 |
|
| Browse | Ask | Answer | Search | Join/Login |
|
|
||||
|
Accounting homework solutions
Problem 13-1A: Ratios, common-size statements, and trend percents L.O. P1, P2, P3
Selected comparative financial statements of Astalon Company follow: ASTALON COMPANY Comparative Income Statements For Years Ended December 31, 2010, 2009, and 2008 2010 2009 2008 Sales $ 526,304 $ 403,192 $ 279,800 Cost of goods sold 316,835 255,624 179,072 Gross Profit 209,469 147,568 100,728 Selling expenses 74,735 55,640 36,934 Administrative expenses 47,367 35,481 23,223 Total expenses 122,102 91,121 60,157 Income before taxes 87,367 56,447 40,571 Income taxes 16,250 11,572 8,236 Net income $ 71,117 $ 44,875 $ 32,335 ASTALON COMPANY Comparative Balance Sheets December 31, 2010, 2009, and 2008 2010 2009 2008 Assets Current assets $ 48,242 $ 38,514 $ 51,484 Long-term investments 0 800 3,620 Plant assets, net 92,405 97,259 58,047 Total assets $ 140,647 $ 136,573 $ 113,151 Liabilities and Equity Current liabilities $ 20,534 $ 20,349 $ 19,801 Common stock 69,000 69,000 51,000 Other paid-in capital 8,625 8,625 5,667 Retained earnings 42,488 38,599 36,683 Total liabilities and equity $ 140,647 $ 136,573 $ 113,151 Required: 1. Compute each year's current ratio. (Round your answers to 1 decimal place.) Current ratio December 31, 2010: To Current ratio December 31, 2009: To Current ratio December 31, 2008: To 2. Express the income statement data in common-size percents. (Round your answers to 2 decimal places. Omit the "%" sign in your response.) ASTALON COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2010, 2009, 2008 2010 2009 2008 Sales % % % Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income taxes Net income % % % 3. Express the balance sheet data in trend percents with 2008 as the base year. (Round your answers to 2 decimal places. Leave no cells blank - be certain to enter "0" wherever required. Omit the "%" sign in your response.) ASTALON COMPANY Balance Sheet Data in Trend Percents December 31, 2010, 2009, 2008 2010 2009 2008 Assets Current assets % % % Long-term investments Plant assets Total assets Liabilities and Equity Current liabilities % % % Common stock Other paid-in capital Retained earnings Total liabilities and equity |
||||
|
||||
|
Thank you for taking the time to copy your homework to AMHD.
Please refer to this announcement: https://www.askmehelpdesk.com/financ...-b-u-font.html |
||||
| Question Tools | Search this Question |
Add your answer here.
Check out some similar questions!
ArvinMeritor, Inc. discovered that incorrect factory overhead cost allocations had "overcosted" some of its products by roughly 20%. As a result, these products were over-priced and began losing market share. Would you recommend the usage of activity based costing (ABC) as a superior method of...
Please provide the solutions for the attached file question ASAP. Its kind of urgent... Thanks a million
1. Which of the following gropus of accounts contains only assets a. equipment, patents, accounts receivable b. accounts receivable, building, retained earnings c. accounts payable, notes payable, contributed capital d. retained earnings, goodwill, accounts payable The acquistition of...
I need help... If a woman is running a part-time business out of her house and she decides that she wants this to be full time business out of a rented building. Her assets equal out to $30,000, cash 13,100, accounts receivable 3,000, supplies, 1,400, and office equipment is 12,500. So when you...
Gross sales $160,000 Sales returns & allowances ? Net sales ? COGS 68% Gross profit ? Gross profit margin ? How do I figure out the sales returns & allowances?
View more questions Search
|
