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Cullumber Medical Comparative Income Statement and Statement of Retained Earnings For the Year Sales revenue (all on account) Cost of goods sold Gross profit Operating expenses Net operating income Interest expense Net income before taxes Income taxes (30%) Net income Dividends paid Preferred dividends Common dividends Total dividends paid Net income retained Retained earnings, beginning of year Retained earnings, end of year a. Debt ratio b. Debt-to-equity ratio 2020 2019 $10,177,300 $9,613,950 5,612,300 5,298,700 4,565,000 4,315,250 2,840,250 2,634,200 1,724,750 1,681,050 308,650 1,372,400 411,720 $960,680 c. Times interest earned ratio 300,300 1,424,450 427,335 $997,115 29,550 433,450 463,000 534,115 3,660,380 $4,194,495 29,500 413,100 Calculate the following leverage ratios for 2020. (Round all answers to 2 decimal places, e.g. 2.55% or 2.55.) 442,600 518,080 3,142,300 $3,660,380 % times

Cullumber Medical Comparative Income Statement and Statement of Retained Earnings For the Year Sales revenue (all on account) Cost of goods sold Gross profit Operating expenses Net operating income Interest expense Net income before taxes Income taxes (30%) Net income Dividends paid Preferred dividends Common dividends Total dividends paid Net income retained Retained earnings, beginning of year Retained earnings, end of year a. Debt ratio b. Debt-to-equity ratio 2020 2019 $10,177,300 $9,613,950 5,612,300 5,298,700 4,565,000 4,315,250 2,840,250 2,634,200 1,724,750 1,681,050 308,650 1,372,400 411,720 $960,680 c. Times interest earned ratio 300,300 1,424,450 427,335 $997,115 29,550 433,450 463,000 534,115 3,660,380 $4,194,495 29,500 413,100 Calculate the following leverage ratios for 2020. (Round all answers to 2 decimal places, e.g. 2.55% or 2.55.) 442,600 518,080 3,142,300 $3,660,380 % times

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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Cullumber Medical Comparative Income Statement and Statement of Retained Earnings For the Year Sales revenue (all on account) Cost of goods sold Gross profit Operating expenses Net operating income Interest expense Net income before taxes Income taxes (30%) Net income Dividends paid Preferred dividends Common dividends Total dividends paid Net income retained Retained earnings, beginning of year Retained earnings, end of year a. Debt ratio b. Debt-to-equity ratio C. 2020 $10,177,300 5,612,300 2019 $9,613,950 5,298,700 4,315,250 2,634,200 1,724,750 1,681,050 308,650 Times interest earned ratio 4,565,000 2,840,250 300,300 1,424,450 427,335 $997,115 29,550 433,450 463,000 534,115 3,660,380 $4,194,495 1,372,400 411,720 $960,680 Calculate the following leverage ratios for 2020. (Round all answers to 2 decimal places, e.g. 2.55% or 2.55.) 29,500 413,100 442,600 518,080 3,142,300 $3,660,380 % times
Transcribed Image Text:Cullumber Medical Comparative Income Statement and Statement of Retained Earnings For the Year Sales revenue (all on account) Cost of goods sold Gross profit Operating expenses Net operating income Interest expense Net income before taxes Income taxes (30%) Net income Dividends paid Preferred dividends Common dividends Total dividends paid Net income retained Retained earnings, beginning of year Retained earnings, end of year a. Debt ratio b. Debt-to-equity ratio C. 2020 $10,177,300 5,612,300 2019 $9,613,950 5,298,700 4,315,250 2,634,200 1,724,750 1,681,050 308,650 Times interest earned ratio 4,565,000 2,840,250 300,300 1,424,450 427,335 $997,115 29,550 433,450 463,000 534,115 3,660,380 $4,194,495 1,372,400 411,720 $960,680 Calculate the following leverage ratios for 2020. (Round all answers to 2 decimal places, e.g. 2.55% or 2.55.) 29,500 413,100 442,600 518,080 3,142,300 $3,660,380 % times
Cullumber Medical manufactures hospital beds and other institutional furniture. The company's comparative balance sheet and income statement for 2019 and 2020 follow. Assets Current assets Cash Cullumber Medical Comparative Balance Sheet As of December 31 Accounts receivable, net Inventory Other current assets Total current assets Property, plant, & equipment, net Total assets 2020 $397,000 1,089,000 733,000 Liabilities and Stockholders' Equity Current liabilities Long-term debt Total liabilities Preferred stock, $5 par value Common stock, $0.25 par value 104,650 Retained earnings 4,194,495 Total stockholders' equity 4,358,045 Total liabilities and stockholders' equity $11,216,645 $3,156,000 3,702,600 6,858,600 2019 381,400 2,600,400 8,616,245 $11,216,645 $10,561,830 58,900 $417,450 776,400 681,050 247,100 2,122,000 8,439,830 $2,846,050 3,892,600 6,738,650 58,950 103,850 3,660,380 3,823,180 $10,561,830
Transcribed Image Text:Cullumber Medical manufactures hospital beds and other institutional furniture. The company's comparative balance sheet and income statement for 2019 and 2020 follow. Assets Current assets Cash Cullumber Medical Comparative Balance Sheet As of December 31 Accounts receivable, net Inventory Other current assets Total current assets Property, plant, & equipment, net Total assets 2020 $397,000 1,089,000 733,000 Liabilities and Stockholders' Equity Current liabilities Long-term debt Total liabilities Preferred stock, $5 par value Common stock, $0.25 par value 104,650 Retained earnings 4,194,495 Total stockholders' equity 4,358,045 Total liabilities and stockholders' equity $11,216,645 $3,156,000 3,702,600 6,858,600 2019 381,400 2,600,400 8,616,245 $11,216,645 $10,561,830 58,900 $417,450 776,400 681,050 247,100 2,122,000 8,439,830 $2,846,050 3,892,600 6,738,650 58,950 103,850 3,660,380 3,823,180 $10,561,830
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