Seaforce Manufacturing Inc.Income StatementYear Ended December 31, 20X5SaleCost of goods soldGross ProfitOperating ExpensesLoss on Sale of equipmentProfit from OperationsOther expensesInterest ExpenseProfit before Income TaxIncome Tax ExpenseProfitAdditional Information:$55,000$ 2,500$340,000$250, 100$ 89,900$ 57,500$ 32,400$ 3,500$ 28,900$ 12,000$ 16,9001. Operating expenses include depreciation expense of $10,0002. Accounts Payable related to the purchase of inventory3. Equipment that cost $12,500 was sold at a loss of $2,5004. New equipment was purchased during the year for $8,5005. Dividends declared and paid in 20X5 totalled $3,0006. Common shares were sold for $12,000 cash7. Interest payable in 20X5 was $800 greater than interest payable in 20X4Seaforce Manufacturing Inc. comparative balance sheet at December 31 20X5 Seaforce Manufacturing Inc. comparative balance sheet at December 31 20X5CashAccounts ReceivableInventoryPrepaid ExpensesEquipmentAccumulated Depreciation - equipmentTotal AssetsAccount PayableInterest PayableIncome taxes payableDividends PayableLong-term Notes PayableCommon sharesRetained EarningsTotal Liabilities & Shareholders' Equity20X5$ 6,450$ 72,000$110,250$1,750Total return on sales at December 20X5 was:$ 96,000$(50,000)$236,45020X4$ 4,100$ 6,500$140,000$ 1,020$100,000$(42,000)$209,620$ 16,230$ 9,900$10$ 810$ 10,800$ 9,500$ 1,800$ 2,800$ 55,000$135,000$ 62,000$123,000$ 16,310 $ 2,410$209,620$236,450Round answers to fit 2 decimal places in all questions (in % questions a 0.12 is presented as 12%, so a 0.124 is rounded as 12% and 0.127 is rounded as13%)

Introduction:- Ratio analysis used identify the business performance of the company. It is used to…

Answered: Total return on sales at December 20X5…

Business

Accounting

Total return on sales at December 20X5 was:

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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