Homework Help is Here – Start Your Trial Now!
Business
Accounting
d. Times interest earned. (Round your answers to 2 decimal places.) e. Working capital. f. Current ratio. (Round your answers to 2 decimal places.)

d. Times interest earned. (Round your answers to 2 decimal places.) e. Working capital. f. Current ratio. (Round your answers to 2 decimal places.)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
100%
Hello, I was told to resubmit this question for the rest of the answers. I have A, B, and C. I need D, E, F, G, H, I, J, & K. Thank you so much!
Required Calculate the following ratios for Year 1. Since opening balance numbers are not presented do not use averages wh ratios for Year 1. Instead, use the number presented on the Year 1 balance sheet. a. Net margin. (Round your answers to 2 decimal places.) b. Return on investment. (Round your answers to 2 decimal places.) c. Return on equity. (Round your answers to 2 decimal places.) d. Times interest earned. (Round your answers to 2 decimal places.) e. Working capital. f. Current ratio. (Round your answers to 2 decimal places.) g. Quick (acid-test) ratio. (Round your answers to 2 decimal places.) h. Accounts receivable turnover. (Round your answers to 2 decimal places.) i. Inventory turnover. (Round your answers to 2 decimal places.) j. Debt-to-equity ratio. (Round your answers to 2 decimal places.) k. Debt-to-assets ratio. (Round your answers to the nearest whole percent.) Year 1 Net margin 17.83 % a. b. Return on investment 13.08 % Return on equity 25.30 % C. d. Times interest earned times e. Working capital f. Current ratio g. Quick (acid-test) ratio times h. Accounts receivable turnover times i. Inventory turnover j. Debt-to-equity ratio k. Debt-to-assets ratio
Transcribed Image Text:Required Calculate the following ratios for Year 1. Since opening balance numbers are not presented do not use averages wh ratios for Year 1. Instead, use the number presented on the Year 1 balance sheet. a. Net margin. (Round your answers to 2 decimal places.) b. Return on investment. (Round your answers to 2 decimal places.) c. Return on equity. (Round your answers to 2 decimal places.) d. Times interest earned. (Round your answers to 2 decimal places.) e. Working capital. f. Current ratio. (Round your answers to 2 decimal places.) g. Quick (acid-test) ratio. (Round your answers to 2 decimal places.) h. Accounts receivable turnover. (Round your answers to 2 decimal places.) i. Inventory turnover. (Round your answers to 2 decimal places.) j. Debt-to-equity ratio. (Round your answers to 2 decimal places.) k. Debt-to-assets ratio. (Round your answers to the nearest whole percent.) Year 1 Net margin 17.83 % a. b. Return on investment 13.08 % Return on equity 25.30 % C. d. Times interest earned times e. Working capital f. Current ratio g. Quick (acid-test) ratio times h. Accounts receivable turnover times i. Inventory turnover j. Debt-to-equity ratio k. Debt-to-assets ratio
The following financial statements apply to Cowboy Ice Cream Company: Year 2 Year 1 Revenues $ 220,600 $ 181,200 Expenses Cost of goods sold Selling expenses General and administrative expenses 125,300 20,900 10,000 2,400 20,500 102,800 18,900 9,000 2,400 Interest expense Income tax expense 16,600 Total expenses 179,100 149,700 Net income $ 41,500 31,500 Assets Current assets 5,100 1,000 35,100 100,500 4,100 145,800 105,200 20,600 $ 271,600 6,900 1,000 30,300 94,200 3,100 135,500 105,200 Cash Marketable securities Accounts receivable Inventories Prepaid expenses Total current assets Plant and equipment (net) Intangibles $ 240,700 Total assets Liabilities and Stockholders' Equity Liabilities Current liabilities 39,200 16,500 55,700 65,400 34,600 15,200 49,800 66,400 Accounts payable Other Total current liabilities Bonds payable 121,100 116,200 Total liabilitics Stockholders' equity Common stock (43,000 shares) Retained earnings Total stockholders' equity 113,800 36,700 150,500 113,800 10,700 124,500 $ 271,600 $ 240,700 Total liabilities and stockholders' equity
Transcribed Image Text:The following financial statements apply to Cowboy Ice Cream Company: Year 2 Year 1 Revenues $ 220,600 $ 181,200 Expenses Cost of goods sold Selling expenses General and administrative expenses 125,300 20,900 10,000 2,400 20,500 102,800 18,900 9,000 2,400 Interest expense Income tax expense 16,600 Total expenses 179,100 149,700 Net income $ 41,500 31,500 Assets Current assets 5,100 1,000 35,100 100,500 4,100 145,800 105,200 20,600 $ 271,600 6,900 1,000 30,300 94,200 3,100 135,500 105,200 Cash Marketable securities Accounts receivable Inventories Prepaid expenses Total current assets Plant and equipment (net) Intangibles $ 240,700 Total assets Liabilities and Stockholders' Equity Liabilities Current liabilities 39,200 16,500 55,700 65,400 34,600 15,200 49,800 66,400 Accounts payable Other Total current liabilities Bonds payable 121,100 116,200 Total liabilitics Stockholders' equity Common stock (43,000 shares) Retained earnings Total stockholders' equity 113,800 36,700 150,500 113,800 10,700 124,500 $ 271,600 $ 240,700 Total liabilities and stockholders' equity
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 4 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Personal Financial Statements
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS