At December 31AssetsCashAccounts receivable, netMerchandise inventoryPrepaid expensesPlant assets, netTotal assetsLiabilities and EquityAccounts payableLong-term notes payableCommon stock, $10 par valueRetained earningsTotal liabilities and equityCost of goods soldOther operating expensesCurrent Year$ 26,05377,05195, 9088, 732242,846$ 450, 590Interest expenseIncome tax expenseTotal costs and expensesNet incomeEarnings per share1 Year AgoCurrent Year$ 31, 38654, 92569, 706$ 66,303$ 113, 31987, 252162, 50087, 51989, 341162,50070, 296$ 450, 590 $ 388, 440$ 357, 318181, 5889,9587,6157,994224, 429388, 440The company's income statements for the current year and one year ago, follow.1 Year AgoFor Year Ended December 31Sales$ 585, 7672 Years Ago556, 479S 29, 288$ 1.80$31, 08543, 15646,4253,596199, 438$ 323, 700$ 42,72870, 822162,50047,650$ 323, 700$ 300, 459116, 94810, 6326,934$ 462,244434,973$ 27,271$ 1.68 Complete this question by entering your answers in the tabs below.Required 3A Required 3BCompute times interest earned for the current year and one year ago.Current Year:1 Year Ago:Numerator:Times Interest Earned1177Denominator:Required 3B>===Times Interest EarnedTimes interest earned0 times0 times

Name: At December 31AssetsCashAccounts receivable, netMerchandise inventory
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Description: At December 31AssetsCashAccounts receivable, netMerchandise inventoryPrepaid expensesPlant assets, netTotal assetsLiabilities and EquityAccounts payableLong-term notes payableCommon stock, $10 par valueRetained earningsTotal liabilities and equityCo

The ratio analysis helps to analyse the financial statements of the business on the basis of various…

Business

Accounting

At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable Long-term notes payable Common stock, $10 par value Retained earnings Total liabilities and equity Current Year $ 26,053 77,051 95,908 8, 732 242,846 $ 450, 590 $ 113, 319 87, 252 162,500 87,519 $ 66,303 89, 341 162,500 70, 296 $ 450, 590 $ 388,440 1 Year Ago 2 Years Ago $ 31, 386 54,925 69, 706 7,994 224, 429 $388,440 Current Year $ 357, 318 181, 588 9,958 7,615 The company's income statements for the current year and one year ago, follow. 1 Year Ago For Year Ended December 31 Sales Cost of goods sold Other operating expenses Interest expense Income tax expense Total costs and expenses Net income Earnings per share $ 585, 767 $ 31,085 43, 156 556, 479 $ 29, 288 $ 1.80 46,425 3,596 199, 438 323, 700 $ 42,728 70,822 162,500 47,650 $ 323, 700 $ 300, 459 116, 948 10, 632 6,934 $ 462,244 434,973 $ 27,271 $ 1.68

At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable Long-term notes payable Common stock, $10 par value Retained earnings Total liabilities and equity Current Year $ 26,053 77,051 95,908 8, 732 242,846 $ 450, 590 $ 113, 319 87, 252 162,500 87,519 $ 66,303 89, 341 162,500 70, 296 $ 450, 590 $ 388,440 1 Year Ago 2 Years Ago $ 31, 386 54,925 69, 706 7,994 224, 429 $388,440 Current Year $ 357, 318 181, 588 9,958 7,615 The company's income statements for the current year and one year ago, follow. 1 Year Ago For Year Ended December 31 Sales Cost of goods sold Other operating expenses Interest expense Income tax expense Total costs and expenses Net income Earnings per share $ 585, 767 $ 31,085 43, 156 556, 479 $ 29, 288 $ 1.80 46,425 3,596 199, 438 323, 700 $ 42,728 70,822 162,500 47,650 $ 323, 700 $ 300, 459 116, 948 10, 632 6,934 $ 462,244 434,973 $ 27,271 $ 1.68

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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