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Based on the above financial statements, calculate the following ratios for 2021: Sales cost of goods sold salaries expense depreciation expense interest expense rent expense income statement Igain on equipment 243,200 55,200 24,000 4,500 36,000 480,000

Based on the above financial statements, calculate the following ratios for 2021: Sales cost of goods sold salaries expense depreciation expense interest expense rent expense income statement Igain on equipment 243,200 55,200 24,000 4,500 36,000 480,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Based on the above financial statements, calculate the following ratios for 2021: Sales cost of goods sold salaries expense depreciation expense interest expense rent expense gain on equipment loss on equipment disposal net income Statement of Retained Earnings income statement Beginning Balance - Retained Earnings Plus-Net Income Less-Dividends Ending Balance - Retained Earnings Assets: Cash Accounts Receivable Inventory prepaid expenses Equipment Accum. Depr-Equipment total assets Liabilities: Accounts Payable accrued Liabilities Bonds Payable total liabilities shareholders Equity. Common Stock Retained Eamings total equity total liabilities and shareholder equity A. Current Ratio B. Gross Profit Percentage C. Debt Ratio D. Debt to Equity Ratio 243,200 55,200 24,000 4,500 36,000 0 1,400 Balance sheets 2020 27,500 32,600 48,000 7,200 56,000 (26,500) 144,800 12,700 3,800 72,000 88,500 20,000 36,300 56,300 144,800 $ $ 480,000 364,300 115,700 36,300 115,700 (18,000) 134,000 2021 change 72,600 47,600 54,800 5,200 77,000 (32.500) 224,700 25,700 70,700 20,000 134,000 154,000 45,100 5,000 40.000 (32,000) 224,700 15,000 6,800 (2,000) 21,000 (6,000) 13,000 1,200 0 97,700
Transcribed Image Text:Based on the above financial statements, calculate the following ratios for 2021: Sales cost of goods sold salaries expense depreciation expense interest expense rent expense gain on equipment loss on equipment disposal net income Statement of Retained Earnings income statement Beginning Balance - Retained Earnings Plus-Net Income Less-Dividends Ending Balance - Retained Earnings Assets: Cash Accounts Receivable Inventory prepaid expenses Equipment Accum. Depr-Equipment total assets Liabilities: Accounts Payable accrued Liabilities Bonds Payable total liabilities shareholders Equity. Common Stock Retained Eamings total equity total liabilities and shareholder equity A. Current Ratio B. Gross Profit Percentage C. Debt Ratio D. Debt to Equity Ratio 243,200 55,200 24,000 4,500 36,000 0 1,400 Balance sheets 2020 27,500 32,600 48,000 7,200 56,000 (26,500) 144,800 12,700 3,800 72,000 88,500 20,000 36,300 56,300 144,800 $ $ 480,000 364,300 115,700 36,300 115,700 (18,000) 134,000 2021 change 72,600 47,600 54,800 5,200 77,000 (32.500) 224,700 25,700 70,700 20,000 134,000 154,000 45,100 5,000 40.000 (32,000) 224,700 15,000 6,800 (2,000) 21,000 (6,000) 13,000 1,200 0 97,700
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