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adux Candy Company's income statement for the year ended Dece come tax expense of $26 million. Current assets listed in its baland roperty, plant, and equipment is the company's only noncurrent ass urnover ratios with balance sheet items in the denominator were cal Debt to equity ratio Current ratio Acid-test ratio Times interest earned ratio Return on assets Return on equity Profit margin on sales. Gross profit margin 0.6 2.0 1.0 15 times 15% 24% 5%

adux Candy Company's income statement for the year ended Dece come tax expense of $26 million. Current assets listed in its baland roperty, plant, and equipment is the company's only noncurrent ass urnover ratios with balance sheet items in the denominator were cal Debt to equity ratio Current ratio Acid-test ratio Times interest earned ratio Return on assets Return on equity Profit margin on sales. Gross profit margin 0.6 2.0 1.0 15 times 15% 24% 5%

FINANCIAL ACCOUNTING
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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Cadux Candy Company's income statement for the year ended December 31, 2021, reported interest expense of $4 million and income tax expense of $26 million. Current assets listed in its balance sheet include cash, accounts receivable, and inventory. Property, plant, and equipment is the company's only noncurrent asset. Financial ratios for 2021 are listed below. Profitability and turnover ratios with balance sheet items in the denominator were calculated using year-end balances rather than averages. Debt to equity ratio Current ratio Acid-test ratio Times interest earned ratio Return on assets Return on equity Profit margin on sales Gross profit margin (gross profit divided by net sales) Inventory turnover Receivables turnover Assets Current assets: Cash CADUX CANDY COMPANY Balance Sheet At December 31, 2021 (All values are in millions) Accounts receivable (net) Inventories Total current assets Property, plant, and equipment (net) Required: Prepare a December 31, 2021, balance sheet for the Cadux Candy Company. (Enter your answers in millions. Round your intermediate calculations and final answer to the nearest whole million.) Total assets Liabilities and Shareholders' Equity Current liabilities Long-term liabilities Shareholders' equity Total liabilities and shareholders' equity $ 0.6 2.0 $ 1.0 15 times. 15% 24% 5% 25% 15 times 22 times 0 0 0
Transcribed Image Text:Cadux Candy Company's income statement for the year ended December 31, 2021, reported interest expense of $4 million and income tax expense of $26 million. Current assets listed in its balance sheet include cash, accounts receivable, and inventory. Property, plant, and equipment is the company's only noncurrent asset. Financial ratios for 2021 are listed below. Profitability and turnover ratios with balance sheet items in the denominator were calculated using year-end balances rather than averages. Debt to equity ratio Current ratio Acid-test ratio Times interest earned ratio Return on assets Return on equity Profit margin on sales Gross profit margin (gross profit divided by net sales) Inventory turnover Receivables turnover Assets Current assets: Cash CADUX CANDY COMPANY Balance Sheet At December 31, 2021 (All values are in millions) Accounts receivable (net) Inventories Total current assets Property, plant, and equipment (net) Required: Prepare a December 31, 2021, balance sheet for the Cadux Candy Company. (Enter your answers in millions. Round your intermediate calculations and final answer to the nearest whole million.) Total assets Liabilities and Shareholders' Equity Current liabilities Long-term liabilities Shareholders' equity Total liabilities and shareholders' equity $ 0.6 2.0 $ 1.0 15 times. 15% 24% 5% 25% 15 times 22 times 0 0 0
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