Harrington Housewares Company Income Statement For the Year Ended June 30, 20xx Revenues Net sales Interest income Total revenues $1,197,132 5,720 $1,202,852 Costs and expenses Cost of goods sold Selling expenses. General and administrative expenses Interest expense Total costs and expenses $777,080 203,740 100,688 13,560 1,095,068 $ 107,784 Net income nome statement and tell what insights canibe obtaired from the multistep form opposed torthe single-step form. as he following accounts: and balances are from the general ledger of SwaneCompany Aiccounts Payable Aiccounts Receivable Cash Current Portion: of Long-Term: Debt Eong-Term nvestments Marketable Securities Merchandise Inventory Notes Payable, 90: days Notes Payable,2 years Notes Receivable 90 days. Notes Rieceivable; 2 years Prepaid Insurance Property Plant, and Equipment. C Swan, Capital Salaries. Payable Supplies Property Taxes Payable Unearned Revenue E8. 1RLT1 S 49800 30%600 4500 30,000%! 31200 374800號 76200 45,000 60,000 78000 30;000 T,200 F80,000 84,900 2,550 ,050 3,750 2,250 .Compute the (1)working capital and (2) current ratio The following end-of-year amounts are from the financial statements of Laliberte Company: Total assets, $852,000; Total liabilities, $344,000; Owner's equity, $508,000; Net sales, $1,564,000; Cost of goods sold, $972,000, Operating expenses, $404,000;.and Withdrawals, $80;000. During the past year, total assets increased by $150 000. Total oWner's equity was affected: only by net income and withdrawals. Compute:(1) profit margin(2) asset turnover,(3). return on assets, (4)-debt to equity ratio, and. (5) return on equity E 9 atios A. simplified balance sheet and income statement for a sole proprietorship appear at the top of the next page. Total assets. andowner's equity at the beginning of 20xx were $360,000 and $280,000, respectively 1. Compute the following liquidity measures: (a): working capital and (b) current ratio. 2. Compute the following profitability measures: (a profit margin, (b) asset turnover, f). return on assets, (d) debt to equity ratio, and (e return on equity.. E 10 of Ratios AHawesee Sef Umattepte Aecovnt 6oo Vn collectible Account Allowance Sor

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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Harrington Housewares Company
Income Statement
For the Year Ended June 30, 20xx
Revenues
Net sales
Interest income
Total revenues
$1,197,132
5,720
$1,202,852
Costs and expenses
Cost of goods sold
Selling expenses.
General and administrative expenses
Interest expense
Total costs and expenses
$777,080
203,740
100,688
13,560
1,095,068
$ 107,784
Net income
nome statement and tell what insights canibe obtaired from the multistep form
opposed torthe single-step form.
as
he following accounts: and balances are from the general ledger of SwaneCompany
Aiccounts Payable
Aiccounts Receivable
Cash
Current Portion: of Long-Term: Debt
Eong-Term nvestments
Marketable Securities
Merchandise Inventory
Notes Payable, 90: days
Notes Payable,2 years
Notes Receivable 90 days.
Notes Rieceivable; 2 years
Prepaid Insurance
Property Plant, and Equipment.
C Swan, Capital
Salaries. Payable
Supplies
Property Taxes Payable
Unearned Revenue
E8.
1RLT1
S
49800
30%600
4500
30,000%!
31200
374800號
76200
45,000
60,000
78000
30;000
T,200
F80,000
84,900
2,550
,050
3,750
2,250
.Compute the (1)working capital and (2) current ratio
The following end-of-year amounts are from the financial statements of Laliberte
Company: Total assets, $852,000; Total liabilities, $344,000; Owner's equity, $508,000;
Net sales, $1,564,000; Cost of goods sold, $972,000, Operating expenses, $404,000;.and
Withdrawals, $80;000. During the past year, total assets increased by $150 000. Total
oWner's equity was affected: only by net income and withdrawals.
Compute:(1) profit margin(2) asset turnover,(3). return on assets, (4)-debt to equity
ratio, and. (5) return on equity
E 9
atios
A. simplified balance sheet and income statement for a sole proprietorship appear at the
top of the next page. Total assets. andowner's equity at the beginning of 20xx were
$360,000 and $280,000, respectively
1. Compute the following liquidity measures: (a): working capital and (b) current ratio.
2. Compute the following profitability measures: (a profit margin, (b) asset turnover,
f). return on assets, (d) debt to equity ratio, and (e return on equity..
E 10
of Ratios
AHawesee Sef Umattepte Aecovnt
6oo
Vn collectible Account
Allowance Sor
Transcribed Image Text:Harrington Housewares Company Income Statement For the Year Ended June 30, 20xx Revenues Net sales Interest income Total revenues $1,197,132 5,720 $1,202,852 Costs and expenses Cost of goods sold Selling expenses. General and administrative expenses Interest expense Total costs and expenses $777,080 203,740 100,688 13,560 1,095,068 $ 107,784 Net income nome statement and tell what insights canibe obtaired from the multistep form opposed torthe single-step form. as he following accounts: and balances are from the general ledger of SwaneCompany Aiccounts Payable Aiccounts Receivable Cash Current Portion: of Long-Term: Debt Eong-Term nvestments Marketable Securities Merchandise Inventory Notes Payable, 90: days Notes Payable,2 years Notes Receivable 90 days. Notes Rieceivable; 2 years Prepaid Insurance Property Plant, and Equipment. C Swan, Capital Salaries. Payable Supplies Property Taxes Payable Unearned Revenue E8. 1RLT1 S 49800 30%600 4500 30,000%! 31200 374800號 76200 45,000 60,000 78000 30;000 T,200 F80,000 84,900 2,550 ,050 3,750 2,250 .Compute the (1)working capital and (2) current ratio The following end-of-year amounts are from the financial statements of Laliberte Company: Total assets, $852,000; Total liabilities, $344,000; Owner's equity, $508,000; Net sales, $1,564,000; Cost of goods sold, $972,000, Operating expenses, $404,000;.and Withdrawals, $80;000. During the past year, total assets increased by $150 000. Total oWner's equity was affected: only by net income and withdrawals. Compute:(1) profit margin(2) asset turnover,(3). return on assets, (4)-debt to equity ratio, and. (5) return on equity E 9 atios A. simplified balance sheet and income statement for a sole proprietorship appear at the top of the next page. Total assets. andowner's equity at the beginning of 20xx were $360,000 and $280,000, respectively 1. Compute the following liquidity measures: (a): working capital and (b) current ratio. 2. Compute the following profitability measures: (a profit margin, (b) asset turnover, f). return on assets, (d) debt to equity ratio, and (e return on equity.. E 10 of Ratios AHawesee Sef Umattepte Aecovnt 6oo Vn collectible Account Allowance Sor
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