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problem: Scully Corporation's comparative balance sheets are given below.

SCULLY CORPORATION

Balance Sheets

31-Dec

 

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, & net income of $15,000.

Instructions;
[A] Profit margin.
[B] Asset turnover
[C] Return on assets
[D] Return on common stockholders' equity
[E] Debt to total assets ratio

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M922512

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