Question

A vertical analysis of the income statement and some other information for Waldron Company follow:
Income Statement
Sales ............. 100%
Cost of goods sold ........ 62
Gross margin .......... 38
Operating expenses ....... 32
Net income ............ 6
Operating expenses .... $ 144,000
Asset turnover ......... 2.5
Ratio of debt to equity ..... 0.5
Current ratio ......... 1.8
Required:
A. Determine the dollar amount for all items shown on the income statement.
B. Compute the dollar amounts for the following balance sheet items:
1. Current assets.
2. Property, plant, and equipment.
3. Total assets.
4. Current liabilities (there are no long- term liabilities).
5. Owners’ equity.
6. Total liabilities and owners’ equity.


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  • CreatedMarch 25, 2015
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