Homework Answers
Answer of Part a:
Current ratio = Current Assets / Current Liabilities
Current Ratio = £203,400 / £133,700
Current Ratio = 1.5:1
Answer of Part b:
Acid Test Ratio = (Current Assets – Inventory) / Current
Liabilities
Acid Test Ratio = (£203,400 - £79,200) / £133,700
Acid Test Ratio = £124,200 / £133,700
Acid Test Ratio = 0.93:1
Answer of Part c:
Average Accounts Receivable = (Beginning Accounts Receivable +
Ending Accounts Receivable) /2
Average Accounts Receivable = (£75,000 + £85,900) / 2
Average Accounts Receivable= £80,450
Accounts Receivable Turnover = Sales / Average Accounts
Receivable
Accounts Receivable Turnover = £499,000 / £80,450
Accounts Receivable Turnover = 6.2 times
Answer of Part d:
Average Inventory = (Beginning Inventory + Ending Inventory)
/2
Average Inventory = (£60,200 + £79,200) /2
Average Inventory = £69,700
Inventory Turnover = Cost of Goods Sold/ Average Inventory
Inventory Turnover = £316,000 / £69,700
Inventory Turnover = 4.5 times
Answer of Part e:
Profit Margin = Net Income / Sales * 100
Profit Margin = £33,400 / £499,000 *100
Profit Margin = 6.7%
Add Answer to:
Question 2 The comparative statements of Shamrock Company Limited are presented below. 2016 £421,000 SHAMROCK COMPANY...
answee all the parts Additional data: The ordinary shares recently sold at £19.50 per share. Compute...
answee all the parts
Additional data:
The ordinary shares recently sold at £19.50 per share.
Compute the following ratios for 2017. (Round acid-test ratio
and earnings per share to 2 decimal places, e.g. 1.65, and all
other answers to 1 decimal place, e.g. 6.8 or 6.8% .)
Question 2 The comparative statements of Shamrock Company Limited are presented below. 2016 £421,000 SHAMROCK COMPANY LIMITED Income Statement For the Years Ended December 31 2017 Net sales (all on account) £499,000 Expenses...
Additional data: The ordinary shares recently sold at £19.50 per share. Compute the following ratios for...
Additional data:
The ordinary shares recently sold at £19.50 per share.
Compute the following ratios for 2017. (Round acid-test ratio
and earnings per share to 2 decimal places, e.g. 1.65, and all
other answers to 1 decimal place, e.g. 6.8 or 6.8% .)
Question 2 The comparative statements of Shamrock Company Limited are presented below. 2016 £421,000 SHAMROCK COMPANY LIMITED Income Statement For the Years Ended December 31 2017 Net sales (all on account) £499,000 Expenses Cost of goods sold...
Question 2 The comparative statements of Skysong Company Limited are presented below. 2016 £419,000 SKYSONG COMPANY...
Question 2 The comparative statements of Skysong Company Limited are presented below. 2016 £419,000 SKYSONG COMPANY LIMITED Income Statement For the Years Ended December 31 2017 Net sales (all on account) £499,000 Expenses Cost of goods sold 315,000 Selling and administrative 119,000 Interest expense 8,800 Income tax expense 20,800 Total expenses 463,600 Net Income £ 35,400 255,000 115,000 5,900 14,800 390,700 E 28,300 2016 £384,000 60,300 75,000 14,300 17,100 166,700 £550,700 SKYSONG COMPANY LIMITED Statements of Financial Position December 31...
Total: 23 Marks Question 4 Suggested time allocation: 414 Minutes The comparative statements of Gong Limited are pre...
Total: 23 Marks Question 4 Suggested time allocation: 414 Minutes The comparative statements of Gong Limited are presented below. Gong Limited Income Statement For the year ended 30 June 2018 $ 600,000 2017 Net sales (all on account) Expenses: Cost of sales 520,000 415,000 123,800 354,000 114,800 6,000 14,000 488,800 31,200 Selling and administrative Interest Expense Income tax expense Total expenses Profit 7,800 18,000 564,600 35,400 Gong Limited Statement of Financial Position As at 30 June Assets 2018 2017 Current...
