Problem 16-21 (Algo) Incomplete Statements; Ratios Analysis [LO16-2, LO16-3, LO16-4, LO16-5, LO16-6] Pepper Company provided the incomplete financial statements shown below as well as the following additional information: a. All sales during the year were on account. b. There was no change in the number of shares of common stock outstanding during the year. c. The interest expense on the income statement relates to the bonds payable; the amount of bonds outstanding did not change during the year. d. Selected balances at the beginning of the current year were: Accounts receivable Inventory Total assets $ 230,000 $ 340,000 $ 2,240,000 e. Selected financial ratios computed from the statements below for the current year are: Earnings per share Debt-to-equity ratio Accounts receivable turnover Cur: ent ratio Return on total assets Times interest earned ratio Acid-test ratio Inventory turnover $ 4.68 0.790 16.0 2.10 14% 7.75 1.20 9.0 Required: Compute the missing amounts on the company's financial statements. (Hint: What's the difference between the acid-test ratio and the current ratio?) (Do not round intermediate calculations.)

Problem 16-21 (Algo) Incomplete Statements; Ratios Analysis [LO16-2, LO16-3, LO16-4, LO16-5, LO16-6] Pepper Company provided the incomplete financial statements shown below as well as the following additional information: a. All sales during the year were on account. b. There was no change in the number of shares of common stock outstanding during the year. c. The interest expense on the income statement relates to the bonds payable; the amount of bonds outstanding did not change during the year. d. Selected balances at the beginning of the current year were: Accounts receivable Inventory Total assets $ 230,000 $ 340,000 $ 2,240,000 e. Selected financial ratios computed from the statements below for the current year are: Earnings per share Debt-to-equity ratio Accounts receivable turnover Cur: ent ratio Return on total assets Times interest earned ratio Acid-test ratio Inventory turnover $ 4.68 0.790 16.0 2.10 14% 7.75 1.20 9.0 Required: Compute the missing amounts on the company's financial statements. (Hint: What's the difference between the acid-test ratio and the current ratio?) (Do not round intermediate calculations.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Current Position Analysis The following data were taken from the balance sheet of Nilo Company at the end of two recent fiscal years: Current Year Previous Year Current assets: Cash $308,600 $240,000 Marketable securities 357,300 270,000 Accounts and notes receivable (net) 146,100 90,000 Inventories 689,000 427,000 Prepaid expenses 355,000 273,000 Total current assets $1,856,000 $1,300,000 Current liabilities: Accounts and notes payable (short-term) $336,400 $350,000 Accrued liabilities 243,600 150,000 Total current liabilities $580,000 $500,000 a. Determine for each year (1) the working capital, (2) the current ratio, and (3) the quick ratio. Round ratios to one decimal place. Current Year Previous Year 1. Working capital $fill in the blank 1 $fill in the blank 2 2. Current ratio fill in the blank 3 fill in the blank 4 3.…
EX.17-179.ALGO The following information was from Slater Company's balance sheet: Fixed assets (net) Long-term liabilities Total liabilities Total stockholders' equity $2,049,082 504,700 686,080 2,144,000 Round your answers to two decimal places. a. Determine the company's ratio of fixed assets to long-term liabilities. b. Determine the company's ratio of liabilities to stockholders' equity.
s
Question.
Need help with doing the statement entries on accounting paper.
Current Position Analysis The following data were taken from the balance sheet of Nilo Company at the end of two recent fiscal years: Current Year Previous Year Current assets: Cash $655,500 $520,000 Marketable securities 759,000 585,000 Accounts and notes receivable (net) 310,500 195,000 Inventories 643,500 475,800 Prepaid expenses 331,500 304,200 Total current assets $2,700,000 $2,080,000 Current liabilities: Accounts and notes payable (short-term) $435,000 $455,000 Accrued liabilities 315,000 195,000 Total current liabilities $750,000 $650,000 a. Determine for each year (1) the working capital, (2) the current ratio, and (3) the quick ratio. Round ratios to one decimal place. Current Year Previous Year 1. Working capital $fill in the blank 1 $fill in the blank 2 2. Current ratio fill in the blank 3 fill in the blank 4 3.…
H1. Account
how to compute earnings per share please dont give image based thanku
Problem 16-17 (Static) Interpretation of Financial Ratios [LO16-2, LO16-3, LO16-6] Pecunious Products, Incorporated's financial results for the past three years are summarized below: Sales trend Current ratio Acid-test ratio Accounts receivable turnover Inventory turnover Dividend yield Dividend payout ratio Dividends paid per share* Year 3 128.0 2.5 9.4 6.5 7.1% 40% $1.50 Year 2 115.0 2.3 0.9 10.6 7.2 6.5% 50% $ 1.50 Year 1 100.0 2.2 1.1 12.5 8.0 5.8% 60% $ 1.50 *There have been no changes in common stock outstanding over the three-year period. Required: Review the results above and answer the following questions: 1. Is it becoming easier for the company to pay its bills as they come due? 2. Are customers paying their accounts at least as fast now as they were in Year 1? 3. Are the accounts receivable increasing, decreasing, or remaining constant? 4. Is inventory increasing, decreasing, or remaining constant? 5. Is the market price of the company's stock going up or down? 6. Is the…
Please do not give solution in image format thanku
Current Position Analysis The following data were taken from the balance sheet of Nilo Company at the end of two recent fiscal years: Current Year Previous Year Current assets: Cash $594,300 $495,600 Marketable securities 688,200 557,600 Accounts and notes receivable (net) 281,500 185,800 Inventories 852,700 575,800 Prepaid expenses 439,300 368,200 Total current assets $2,856,000 $2,183,000 Current liabilities: Accounts and notes payable (short-term) Accrued liabilities Total current liabilities $394,400 $413,000 285,600 177,000 $680,000 $590,000 a. Determine for each year (1) the working capital, (2) the current ratio, and (3) the quick ratio. Round ratios to one decimal place. Current Year Previous Year 1. Working capital 2. Current ratio 3. Quick ratio $ SA
Please help me