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The following financial statements apply to Jordan Company: Revenues Expenses Cost of goods sold Selling expenses General and administrative expenses Interest expense Income tax expense Total expenses Year 2 $ 219,900 Year 1 $ 180,700 125,000 102,700 19,200 17,200 9,400 8,400 2,800 2,800 20,900 16,100 177,300 147,200 Net income Assets Current assets Cash Marketable securities Accounts receivable Inventories Prepaid expenses Total current assets Plant and equipment (net) Intangibles Total assets Liabilities and Stockholders' Equity Liabilities Current liabilities Accounts payable Other Total current liabilities Bonds payable Total liabilities Stockholders' equity Common stock (47,000 shares) Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $ 42,600 $ 33,500 $ 8,000 3,000 $ 4,900 3,000 35,200 30,100 201,000 198,000 4,600 3,600 248,700 105,500 21,700 $ 375,900 242,700 105,500 0 $ 348,200 $ 38,400 16,100 $ 34,100 16,300 54,500 50,400 46,700 65,700 101,200 116,100 125,000 125,000 149,700 107,100 274,700 232,100 $ 375,900 $ 348,200 46700 Required Calculate the following ratios for Year 1 and Year 2. When data limitations prohibit computing averages, use year-end balances in your calculations.

The following financial statements apply to Jordan Company: Revenues Expenses Cost of goods sold Selling expenses General and administrative expenses Interest expense Income tax expense Total expenses Year 2 $ 219,900 Year 1 $ 180,700 125,000 102,700 19,200 17,200 9,400 8,400 2,800 2,800 20,900 16,100 177,300 147,200 Net income Assets Current assets Cash Marketable securities Accounts receivable Inventories Prepaid expenses Total current assets Plant and equipment (net) Intangibles Total assets Liabilities and Stockholders' Equity Liabilities Current liabilities Accounts payable Other Total current liabilities Bonds payable Total liabilities Stockholders' equity Common stock (47,000 shares) Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $ 42,600 $ 33,500 $ 8,000 3,000 $ 4,900 3,000 35,200 30,100 201,000 198,000 4,600 3,600 248,700 105,500 21,700 $ 375,900 242,700 105,500 0 $ 348,200 $ 38,400 16,100 $ 34,100 16,300 54,500 50,400 46,700 65,700 101,200 116,100 125,000 125,000 149,700 107,100 274,700 232,100 $ 375,900 $ 348,200 46700 Required Calculate the following ratios for Year 1 and Year 2. When data limitations prohibit computing averages, use year-end balances in your calculations.

Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter4: Accounting For Retail Operations
Section: Chapter Questions
Problem 4.9MBA
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The following financial statements apply to Jordan Company: Revenues Expenses Cost of goods sold Selling expenses General and administrative expenses Interest expense Income tax expense Total expenses Year 2 $ 219,900 Year 1 $ 180,700 125,000 102,700 19,200 17,200 9,400 8,400 2,800 2,800 20,900 16,100 177,300 147,200 Net income Assets Current assets Cash Marketable securities Accounts receivable Inventories Prepaid expenses Total current assets Plant and equipment (net) Intangibles Total assets Liabilities and Stockholders' Equity Liabilities Current liabilities Accounts payable Other Total current liabilities Bonds payable Total liabilities Stockholders' equity Common stock (47,000 shares) Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $ 42,600 $ 33,500 $ 8,000 3,000 $ 4,900 3,000 35,200 30,100 201,000 198,000 4,600 3,600 248,700 105,500 21,700 $ 375,900 242,700 105,500 0 $ 348,200 $ 38,400 16,100 $ 34,100 16,300 54,500 50,400 46,700 65,700 101,200 116,100 125,000 125,000 149,700 107,100 274,700 232,100 $ 375,900 $ 348,200 46700 Required Calculate the following ratios for Year 1 and Year 2. When data limitations prohibit computing averages, use year-end balances in your calculations.
Transcribed Image Text:The following financial statements apply to Jordan Company: Revenues Expenses Cost of goods sold Selling expenses General and administrative expenses Interest expense Income tax expense Total expenses Year 2 $ 219,900 Year 1 $ 180,700 125,000 102,700 19,200 17,200 9,400 8,400 2,800 2,800 20,900 16,100 177,300 147,200 Net income Assets Current assets Cash Marketable securities Accounts receivable Inventories Prepaid expenses Total current assets Plant and equipment (net) Intangibles Total assets Liabilities and Stockholders' Equity Liabilities Current liabilities Accounts payable Other Total current liabilities Bonds payable Total liabilities Stockholders' equity Common stock (47,000 shares) Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $ 42,600 $ 33,500 $ 8,000 3,000 $ 4,900 3,000 35,200 30,100 201,000 198,000 4,600 3,600 248,700 105,500 21,700 $ 375,900 242,700 105,500 0 $ 348,200 $ 38,400 16,100 $ 34,100 16,300 54,500 50,400 46,700 65,700 101,200 116,100 125,000 125,000 149,700 107,100 274,700 232,100 $ 375,900 $ 348,200 46700 Required Calculate the following ratios for Year 1 and Year 2. When data limitations prohibit computing averages, use year-end balances in your calculations.
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