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Q1) Scully Corporation's comparative balance sheets are given below.

SCULLY CORPORATION Balance Sheets December 31

 

2008

2007

Cash

$ 4,300

$ 3,700

Accounts receivable

21,200

23,400

Inventory

10,000

7,000

Land

20,000

26,000

Building

70,000

70,000

Accumulated depreciation

(15,000)

(10,000)

Total

$110,500

$120,100

Accounts payable

$ 12,370

$ 31,100

Common stock

75,000

69,000

Retained earnings

23,130

20,000

Total

$110,500

$120,100

Scully's 2008 income statement included net sales of $100,000, cost of goods sold of $60,000, and net income of $15,000.

problems

find out the following ratios for 2008.

(a) Current ratio.

(b) Acid-test ratio.

(c) Receivables turnover.

(d) Inventory turnover.

(e) Profit margin.

(f) Asset turnover.

(g) Return on assets.

(h) Return on common stockholders' equity.

(i) Debt to total assets ratio.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M917214

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