquityAccounts payableLong-term notes payable secured bymortgages on plant assetsCommon stock, $10 par valueRetained earnings$128,400$ 74,750 $ 50,80097,000160,500137,85098,250160,500107,40081,600160,50087,000$523,750$440,900 $ 379,900Total liabilities and equityThe company's income statements for the Current Year and 1 Year Ago, follow.1 Yr Ago$ 620,000Current YrFor Year Ended December 31SalesCost of goods soldother operating expensesInterest expenseIncome tax expenseTotal costs and expenses$755,000$445,450234,05011,3009,550$390,600148,80012,7008,925561,025700,350$ 54,650$ 58,975Net income$43.40$4%243.67Earnings per shareFor both the Current Year and 1 Year Ago compute the followina ratios:< Prev6 7of 8Next > Sales$755,000$ 620,000Cost of goods soldother operating expensesInterest expenseIncome tax expenseTotal costs and expenses$445,450234,05011,3009,550$390,600148,80012,7008,925700,350$ 54,650561,025$ 58,975of 3Net incomeEarnings per share3.40243.67For both the Current Year and 1 Year Ago, compute the following ratios:ookExercise 13-10 Part 2intrint(2) Total asset turnover.crencesTotal Asset TurnoverChoose Numerator:Choose Denominator:= Total Asset TurnoverNet salesI [Average total assetsTotal asset turnoverCurrent Year:$755,000 /24410,400 =1.8 times1 Year Ago:2$620,000 /2$482,325 =1.3 times...aw< Prev6 7of 8Next >

Name: Current Yr1 Yr Ago 2 Yrs AgoAt December 31AssetsCashAccounts receivab
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Description: Current Yr1 Yr Ago 2 Yrs AgoAt December 31AssetsCashAccounts receivable, netMerchandise inventoryPrepaid expensesPlant assets, net$ 31,60088,000112,50010,650281,000$ 36,250 $ 38,40062,00083,8009,350249,50049,50052,5004,500235,000Total assets$523,750

The ratio analysis helps to analyse the financial statements of the business. The total assets…

Business

Accounting

Current Yr 1 Yr Ago 2 Yrs Ago At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net $ 31,600 88,000 112,500 10,650 281,000 $ 36,250 $ 62,000 83,800 9,350 249,500 38,400 49,500 52,500 4,500 235,000 $523,750 $440,900 $ 379,900 Total assets Liabilities and Equity Accounts payable Long-term notes payable secured by mortgages on plant assets Common stock, $10 par value Retained earnings $128,400 $ 74,750 $ 50,800 97,000 160,500 137,850 98,250 160,500 107,400 $440,900 $ 379,900 81,600 160,500 87,000 Total liabilities and equity $523,750 The company's income statements for the Current Year and 1 Year Ago, follow. 1 Yr Ago $ 620,000 Current Yr For Year Ended December 31 Sales Cost of goods sold other operating expenses Interest expense $755,000 $445,450 234,050 11,300 $390,600 148,800 12,700 8,925 9,550 Income tax expense Total costs and expenses. 561,025 700,350 $ 54,650 $58,975 Net income $4 3.40 2$ 3.67 Earnings per share For both the Current Year and 1 Year Aao. compute the followina ratios:

Current Yr 1 Yr Ago 2 Yrs Ago At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net $ 31,600 88,000 112,500 10,650 281,000 $ 36,250 $ 62,000 83,800 9,350 249,500 38,400 49,500 52,500 4,500 235,000 $523,750 $440,900 $ 379,900 Total assets Liabilities and Equity Accounts payable Long-term notes payable secured by mortgages on plant assets Common stock, $10 par value Retained earnings $128,400 $ 74,750 $ 50,800 97,000 160,500 137,850 98,250 160,500 107,400 $440,900 $ 379,900 81,600 160,500 87,000 Total liabilities and equity $523,750 The company's income statements for the Current Year and 1 Year Ago, follow. 1 Yr Ago $ 620,000 Current Yr For Year Ended December 31 Sales Cost of goods sold other operating expenses Interest expense $755,000 $445,450 234,050 11,300 $390,600 148,800 12,700 8,925 9,550 Income tax expense Total costs and expenses. 561,025 700,350 $ 54,650 $58,975 Net income $4 3.40 2$ 3.67 Earnings per share For both the Current Year and 1 Year Aao. compute the followina ratios:

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter6: Receivables And Inventories

Section: Chapter Questions

Problem 6.2MBA: Allowance method Using transactions listed in £6-S. indicate the effects of each transaction on the...

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At December 31 Current Yr 1 Yr Ago 2 Yrs Ago Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net $ 31,600 88,000 112,500 10,650 281,000 $ 36,250 $ 62,000 83,800 9,350 249,500 38,400 49,500 52,500 4,500 235,000 Total assets $523,750 $440,900 $ 379,900 Liabilities and Equity Accounts payable Long-term notes payable secured by mortgages on plant assets Common stock, $10 par value Retained earnings Total liabilities and equity $128,400 $ 74,750 $ 50,800 97,000 160,500 137,850 98,250 160, 500 107,400 81,600 160,500 87,000 $523,750 $440,900 $ 379,900 The company's income statements for the Current Year and 1 Year Ago, follow. For Year Ended December 31 Sales 1 Yr Ago $ 620,000 Current Yr $755,000 Cost of goods sold other operating expenses Interest expense Income tax expense Total costs and expenses $445,450 234,050 11,300 9,550 $390,600 148,800 12,700 8,925 700,350 $ 54,650 561,025 $ 58,975 Net income Earnings per share %$4 3.40 2$ 3.67 For both the…
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