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

SCULLY CORPORATION Balance Sheets December 31





$ 4,300

$ 3,700

Accounts receivable












Accumulated depreciation






Accounts payable

$ 12,370

$ 31,100

Common stock



Retained earnings






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


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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