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Oriole Medical Comparative Income Statement and Statement of Retained Earnings For the Year Sales revenue (all on account) Cost of goods sold Gross profit Operating expenses Net operating income Interest expense Net income before taxes Income taxes (30%) Net income Dividends paid Preferred dividends Common dividends Total dividends paid Net income retained Retained earnings, beginning of year Retained earnings, end of year a. Debt ratio b. Debt-to-equity ratio 2019 $9,613,900 5,298,700 4,564,650 4,315,200 2,840,300 2,634,100 1,724,350 1,681,100 308,650 C. Times interest earned ratio 2020 $10,177,200 5,612,550 300,300 1,424,050 427,215 $996,835 29,550 433,400 462,950 533,885 3,660,365 $4,194,250 1,372,450 411,735 Calculate the following leverage ratios for 2020. (Round all answers to 2 decimal places, e.g. 2.55% or 2.55.) $960,715 29,550 413,100 442,650 518,065 3,142,300 $3,660,365 % times

Oriole Medical Comparative Income Statement and Statement of Retained Earnings For the Year Sales revenue (all on account) Cost of goods sold Gross profit Operating expenses Net operating income Interest expense Net income before taxes Income taxes (30%) Net income Dividends paid Preferred dividends Common dividends Total dividends paid Net income retained Retained earnings, beginning of year Retained earnings, end of year a. Debt ratio b. Debt-to-equity ratio 2019 $9,613,900 5,298,700 4,564,650 4,315,200 2,840,300 2,634,100 1,724,350 1,681,100 308,650 C. Times interest earned ratio 2020 $10,177,200 5,612,550 300,300 1,424,050 427,215 $996,835 29,550 433,400 462,950 533,885 3,660,365 $4,194,250 1,372,450 411,735 Calculate the following leverage ratios for 2020. (Round all answers to 2 decimal places, e.g. 2.55% or 2.55.) $960,715 29,550 413,100 442,650 518,065 3,142,300 $3,660,365 % times

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Oriole Medical Comparative Income Statement and Statement of Retained Earnings For the Year Sales revenue (all on account) Cost of goods sold Gross profit Operating expenses Net operating income Interest expense Net income before taxes Income taxes (30%) Net income Dividends paid Preferred dividends Common dividends Total dividends paid Net income retained Retained earnings, beginning of year Retained earnings, end of year a. Debt ratio b. Debt-to-equity ratio 2019 $9,613,900 5,298,700 4,564,650 4,315,200 2,840,300 2,634,100 1,724,350 1,681,100 308,650 C. Times interest earned ratio 2020 $10,177,200 5,612,550 300,300 1,424,050 427,215 $996,835 29,550 433,400 462,950 533,885 3,660,365 $4,194,250 1,372,450 411,735 Calculate the following leverage ratios for 2020. (Round all answers to 2 decimal places, e.g. 2.55% or 2.55.) $960,715 29,550 413,100 442,650 518,065 3,142,300 $3,660,365 % times
Transcribed Image Text:Oriole Medical Comparative Income Statement and Statement of Retained Earnings For the Year Sales revenue (all on account) Cost of goods sold Gross profit Operating expenses Net operating income Interest expense Net income before taxes Income taxes (30%) Net income Dividends paid Preferred dividends Common dividends Total dividends paid Net income retained Retained earnings, beginning of year Retained earnings, end of year a. Debt ratio b. Debt-to-equity ratio 2019 $9,613,900 5,298,700 4,564,650 4,315,200 2,840,300 2,634,100 1,724,350 1,681,100 308,650 C. Times interest earned ratio 2020 $10,177,200 5,612,550 300,300 1,424,050 427,215 $996,835 29,550 433,400 462,950 533,885 3,660,365 $4,194,250 1,372,450 411,735 Calculate the following leverage ratios for 2020. (Round all answers to 2 decimal places, e.g. 2.55% or 2.55.) $960,715 29,550 413,100 442,650 518,065 3,142,300 $3,660,365 % times
Oriole Medical manufactures hospital beds and other institutional furniture. The company's comparative balance sheet and income statement for 2019 and 2020 follow. Assets Current assets Cash Oriole Medical Comparative Balance Sheet As of December 31 Accounts receivable, net Inventory Other current assets Total current assets Property, plant, & equipment, net Total assets Liabilities and Stockholders' Equity Current liabilities Long-term debt Total liabilities Preferred stock, $5 par value Common stock, $0.25 par value Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 2020 $398,000 1,046,000 730,000 381,300 2,555,300 2019 $417,450 59,000 104,650 4,194,250 4,357,900 $11,266,550 776,450 681,050 2,122,050 8,711,250 8,439,765 $11,266,550 $10,561,815 247,100 $3,206,000 $2,846,050 3,702,650 3,892,600 6,908,650 6,738,650 59,000 103,800 3,660,365 3,823,165 $10,561,815
Transcribed Image Text:Oriole Medical manufactures hospital beds and other institutional furniture. The company's comparative balance sheet and income statement for 2019 and 2020 follow. Assets Current assets Cash Oriole Medical Comparative Balance Sheet As of December 31 Accounts receivable, net Inventory Other current assets Total current assets Property, plant, & equipment, net Total assets Liabilities and Stockholders' Equity Current liabilities Long-term debt Total liabilities Preferred stock, $5 par value Common stock, $0.25 par value Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 2020 $398,000 1,046,000 730,000 381,300 2,555,300 2019 $417,450 59,000 104,650 4,194,250 4,357,900 $11,266,550 776,450 681,050 2,122,050 8,711,250 8,439,765 $11,266,550 $10,561,815 247,100 $3,206,000 $2,846,050 3,702,650 3,892,600 6,908,650 6,738,650 59,000 103,800 3,660,365 3,823,165 $10,561,815
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