Consider the following comparative income statement and additional balance sheet data for Iconic Fashions, Inc. Additional data

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Consider the following comparative income statement and additional balance sheet data for Iconic Fashions, Inc.

Consider the following comparative income statement and additional balance sheet

Additional data follow:

Consider the following comparative income statement and additional balance sheet

Requirements
1. For 2011 and 2012, compute the five ratios that measure how the business is investing its money and whether it is using its assets efficiently. Round each ratio to two decimal places. Assume all sales on credit.
2. Did the company€™s performance improve or deteriorate during2012?

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
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Financial Accounting

ISBN: 978-0133052152

2nd edition

Authors: Robert Kemp, Jeffrey Waybright

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