Solar System Inc. has provided you with the following information: Account 2022 2021 Cash $ 21,000 $ 47,000 Short-term (trading) investments 28,000 – Accounts receivable 102,000 116,000 Inventory 86,000 64,000 Prepaid expenses 11,000 9,000 Total assets 1,503,000 1,489,000 Total current liabilities 205,000 241,000 Net sales, all on credit 877,000 850,000 Cost of goods sold 570,000 555,000 Operating income 165,000 158,000 Income tax expense 20,000 18,000 Net income 109,000 100,000 Interest expense 36,000 40,000 Common shares (no preferred) 420,000 420,000 Retained earnings 153,000 74,000 Required Calculate the following ratios for 2022. Round all values to two decimals (eg 34.56%) Show all calculations. Profit margin on sales Quick (acid-test) ratio Receivables turnover Debt to total assets Times interest earned Rate of return on assets Rate of return on common share equity

Solar System Inc. has provided you with the following information: Account 2022 2021 Cash $ 21,000 $ 47,000 Short-term (trading) investments 28,000 – Accounts receivable 102,000 116,000 Inventory 86,000 64,000 Prepaid expenses 11,000 9,000 Total assets 1,503,000 1,489,000 Total current liabilities 205,000 241,000 Net sales, all on credit 877,000 850,000 Cost of goods sold 570,000 555,000 Operating income 165,000 158,000 Income tax expense 20,000 18,000 Net income 109,000 100,000 Interest expense 36,000 40,000 Common shares (no preferred) 420,000 420,000 Retained earnings 153,000 74,000 Required Calculate the following ratios for 2022. Round all values to two decimals (eg 34.56%) Show all calculations. Profit margin on sales Quick (acid-test) ratio Receivables turnover Debt to total assets Times interest earned Rate of return on assets Rate of return on common share equity

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

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Chapter6: Investing And Financing Activities

Section: Chapter Questions

Problem 3.5C

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bartleby, a Learneo, Inc. business

Account	2022	2021
Cash	$ 21,000	$ 47,000
Short-term (trading) investments	28,000	–
Accounts receivable	102,000	116,000
Inventory	86,000	64,000
Prepaid expenses	11,000	9,000
Total assets	1,503,000	1,489,000
Total current liabilities	205,000	241,000
Net sales, all on credit	877,000	850,000
Cost of goods sold	570,000	555,000
Operating income	165,000	158,000
Income tax expense	20,000	18,000
Net income	109,000	100,000
Interest expense	36,000	40,000
Common shares (no preferred)	420,000	420,000
Retained earnings	153,000	74,000