Problem 18-2A le The comparative statements of Painter Tool Company are presented below. PAINTER TOOL COMPANY...
Problem 18-2A le The comparative statements of Painter Tool Company are presented below. PAINTER TOOL COMPANY Income Statement For the Years Ended December 31 2017 2016 Net sales $1,816,900 $1,754,300 Cost of goods sold 1,012,500 990,000 Gross profit 804,400 764,300 Selling and administrative expenses 478,800 517,400 Income from operations 285,500 287,000 Other expenses and losses Interest expense 13,000 17,500 Income before income taxes 269,500 272,500 81,400 77,800 Income tax expense Net income $188,100 $ 194,700 PAINTER TOOL COMPANY Balance Sheets...
The comparative statements of Sheridan Company are presented here. SHERIDAN COMPANY Income Statements For the Years...
The comparative statements of Sheridan Company are presented here. SHERIDAN COMPANY Income Statements For the Years Ended December 31 2017 2016 Net sales $1,899,640 $1,759,600 Cost of goods sold 1,067,640 1,015,100 Gross profit 832,000 744,500 Selling and administrative expenses 509,100 488,100 Income from operations 322,900 256,400 Other expenses and losses Interest expense 24,100 22,100 Income before income taxes 298,800 234,300 Income tax expense 94,100 75,100 Net income $ 204,700 $ 159,200 SHERIDAN COMPANY Balance Sheets December 31 Assets 2017 2016...
P18-6 The comparative statements of Corbin Company are presented below and on page 828 Compute rowanie...
P18-6 The comparative statements of Corbin Company are presented below and on page 828 Compute rowanie (LD2) 2016 $520.000 CORBIN COMPANY Income Statement For the Years Ended December 31 2017 Net sales(all on account) 5595.000 Expenses Cost of poods sold 415.000 Selling and administrative 120.800 Interest expense 7,800 Income tax expense 15,000 Total expenses 558,600 Net income $ 16,400 14.000 48 900 $ 31 200 CORBIN COMPANY Balance Sheets December 31 2017 Assets 2016 Current assets $ 21.000 15.000 91.000...
P18-6 The comparative statements of Corbin Company are presented below and on page 828 Compute rowanie...
P18-6 The comparative statements of Corbin Company are presented below and on page 828 Compute rowanie (LD2) 2016 $520.000 CORBIN COMPANY Income Statement For the Years Ended December 31 2017 Net sales(all on account) 5595.000 Expenses Cost of poods sold 415.000 Selling and administrative 120.800 Interest expense 7,800 Income tax expense 15,000 Total expenses 558,600 Net income $ 16,400 14.000 48 900 $ 31 200 CORBIN COMPANY Balance Sheets December 31 2017 Assets 2016 Current assets $ 21.000 15.000 91.000...
The financial statements of Sol Company appear below: Sol COMPANY Comparative Statements of Financial Position December...
The financial statements of Sol Company appear below: Sol COMPANY Comparative Statements of Financial Position December 31, 2017 ———————————————————————————————————————— Assets 2017 2016 Property, plant and equipment (net).................................................. $260,000 $300,000 Inventory............................................................................................ 50,000 70,000 Accounts receivable (net).................................................................. 50,000 30,000 Short-term investments..................................................................... 15,000 60,000 Cash................................................................................................... 25,000 40,000 Total assets ................................................................................ $400,000 $500,000 Equity and liabilities Share capital – ordinary.................................................................... $150,000 $150,000 Retained earnings.............................................................................. 110,000 70,000 Bonds payable................................................................................... 80,000 160,000...
The financial statements of Sol Company appear below: Sol COMPANY Comparative Statements of Financial Position December...
The financial statements of Sol Company appear below: Sol COMPANY Comparative Statements of Financial Position December 31, 2017 ———————————————————————————————————————— Assets 2017 2016 Property, plant and equipment (net).................................................. $260,000 $300,000 Inventory............................................................................................ 50,000 70,000 Accounts receivable (net).................................................................. 50,000 30,000 Short-term investments..................................................................... 15,000 60,000 Cash................................................................................................... 25,000 40,000 Total assets ................................................................................ $400,000 $500,000 Equity and liabilities Share capital – ordinary.................................................................... $150,000 $150,000 Retained earnings.............................................................................. 110,000 70,000 Bonds payable................................................................................... 80,000 160,000...
answee all the parts
Additional data:
The ordinary shares recently sold at £19.50 per share.
