A recent balance sheet of Save-A-Lot Supplies is provided as follows: SAVE-A-LOT SUPPLIES Balance Sheet December 31, current year Assets Cash Accounts receivable $ 16,320 17,280 Office supplies Prepaid rent Equipment Accumulated depreciation: equipment Total assets Liabilities Accounts payable Income taxes payable Total liabilities Stockholders' Equity Capital stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity Other information provided by the company is as follows: $ 28,800 (11,520) Total revenue for the year ended December 31, current year Total expenses for the year ended December 31, current year Total stockholders' equity, January 1, current year Compute the following measures: a. Net income percentage in current year. b. Return on equity in current year. 720 4,080 $ 17,280 $ 55,680 $ 5,280 4,320 $ 9,600 $ 24,000 22,080 $ 46,080 $ 55,680 $ 61,200 45,900 35,520 Note: Round your answer to 1 decimal place (i.e .1234 should be entered as 12.3). c. Working capital on December 31, current year. d. Current ratio on December 31, current year. a. Net income b. Return on equity c. Working capital d. Current ratio % % to

A recent balance sheet of Save-A-Lot Supplies is provided as follows: SAVE-A-LOT SUPPLIES Balance Sheet December 31, current year Assets Cash Accounts receivable $ 16,320 17,280 Office supplies Prepaid rent Equipment Accumulated depreciation: equipment Total assets Liabilities Accounts payable Income taxes payable Total liabilities Stockholders' Equity Capital stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity Other information provided by the company is as follows: $ 28,800 (11,520) Total revenue for the year ended December 31, current year Total expenses for the year ended December 31, current year Total stockholders' equity, January 1, current year Compute the following measures: a. Net income percentage in current year. b. Return on equity in current year. 720 4,080 $ 17,280 $ 55,680 $ 5,280 4,320 $ 9,600 $ 24,000 22,080 $ 46,080 $ 55,680 $ 61,200 45,900 35,520 Note: Round your answer to 1 decimal place (i.e .1234 should be entered as 12.3). c. Working capital on December 31, current year. d. Current ratio on December 31, current year. a. Net income b. Return on equity c. Working capital d. Current ratio % % to

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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