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Q1) Reflect the relationships sustained by convington pike in recent years:

Profit margin on sales =5%

return on assets =7.5%

Gross profit margin =40%

inventory turnover ratio = 6times

receivables turnover ratio = 25

acid- test ratio   = .9

current ratio = 2 to 1

return on shareholders' equity = 10%

debt to equity ratio = 1/3

times interest earned ratio = 12 times

jotted in the margins are the following notes:

net income $15,000

Only one short-term not (5,000); all other current Liabilities are trade accounts

property, plant, and equipment are the only noncurrent assets

bond payable are the only noncurrent liabilities

the effective interest rate on short - term notes and bonds is 8%

no investment securities

Cash balance totals $15,000

problems:

You are requested to approximate current year's balances in form of a balance sheet and income statement, to extent information permits. Accompany those financial statement with computations you used to evaluate each amount reported.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M922217

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