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Sunshine’s comparative balance sheets are given below.
Sunshine corporation Balance Sheets December 31

                                          2007        2006
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

Sunshine’s 2007 income statement included net sales of $100,000, cost of goods sold of $60,000, and net income of $15,000.
Instructions

find out the given ratios for 2007.

(a) Asset turnover
(b) Acid-test ratio.
(c) Receivables turnover.
(d) Inventory turnover.
(e) Profit margin.
(f) Current ratio.
(g) Debt to total assets ratio
(h) Return on common stockholders’ equity.
(i) Return on assets.

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  • Category:- Accounting Basics
  • Reference No.:- M99867

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