Homework Help is Here – Start Your Trial Now!
Business
Accounting
For Year 2015 and 2016 2016 2015 et Sales ess Cost of Goods Sold Gross Profit ess Operating Expenses Carnings Before Interest and Taxen ess Interest Expense 700,000 (100,000) 600,000 (50,000) 550,000 900,000 (80.000) 820,000 (120,000) 700,000 (50,000) (10,000) let Income lefore Tax 540,000 650,000 ess Income Tax Net Income (162,000) (195,000) 378,000 455,000

For Year 2015 and 2016 2016 2015 et Sales ess Cost of Goods Sold Gross Profit ess Operating Expenses Carnings Before Interest and Taxen ess Interest Expense 700,000 (100,000) 600,000 (50,000) 550,000 900,000 (80.000) 820,000 (120,000) 700,000 (50,000) (10,000) let Income lefore Tax 540,000 650,000 ess Income Tax Net Income (162,000) (195,000) 378,000 455,000

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

Requirement Number 11, 15 and 16

TLC Campany Companatiie Statement of Comprehensitve Income For Year 2015 and 2016 2016 2015 Net Sales 700,000 900,000 Less Cont of Goods Sold (100.000) 600,000 (80.000) 820,000 Gross Profit Less Operuting Expenses Earnings Before Interest and Taxen Less Interest Expense Net Income Before Tax Less Income Tax (50,000) (120,000) 550,000 700,000 (10,000) (50,000) 540,000 (162,000) 378,000 650,000 (195.000) Net Income 455,000 Ansuer on a separate sheet. Pad paper or any paper availabie in your hame. Write your NAME: FARM2/uection DATE Deepen W7:M14-Fin TRation Compute the ration linted below for 2016 and tell if it is good or bad. Show solution. 1. Working Capital 2. Current Ratio 13. Profit Margin Ratio 14. Return on Assets 15. Return on Equity 16. Asset Turnover Ratio 3. Quick/Acid Teat Ratio 4. A/R Turnover Ratio 5. Average Collection Period 6. Iniventory Turmover Ratio 7. Average Days in Inventory 8. Number of Days in OC 9. Debt to Total Assets Ratio 10. Debt to Equity Ratio 11. Times Interest Earned Rutio 12. Gros Profit Ratio
Transcribed Image Text:TLC Campany Companatiie Statement of Comprehensitve Income For Year 2015 and 2016 2016 2015 Net Sales 700,000 900,000 Less Cont of Goods Sold (100.000) 600,000 (80.000) 820,000 Gross Profit Less Operuting Expenses Earnings Before Interest and Taxen Less Interest Expense Net Income Before Tax Less Income Tax (50,000) (120,000) 550,000 700,000 (10,000) (50,000) 540,000 (162,000) 378,000 650,000 (195.000) Net Income 455,000 Ansuer on a separate sheet. Pad paper or any paper availabie in your hame. Write your NAME: FARM2/uection DATE Deepen W7:M14-Fin TRation Compute the ration linted below for 2016 and tell if it is good or bad. Show solution. 1. Working Capital 2. Current Ratio 13. Profit Margin Ratio 14. Return on Assets 15. Return on Equity 16. Asset Turnover Ratio 3. Quick/Acid Teat Ratio 4. A/R Turnover Ratio 5. Average Collection Period 6. Iniventory Turmover Ratio 7. Average Days in Inventory 8. Number of Days in OC 9. Debt to Total Assets Ratio 10. Debt to Equity Ratio 11. Times Interest Earned Rutio 12. Gros Profit Ratio
Comprehensive Problem TLC Company wus eatablishied on January 1, 2015 and is enguged in the manufacture of farm toolu. The company makes une of 365 days in its computation for some of the ratios. You will find below their eumparative SFP & SCI for two years TLC Company Comparative Financial Statement For Year 2015 and 2016 2016 2015 Anseta Cash Accounts Receivahle Trailing Securitien Inventaries 400,000 100,000 20,000 290,000 120,000 40,000 60,000 10,000 80,000 Prepaid Expenes 20,00) Total Current Assets 620,000 520,000 Tatal Non-Current Assets 300,000 200,000 720,000 Total Asseta 920,000 Liabilities 18 Total Current Liabilities Tutal Non-Current Liahities Owner's Equity 50,000 450,000 100,000 350,000 Total Owner's Equity Total Liahilities and Owner's Equity 420,000 300,000 920,000 720,000
Transcribed Image Text:Comprehensive Problem TLC Company wus eatablishied on January 1, 2015 and is enguged in the manufacture of farm toolu. The company makes une of 365 days in its computation for some of the ratios. You will find below their eumparative SFP & SCI for two years TLC Company Comparative Financial Statement For Year 2015 and 2016 2016 2015 Anseta Cash Accounts Receivahle Trailing Securitien Inventaries 400,000 100,000 20,000 290,000 120,000 40,000 60,000 10,000 80,000 Prepaid Expenes 20,00) Total Current Assets 620,000 520,000 Tatal Non-Current Assets 300,000 200,000 720,000 Total Asseta 920,000 Liabilities 18 Total Current Liabilities Tutal Non-Current Liahities Owner's Equity 50,000 450,000 100,000 350,000 Total Owner's Equity Total Liahilities and Owner's Equity 420,000 300,000 920,000 720,000
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Accounting for Leases
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.
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