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Q1) Reflect 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 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 balance sheet and income statement, to extent the information allows. Accompany those financial statement with computations you used to evaluate each amount reported.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M922487

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