General Accounting Assets = 500. Total liabilities = 300.PIC = 100. Beginning balance forretained earning was 50. Dividendspaid during the period was 20.What is net income?

Step 1: Define Net IncomeThe net income is the excess of revenues over expenses during the period.…

Answered: Assets = 500. Total liabilities = 300.…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter12: Fainancial Statement Analysis

Section: Chapter Questions

Problem 11MCQ

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a. Compute the current ratio for the current year. (Abbreviations used: STI = Short-term investments. Round your answer to two decimal places, X.XX.) Current ratio More Info a. Current ratio b. Cash ratio c. Acid-test ratio d. Inventory turnover e. Days' sales in inventory f. Days' sales in receivables g. Gross profit percentage Print Done Choose from any list or enter any number in the input fields a Financial Statements Balance Sheet: Cash Short-term Investments Net Accounts Receivables Merchandise Inventory Prepaid Expenses Total Current Assets Total Current Liabilities Income Statement: Net Credit Sales Cost of Goods Sold $ Current Year Preceding Year 15,000 $ 11,000 56,000 64,000 13,000 159,000 132,000 465,000 317,000 29,000 27,000 94,000 82,000 7,000 239,000 89,000

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Assets = 500. Total liabilities = 300. PIC = 100. Beginning balance for retained earning was 50. Dividends paid during the period was 20. What is net income?