Prepare a classified balance sheet as of June 30, 2019, and statement of cash fIowS 1or 2019. -5A. Assessing a Firm's Profitability, Liquidity and Solvency Presented below is financial data for the Outback Company as of year-end 2018 and 2019: 2018 2019 $ 70,000 130,000 . . $ 68,750 100,000 27,500 80,000 140,000 22,400 Current assets.... Total assets 40,000 Current liabilities... Total liabilities. . ... Net sales... Net income... 91,000 190,000 26,600 Required Calculate Outback's current ratio, debt-to-total-assets ratio, and return on sales ratio. Comment on the trend in the company's profitability, liquidity, and solvency from 2018 to 2019. Profitability and the Income Statement Presented below is income statement data for Short & Company as of year-end 2019: Income tax expense.. Cost of goods sold... Other expenses ... .... . . .. nses.... . $ 5,400 Net .... $62,950 14,300 Or 000 500 Required Prepare a multi-step incom Short's return on sales wa t for 201 it in 2018 e the company's atio. If
Prepare a classified balance sheet as of June 30, 2019, and statement of cash fIowS 1or 2019. -5A. Assessing a Firm's Profitability, Liquidity and Solvency Presented below is financial data for the Outback Company as of year-end 2018 and 2019: 2018 2019 $ 70,000 130,000 . . $ 68,750 100,000 27,500 80,000 140,000 22,400 Current assets.... Total assets 40,000 Current liabilities... Total liabilities. . ... Net sales... Net income... 91,000 190,000 26,600 Required Calculate Outback's current ratio, debt-to-total-assets ratio, and return on sales ratio. Comment on the trend in the company's profitability, liquidity, and solvency from 2018 to 2019. Profitability and the Income Statement Presented below is income statement data for Short & Company as of year-end 2019: Income tax expense.. Cost of goods sold... Other expenses ... .... . . .. nses.... . $ 5,400 Net .... $62,950 14,300 Or 000 500 Required Prepare a multi-step incom Short's return on sales wa t for 201 it in 2018 e the company's atio. If
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter11: The Statement Of Cash Flows
Section: Chapter Questions
Problem 32BE
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![Prepare a classified balance sheet as of June 30, 2019, and statement of cash fIowS 1or 2019.
-5A. Assessing a Firm's Profitability, Liquidity and Solvency Presented below is financial data for the
Outback Company as of year-end 2018 and 2019:
2018
2019
$ 70,000
130,000
. . $ 68,750
100,000
27,500
80,000
140,000
22,400
Current assets....
Total assets
40,000
Current liabilities...
Total liabilities. . ...
Net sales...
Net income...
91,000
190,000
26,600
Required
Calculate Outback's current ratio, debt-to-total-assets ratio, and return on sales ratio. Comment on the
trend in the company's profitability, liquidity, and solvency from 2018 to 2019.
Profitability and the Income Statement Presented below is income statement data for Short &
Company as of year-end 2019:
Income tax expense..
Cost of goods sold...
Other expenses ...
.... . . ..
nses....
. $ 5,400
Net
.... $62,950
14,300
Or
000
500
Required
Prepare a multi-step incom
Short's return on sales wa
t for 201
it in 2018
e the company's
atio. If](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F66ecb00c-b439-47e9-bd51-9291e606d6a9%2F41e9b6af-21c5-487e-b8df-5dc9fd2e106a%2Flxzy8yi.jpeg&w=3840&q=75)
Transcribed Image Text:Prepare a classified balance sheet as of June 30, 2019, and statement of cash fIowS 1or 2019.
-5A. Assessing a Firm's Profitability, Liquidity and Solvency Presented below is financial data for the
Outback Company as of year-end 2018 and 2019:
2018
2019
$ 70,000
130,000
. . $ 68,750
100,000
27,500
80,000
140,000
22,400
Current assets....
Total assets
40,000
Current liabilities...
Total liabilities. . ...
Net sales...
Net income...
91,000
190,000
26,600
Required
Calculate Outback's current ratio, debt-to-total-assets ratio, and return on sales ratio. Comment on the
trend in the company's profitability, liquidity, and solvency from 2018 to 2019.
Profitability and the Income Statement Presented below is income statement data for Short &
Company as of year-end 2019:
Income tax expense..
Cost of goods sold...
Other expenses ...
.... . . ..
nses....
. $ 5,400
Net
.... $62,950
14,300
Or
000
500
Required
Prepare a multi-step incom
Short's return on sales wa
t for 201
it in 2018
e the company's
atio. If
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