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OVERTON CORPORATION OVERTON CORPORATION Balance Sheet Income Statement December 31 of Current Year For Current Year Ended December 31 Liabilitles and Equity Accounts payable.... Accrued wages payable.. Income taxes payable Long-term note payable, secured by mortgage on plant assets.... Common stock, $5 par value..... Retained earnings..... Total liabilities and equity Assets $ 6,100 $ 11,500 Cash..... Short-term investments .... Accounts receivable, net ... Sales..... $315,500 236,100 79,400 6,900 3,300 Cost of goods sold Gross profit..... Operating expenses.. Interest expense. Income before taxes... Income tax expense.. 15,100 2,600 49,200 Merchandise inventory.. Prepaid expenses.. Plant assets, net. 13,500 2,200 2,000 30,000 28,000 73,900 35,000 4,200 35,100 $117,500 Net income. $ 23,800 Total assets $117,500

OVERTON CORPORATION OVERTON CORPORATION Balance Sheet Income Statement December 31 of Current Year For Current Year Ended December 31 Liabilitles and Equity Accounts payable.... Accrued wages payable.. Income taxes payable Long-term note payable, secured by mortgage on plant assets.... Common stock, $5 par value..... Retained earnings..... Total liabilities and equity Assets $ 6,100 $ 11,500 Cash..... Short-term investments .... Accounts receivable, net ... Sales..... $315,500 236,100 79,400 6,900 3,300 Cost of goods sold Gross profit..... Operating expenses.. Interest expense. Income before taxes... Income tax expense.. 15,100 2,600 49,200 Merchandise inventory.. Prepaid expenses.. Plant assets, net. 13,500 2,200 2,000 30,000 28,000 73,900 35,000 4,200 35,100 $117,500 Net income. $ 23,800 Total assets $117,500

FINANCIAL ACCOUNTING
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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Selected current year-end financial statements of Overton Corporation follow. (All sales were on credit;
selected balance sheet amounts at December 31 of the prior year were inventory, $17,400; total assets,
$94,900; common stock, $35,500; and retained earnings, $18,800.) Required
Compute the following: (1) current ratio, (2) acid-test ratio, (3) days’ sales uncollected, (4) inventory
turnover, (5) days’ sales in inventory, (6) debt-to-equity ratio, (7) times interest earned, (8) profit margin
ratio, (9) total asset turnover, (10) return on total assets, and (11) return on common stockholders’ equity.
Round to one decimal place; for part 6, round to two decimals. 

OVERTON CORPORATION OVERTON CORPORATION Balance Sheet Income Statement December 31 of Current Year For Current Year Ended December 31 Liabilitles and Equity Accounts payable.... Accrued wages payable.. Income taxes payable Long-term note payable, secured by mortgage on plant assets.... Common stock, $5 par value..... Retained earnings..... Total liabilities and equity Assets $ 6,100 $ 11,500 Cash..... Short-term investments .... Accounts receivable, net ... Sales..... $315,500 236,100 79,400 6,900 3,300 Cost of goods sold Gross profit..... Operating expenses.. Interest expense. Income before taxes... Income tax expense.. 15,100 2,600 49,200 Merchandise inventory.. Prepaid expenses.. Plant assets, net. 13,500 2,200 2,000 30,000 28,000 73,900 35,000 4,200 35,100 $117,500 Net income. $ 23,800 Total assets $117,500
Transcribed Image Text:OVERTON CORPORATION OVERTON CORPORATION Balance Sheet Income Statement December 31 of Current Year For Current Year Ended December 31 Liabilitles and Equity Accounts payable.... Accrued wages payable.. Income taxes payable Long-term note payable, secured by mortgage on plant assets.... Common stock, $5 par value..... Retained earnings..... Total liabilities and equity Assets $ 6,100 $ 11,500 Cash..... Short-term investments .... Accounts receivable, net ... Sales..... $315,500 236,100 79,400 6,900 3,300 Cost of goods sold Gross profit..... Operating expenses.. Interest expense. Income before taxes... Income tax expense.. 15,100 2,600 49,200 Merchandise inventory.. Prepaid expenses.. Plant assets, net. 13,500 2,200 2,000 30,000 28,000 73,900 35,000 4,200 35,100 $117,500 Net income. $ 23,800 Total assets $117,500
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