CONSIDER THE INFORMATION GIVEN BELOW FOR SKYLINE CREATIONS. IF THE NET INCOME IS $4,500 AND OWNER WITHDRAWALS ARE $5,200, HOW MUCH DID THE OWNER CONTRIBUTE (OWNER CAPITAL) DURING THE YEAR? ASSETS LIABILITIES BEGINNING OF YEAR $55,000 $20,000 END OF YEAR 858,000 $24,000 17700 BRIGHT LEAF PUBLISHING HAS: METRIC VALUE SALES $725,000 COST OF GOODS SOLD $512,500 PROFIT MARGIN 6.2% THE BALANCE SHEET SHOWS COMMON STOCK OF $400,000 WITH A PAR VALUE OF $10 PER SHARE, AND RETAINED EARNINGS OF $780,000. REQUIRED: WHAT IS THE PRICE-SALES RATIO IF THE MARKET PRICE PER SHARE IS $56.00? OPTIONS: A. 2.85 B. 5.60 C. 3.09 D. 6.15 E. 7.41

CONSIDER THE INFORMATION GIVEN BELOW FOR SKYLINE CREATIONS. IF THE NET INCOME IS $4,500 AND OWNER WITHDRAWALS ARE $5,200, HOW MUCH DID THE OWNER CONTRIBUTE (OWNER CAPITAL) DURING THE YEAR? ASSETS LIABILITIES BEGINNING OF YEAR $55,000 $20,000 END OF YEAR 858,000 $24,000 17700 BRIGHT LEAF PUBLISHING HAS: METRIC VALUE SALES $725,000 COST OF GOODS SOLD $512,500 PROFIT MARGIN 6.2% THE BALANCE SHEET SHOWS COMMON STOCK OF $400,000 WITH A PAR VALUE OF $10 PER SHARE, AND RETAINED EARNINGS OF $780,000. REQUIRED: WHAT IS THE PRICE-SALES RATIO IF THE MARKET PRICE PER SHARE IS $56.00? OPTIONS: A. 2.85 B. 5.60 C. 3.09 D. 6.15 E. 7.41

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 2MC: The following information is available for Cooke Company for the current year: The gross margin is...

See similar textbooks