Net sales Cost of goods sold Gross profit Operating expenses Net income Additional information: 1. 2. 3. 4. Income Statement For the Years Ended December 31 2022 $882,000 5. (a) 640,000 242,000 190,000 $ 52,000 2021 $790,000 575,000 215,000 167,000 $ 48,000 Inventory at the beginning of 2021 was $115,000. Accounts receivable (net) at the beginning of 2021 were $86,000. Total assets at the beginning of 2021 were $660,000. No common stock transactions occurred during 2021 or 2022. All sales were on credit. Indicate, by using ratios, the change in liquidity and profitability of Priscoll Company from 2021 to 2022. (Round Current rat Asset turnover and Earnings per share to 2 decimal places, e.g. 1.65, and all other answers to 1 decimal place, e.g. 6. 6.8%.) 2021 2022

Net sales Cost of goods sold Gross profit Operating expenses Net income Additional information: 1. 2. 3. 4. Income Statement For the Years Ended December 31 2022 $882,000 5. (a) 640,000 242,000 190,000 $ 52,000 2021 $790,000 575,000 215,000 167,000 $ 48,000 Inventory at the beginning of 2021 was $115,000. Accounts receivable (net) at the beginning of 2021 were $86,000. Total assets at the beginning of 2021 were $660,000. No common stock transactions occurred during 2021 or 2022. All sales were on credit. Indicate, by using ratios, the change in liquidity and profitability of Priscoll Company from 2021 to 2022. (Round Current rat Asset turnover and Earnings per share to 2 decimal places, e.g. 1.65, and all other answers to 1 decimal place, e.g. 6. 6.8%.) 2021 2022

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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