Homework Help is Here – Start Your Trial Now!
Business
Accounting
Find the following financial ratios for Earl Grey Golf Corp. (use year-end figures rather than average values where appropriate): (Round the final answers to 2 decimal places.) Short-term solvency ratios: a. Current ratio b. Quick ratio c. Cash ratio 2017 times times times 2018 LENSCHA times times times

Find the following financial ratios for Earl Grey Golf Corp. (use year-end figures rather than average values where appropriate): (Round the final answers to 2 decimal places.) Short-term solvency ratios: a. Current ratio b. Quick ratio c. Cash ratio 2017 times times times 2018 LENSCHA times times times

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

Can you please help me

3 And the following financial ratlos for Earl Grey Golf Corp. (use year-end figures rather than average values where appropriate): (Round the final answers to 2 decimal places.) Short-term solvency ratios: a. Current ratio b. Quick ratio c. Cash ratio Asset utilization ratios: d. Total asset turnover e. Inventory turnover f. Receivables turnover Long-term solvency ratios: g. Total debt ratio h. Debt-equity ratio 1. Equity multiplier j. Times interest earned k. Cash coverage ratio Profitability ratios: 1. Profit margin m. Return on assets n. Return on equity 2017 times times times Lines 31 2017 e times times times times times 2018 2018 times times times
Transcribed Image Text:3 And the following financial ratlos for Earl Grey Golf Corp. (use year-end figures rather than average values where appropriate): (Round the final answers to 2 decimal places.) Short-term solvency ratios: a. Current ratio b. Quick ratio c. Cash ratio Asset utilization ratios: d. Total asset turnover e. Inventory turnover f. Receivables turnover Long-term solvency ratios: g. Total debt ratio h. Debt-equity ratio 1. Equity multiplier j. Times interest earned k. Cash coverage ratio Profitability ratios: 1. Profit margin m. Return on assets n. Return on equity 2017 times times times Lines 31 2017 e times times times times times 2018 2018 times times times
Some recent financial statements for Earl Grey Golf Corp. follow. Current assets Accounts receivable Inventory Fixed assets Net plant and equipment Total assets Assets Cost of goods sold Depreciation Earnings before interest and tax Taxable income Taxes (35%) Net income 2017 Additions to retained earnings 25,392 $ 61,886 $ 24,046 $ 24,255 15,235 27,155 $324,695 EARL GREY GOLF CORP. 2017 and 2018 Statement of Financial Position $386,581 EARL GREY GOLF CORP. 2018 Statement of Comprehensive Income 2018 $365,734 $20,000 23,788 Current liabilities Accounts payable Notes payable Other Long-term debt Owner's equity Common stock and paid-in surplus $366.996 253,122 32,220 Total $ 81,654 14,300 Total liabilitles and owners' equity $ 67.354 23,574 $ 43,780 Liabilities and Owners' Equity Retained earnings Total 2017 $ 23,184 12,000 11,571 $46,755 $ 80,000 $ 40,000 219,826 $259,826 $386,581 2018 $ 27,420 10,800 15,553 $ 53,773 $ 95,000 $ 40,000 243,606 $283,606 $432,379
Transcribed Image Text:Some recent financial statements for Earl Grey Golf Corp. follow. Current assets Accounts receivable Inventory Fixed assets Net plant and equipment Total assets Assets Cost of goods sold Depreciation Earnings before interest and tax Taxable income Taxes (35%) Net income 2017 Additions to retained earnings 25,392 $ 61,886 $ 24,046 $ 24,255 15,235 27,155 $324,695 EARL GREY GOLF CORP. 2017 and 2018 Statement of Financial Position $386,581 EARL GREY GOLF CORP. 2018 Statement of Comprehensive Income 2018 $365,734 $20,000 23,788 Current liabilities Accounts payable Notes payable Other Long-term debt Owner's equity Common stock and paid-in surplus $366.996 253,122 32,220 Total $ 81,654 14,300 Total liabilitles and owners' equity $ 67.354 23,574 $ 43,780 Liabilities and Owners' Equity Retained earnings Total 2017 $ 23,184 12,000 11,571 $46,755 $ 80,000 $ 40,000 219,826 $259,826 $386,581 2018 $ 27,420 10,800 15,553 $ 53,773 $ 95,000 $ 40,000 243,606 $283,606 $432,379
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
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