Your supervisor has requested that you calculate the following ratios, rounded to the nearest hundredth for both 2017 and 2016 2017 2016 Acid test Asset turnover Net Income (after tax) to the net sales LOGIC COMPANYComparative Balance SheetDecember 31, 2016 and 201720172016AmountPercentAmountPertenAssetsCurrent assets.Cash$12.000$9,000Accounts rec eivableMerchandise inventoryPrepaid expensesTotal current assets16.5008,50024,000$61.00012,50014,00010,000$45.500Plant and equlpment:Building (net)LandTotal plant and equipment$14,50013,500$28.000$89,000$ 11,0009,000$20.000Total assets$65.500LiablitlesCurrent llabilities.Accounts payableSalaries payable$13,0007,000$ 7,0005.000$12.000Total current llabilities$20.000Long-lem llabilities:Mortgage note payableTotal liabilities20,500$32,50022,000$42.000Stockholders' Equity$21.000$21,000Common stockRetained earnings12,000$33,000$65.50026,000Total stockholders' equityTotal liabilities and stockholders' equity$47,000$89,000 LOGIĆ COMPANYComparative Income StatementFor Years Ended December 31, 2016 and 2017INCREASE (DECREASE).20172016AmountPercentGross sales$19,000$15,000Sales returns and allowances1.000100Net salesCost of merchandise (goods) soldGross profitOperating expenses:DepreciationSelling and administrativeResearch$18.00012,000$6.000$14.9009,000$ 5,900$ 7002,200$ 6002,000550500360300Miscellaneous$3.400$ 2,500500$ 2,000$ 3,810$2,190Total operating expensesIncome before interest and taxes560Interest expenseIncome before laxes$ 1,630640800Provision for taxes.Net income$ 990$ 1,200

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Your supervisor has requested that you calculate the following ratios, rounded to the nearest hundredth for both 2017 and 2016 2017 2016 Acid test Asset turnover Net Income (after tax) to the net sales

Your supervisor has requested that you calculate the following ratios, rounded to the nearest hundredth for both 2017 and 2016 2017 2016 Acid test Asset turnover Net Income (after tax) to the net sales

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Your supervisor has requested that you calculate the following ratios, rounded to the nearest hundredth for both 2017 and 2016

2017 2016

Acid test

Asset turnover

Net Income (after tax) to the net sales

LOGIC COMPANY
Comparative Balance Sheet
December 31, 2016 and 2017
2017
2016
Amount
Percent
Amount
Perten
Assets
Current assets.
Cash
$12.000
$9,000
Accounts rec eivable
Merchandise inventory
Prepaid expenses
Total current assets
16.500
8,500
24,000
$61.000
12,500
14,000
10,000
$45.500
Plant and equlpment:
Building (net)
Land
Total plant and equipment
$14,500
13,500
$28.000
$89,000
$ 11,000
9,000
$20.000
Total assets
$65.500
Liablitles
Current llabilities.
Accounts payable
Salaries payable
$13,000
7,000
$ 7,000
5.000
$12.000
Total current llabilities
$20.000
Long-lem llabilities:
Mortgage note payable
Total liabilities
20,500
$32,500
22,000
$42.000
Stockholders' Equity
$21.000
$21,000
Common stock
Retained earnings
12,000
$33,000
$65.500
26,000
Total stockholders' equity
Total liabilities and stockholders' equity
$47,000
$89,000

LOGIĆ COMPANY
Comparative Income Statement
For Years Ended December 31, 2016 and 2017
INCREASE (DECREASE).
2017
2016
Amount
Percent
Gross sales
$19,000
$15,000
Sales returns and allowances
1.000
100
Net sales
Cost of merchandise (goods) sold
Gross profit
Operating expenses:
Depreciation
Selling and administrative
Research
$18.000
12,000
$6.000
$14.900
9,000
$ 5,900
$ 700
2,200
$ 600
2,000
550
500
360
300
Miscellaneous
$3.400
$ 2,500
500
$ 2,000
$ 3,810
$2,190
Total operating expenses
Income before interest and taxes
560
Interest expense
Income before laxes
$ 1,630
640
800
Provision for taxes.
Net income
$ 990
$ 1,200

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