Homework Answers
Solution a:
Gross margin percentage for 2019 = 30%
Gross margin for 2019 = $390,000
Sales = Gross margin / Gross margin percentage= $390,000 / 30% = $1,300,000
Cost of goods sold = $1,300,000 - $390,000 = $910,000
Inventory Turnover = 10.4 Times
Cost of goods sold / Ending inventory = 10.4 times
= $910,000 / Ending inventory = 10.4
Ending inventory = $910,000 / 10.4 = $87,500
Current assets = Total assets - Property, Plant and Equipment = $444,000 - $306,000 = $138,000
Current ratio = Current Assets / Current liabilities
= $138,000 / Current liabilties = 1.5
Current liabilities = $92,000
Accounts payable = Current liabilities - Income taxes payable = $92,000 - $40,000 = $52,000
Total liabilities and stockholder's equity = $444,000
Total liabilities / Total stockholder's equity = 60%
Total liabilities / ($444,000 - Total liabilities) = 60%
1.60 Total liabilities = $266,400
Total liabilities = $166,500
Total stockholder's equity = $444,000 - $166,500 = $277,500
Retained earnings = Total stockholder's equity - Common stock = $277,500 - $312,000 = ($34,500)
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