Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

The comparative statements of Corbin Company are presented below.
Income statement
For the Years Ended December 31
2015 2014
Net sales (all on amount) $595,000 $520,000
Expenses
Cost of goods sold 415,000 354,000
Selling and administrative 120,800 114,800
Interest expense 7,800 6,000
Income tax expense 15,000 14,000
Total expense 558,600 488,800
Net income $ 36,400 $ 31,200

Assets 2015 2014
Current assets
Cash $21,000 $18,000
Short-term investments 18,000 15,000
Accounts receivable (net) 91,000 74,000
Inventory 85,000 70,000
Total current assets 215,000 177,000
Plant assets (net) 423,000 383,000
Total assets $638,000 $560,000

Liabilities and Stockholders' Equity 2015 2014
Current liabilities
Accounts payable $122,000 $110,000
Income taxes payable 23,000 20,000
Total current liabilities 145,000 130,000
Long-term liabilities
Bonds payable 120,000 80,000
Total liabilities 265,000 210,000
Stockholders' equity
Common stock ($5 par) 150,000 150,000
Retained earnings 223,000 200,000
Total stockholders' equity 373,000 350,000
Total liabilities and stockholders' equity $638,000 $560,000

Additional data:
The common stock recently sold recently sold at $19.50 per share.

Compute the following ratios for 2015.
a. Current ratio h. Return on common stockholders' equity
b. Acid-test ratio I. Earning per share
c. Accounts receivable turnover j. Price-earning ratio
d. Inventory turnover k. Payout
e. Profit margin l. Debt to assets ratio
f. Asset turnover m. Times interest earned
g. Return on assets

 

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M940146

Have any Question? 


Related Questions in Accounting Basics

Modified accrual accounting and general fund itemscomplete

Modified Accrual Accounting and General Fund Items Complete the following questions based on the Chapter 4 material: • Outline revenue recognition criteria under modified accrual accounting. Include specific requirements ...

Question 1the production manager of rordan corporation has

Question 1: The production manager of Rordan Corporation has submitted the following forecast of units to be produced by quarter for the upcoming fiscal year:                                             1st Quarter      ...

The trial balance before adjustment for sheffield company

The trial balance before adjustment for Sheffield Company shows the following balances.   Dr. Cr. Accounts Receivable $84,800 Allowance for Doubtful Accounts 2,420 Sales Revenue   $434,200 Using the data above, give the ...

Comprehensive problem 1morgan companys balance sheet at

Comprehensive Problem 1 Morgan Company's balance sheet at December 31, 2016, is presented below. Morgan Company Balance Sheet December 31, 2016 Cash $30,000 Accounts Payable $12,250 Inventory 3050 Interest Payable 300 Pr ...

I on 1115 big co acquired 70 of little co for 350000 euros

I) On 1/1/15 Big Co. acquired 70% of Little Co. for 350,000 Euros (€). The fair value of the non-controlling interest on that date was €150,000. Little's book value on that date was €500,000, and all assets and liabiliti ...

Accounting questionin germany and china separate

Accounting Question: In Germany and China separate institutions established by law carry out the roles of public accounting and auditing. What is the impact of this professional practice on the usefulness of internationa ...

Course project portfolio of international accounting

Course Project: Portfolio of International Accounting Findings Throughout your course work, you explored topics such as cost and revaluation models of accounting, revenue recognition, assets and liabilities, translation ...

Intermediate management accounting1carpe diem co reported

Intermediate Management Accounting 1. Carpe Diem Co. reported the following variances for the period: Direct materials price variance $1,700 U Direct labour efficiency variance 23,600 U Fixed overhead volume variance 10, ...

Business assignmentthe comany i have choosen is upsresearch

Business Assignment The comany i have choosen is UPS. Research a company that interests you from the Fortune 500. (A list will be provided). Analyze what they do. What business are they in? What industry? How have they b ...

Accounting individual assignmentpart 1 - royal oak taxation

ACCOUNTING INDIVIDUAL ASSIGNMENT PART 1 - Royal Oak Taxation Advisory Service has the following transactions for the month of December 2016: Dec. 1 Commenced business by depositing $50 000 in a bank account in the name o ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro

Describe what you learned about the impact of economic

Describe what you learned about the impact of economic, social, and demographic trends affecting the US labor environmen