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The following information is available about the company: a. Selected financial ratios computed from the statements above are given below: Current ratio 2.80 Acid-test ratio 1.15 Accounts receivable turnover 16.0 Inventory turnover 8.0 Debt-to-equity ratio 0.850 Times interest earned 8.0 Earnings per share $ 4.13 Return on total assets 12 % ——————– b. All sales during the year were on account. c. The interest expense on the income statement relates to the bonds payable; the amount of bonds outstanding did not change throughout the year. d. There were no changes in the number of shares of common stock outstanding during the year. e. Selected balances at the /beginning/ of the current year (January 1) were as follows: Accounts receivable $ 300,000 Inventory $ 410,000 Total assets $ 2,870,000 ——————– Required:* Compute the missing amounts on the company’s financial statements. *(Input all amounts as positive values. Round your final answers to the nearest whole dollar amount. Omit the “$” sign in your response.)* Tanner Company Income Statement For the Year Ended December 31 Sales $4,400,000 Cost of goods sold [INPUT] ——————– Gross margin [INPUT] Selling and administrative expenses [INPUT] ——————– Net operating income [INPUT] Interest expense 59,000 ——————– Net income before taxes [INPUT] Income taxes (40%) [INPUT] ——————– Net income $ [INPUT] ——————– ——————– ——————– Tanner Company Balance Sheet December 31 Current assets: Cash $ [INPUT] Accounts receivable, net [INPUT] Inventory [INPUT] ——————– Total current assets [INPUT] Plant and equipment, net [INPUT] ——————– Total assets $ [INPUT] ——————– ——————– Current liabilities $260,000 Bonds payable, 10% [INPUT] ——————– Total liabilities [INPUT] ——————– Stockholders’ equity: Common stock, $2.60 par value [INPUT] Retained earnings [INPUT] ——————– Total stockholders’ equity [INPUT] ——————– Total liabilities and stockholders’ equity $ [INPUT]

The following information is available about the company:

a. Selected financial ratios computed from the statements above are given below:

Current ratio 2.80 Acid-test ratio 1.15 Accounts receivable turnover 16.0 Inventory turnover 8.0 Debt-to-equity ratio 0.850 Times interest earned 8.0 Earnings per share $ 4.13 Return on total assets 12 % ——————–

b. All sales during the year were on account. c. The interest expense on the income statement relates to the bonds payable; the amount of bonds outstanding did not change throughout the year. d. There were no changes in the number of shares of common stock outstanding during the year.

e. Selected balances at the /beginning/ of the current year (January 1) were as follows:

Accounts receivable $ 300,000 Inventory $ 410,000 Total assets $ 2,870,000 ——————–

  • Required:* Compute the missing amounts on the company’s financial statements. *(Input all amounts as positive values. Round your final answers to the nearest whole dollar amount. Omit the “$” sign in your response.)*

Tanner Company Income Statement For the Year Ended December 31 Sales $4,400,000 Cost of goods sold [INPUT] ——————– Gross margin [INPUT] Selling and administrative expenses [INPUT] ——————– Net operating income [INPUT] Interest expense 59,000 ——————– Net income before taxes [INPUT] Income taxes (40%) [INPUT] ——————– Net income $ [INPUT] ——————– ——————– ——————–

Tanner Company Balance Sheet December 31 Current assets: Cash $ [INPUT] Accounts receivable, net [INPUT] Inventory [INPUT] ——————– Total current assets [INPUT] Plant and equipment, net [INPUT] ——————– Total assets $ [INPUT] ——————– ——————–

Current liabilities $260,000 Bonds payable, 10% [INPUT] ——————– Total liabilities [INPUT] ——————– Stockholders’ equity: Common stock, $2.60 par value [INPUT] Retained earnings [INPUT] ——————– Total stockholders’ equity [INPUT] ——————– Total liabilities and stockholders’ equity $ [INPUT]

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