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Excellent Corporation Income Statement for the year Dec. 31 ended 2018 Jan. 1 Cash $ 34,000 Accounts receivable 94,000 $ 34,000 $524,000 Sales Inventory Equipment (net) (328,000) $ 196,000 (118,700) $ 77,300 78,000 Cost of goods sold 68,000 74,000 Gross profit on sales 114.000 132,000 $310,000.00 $318,000.00 Operating expenses Operating income Total Assets Accounts payable Interest expense and income taxes (28,750) 54,000 60,000 Dividends payable 20,000 $48,550 12,000 Net income Long-term note payable Capital stock, $10 par (14,000 shs) Retained earnings 32,000 32,000 140,000 140,000 64,000 74,000 Total Liabilities+ $310,000 $318,000 Equity ow calculations below

Excellent Corporation Income Statement for the year Dec. 31 ended 2018 Jan. 1 Cash $ 34,000 Accounts receivable 94,000 $ 34,000 $524,000 Sales Inventory Equipment (net) (328,000) $ 196,000 (118,700) $ 77,300 78,000 Cost of goods sold 68,000 74,000 Gross profit on sales 114.000 132,000 $310,000.00 $318,000.00 Operating expenses Operating income Total Assets Accounts payable Interest expense and income taxes (28,750) 54,000 60,000 Dividends payable 20,000 $48,550 12,000 Net income Long-term note payable Capital stock, $10 par (14,000 shs) Retained earnings 32,000 32,000 140,000 140,000 64,000 74,000 Total Liabilities+ $310,000 $318,000 Equity ow calculations below

FINANCIAL ACCOUNTING
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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Given below are the comparative balance sheets and an income statement for the excellent corporation. calculate the current ratio at year end and the quick ratio at the beginning of the year
Excellent Corporation Income Statement for the year ended 2018 Dec. 31 Jan. 1 Cash $ 34,000 Accounts receivable 94,000 $ 34,000 $524,000 Sales Inventory Equipment (net) (328,000) $ 196,000 78,000 Cost of goods sold 68,000 Gross profit on sales Operating expenses Operating income 74,000 (118,700) $77,300 114,000 132,000 Total Assets $310,000.00 $318,000.00 Accounts payable (28,750) Interest expense 54,000 60,000 and income taxes Dividends payable 20,000 $48,550 12,000 Net income Long-term note payable 32,000 32,000 Capital stock, $10 par (14,000 shs) Retained earnings 140,000 140,000 64,000 74,000 Total Liabilities+ $310,000 $318,000 Equity (Show calculations below or on back
Transcribed Image Text:Excellent Corporation Income Statement for the year ended 2018 Dec. 31 Jan. 1 Cash $ 34,000 Accounts receivable 94,000 $ 34,000 $524,000 Sales Inventory Equipment (net) (328,000) $ 196,000 78,000 Cost of goods sold 68,000 Gross profit on sales Operating expenses Operating income 74,000 (118,700) $77,300 114,000 132,000 Total Assets $310,000.00 $318,000.00 Accounts payable (28,750) Interest expense 54,000 60,000 and income taxes Dividends payable 20,000 $48,550 12,000 Net income Long-term note payable 32,000 32,000 Capital stock, $10 par (14,000 shs) Retained earnings 140,000 140,000 64,000 74,000 Total Liabilities+ $310,000 $318,000 Equity (Show calculations below or on back
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