Compute the following ratios for 2017. (Round acid-test ratio
and earnings per share to 2 decimal places, e.g. 1.65, and all
other answers to 1 decimal place, e.g. 6.8 or 6.8% .)
Question 2 The comparative statements of Shamrock Company Limited are presented below. 2016 £421,000 SHAMROCK COMPANY LIMITED Income Statement For the Years Ended December 31 2017 Net sales (all on account) £499,000 Expenses...
Additional data:
The ordinary shares recently sold at £19.50 per share.
Compute the following ratios for 2017. (Round acid-test ratio
and earnings per share to 2 decimal places, e.g. 1.65, and all
other answers to 1 decimal place, e.g. 6.8 or 6.8% .)
Question 2 The comparative statements of Shamrock Company Limited are presented below. 2016 £421,000 SHAMROCK COMPANY LIMITED Income Statement For the Years Ended December 31 2017 Net sales (all on account) £499,000 Expenses Cost of goods sold...
Question 2 The comparative statements of Skysong Company Limited are presented below. 2016 £419,000 SKYSONG COMPANY LIMITED Income Statement For the Years Ended December 31 2017 Net sales (all on account) £499,000 Expenses Cost of goods sold 315,000 Selling and administrative 119,000 Interest expense 8,800 Income tax expense 20,800 Total expenses 463,600 Net Income £ 35,400 255,000 115,000 5,900 14,800 390,700 E 28,300 2016 £384,000 60,300 75,000 14,300 17,100 166,700 £550,700 SKYSONG COMPANY LIMITED Statements of Financial Position December 31...
Total: 23 Marks Question 4 Suggested time allocation: 414 Minutes The comparative statements of Gong Limited are presented below. Gong Limited Income Statement For the year ended 30 June 2018 $ 600,000 2017 Net sales (all on account) Expenses: Cost of sales 520,000 415,000 123,800 354,000 114,800 6,000 14,000 488,800 31,200 Selling and administrative Interest Expense Income tax expense Total expenses Profit 7,800 18,000 564,600 35,400 Gong Limited Statement of Financial Position As at 30 June Assets 2018 2017 Current...
Problem 18-2A le The comparative statements of Painter Tool Company are presented below. PAINTER TOOL COMPANY Income Statement For the Years Ended December 31 2017 2016 Net sales $1,816,900 $1,754,300 Cost of goods sold 1,012,500 990,000 Gross profit 804,400 764,300 Selling and administrative expenses 478,800 517,400 Income from operations 285,500 287,000 Other expenses and losses Interest expense 13,000 17,500 Income before income taxes 269,500 272,500 81,400 77,800 Income tax expense Net income $188,100 $ 194,700 PAINTER TOOL COMPANY Balance Sheets...
P18-6 The comparative statements of Corbin Company are presented below and on page 828 Compute rowanie (LD2) 2016 $520.000 CORBIN COMPANY Income Statement For the Years Ended December 31 2017 Net sales(all on account) 5595.000 Expenses Cost of poods sold 415.000 Selling and administrative 120.800 Interest expense 7,800 Income tax expense 15,000 Total expenses 558,600 Net income $ 16,400 14.000 48 900 $ 31 200 CORBIN COMPANY Balance Sheets December 31 2017 Assets 2016 Current assets $ 21.000 15.000 91.000...
P18-6 The comparative statements of Corbin Company are presented below and on page 828 Compute rowanie (LD2) 2016 $520.000 CORBIN COMPANY Income Statement For the Years Ended December 31 2017 Net sales(all on account) 5595.000 Expenses Cost of poods sold 415.000 Selling and administrative 120.800 Interest expense 7,800 Income tax expense 15,000 Total expenses 558,600 Net income $ 16,400 14.000 48 900 $ 31 200 CORBIN COMPANY Balance Sheets December 31 2017 Assets 2016 Current assets $ 21.000 15.000 91.000...
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