Constructing Statements from Ratio Data The following are the financial statements for Timber Company, with almost all
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Constructing Statements from Ratio Data
The following are the financial statements for Timber Company, with almost all dollar amounts missing:
TIMBER COMPANY
Balance Sheet
December Cash Current liabilities Accounts receivable net Bonds payable Inventory Common stock Equipment net Retained earnings Total Assets $ Total Liabilities andStockholders' Equity $
TIMBER COMPANY
Income Statement
For the Year Ended December Sales revenue Cost of goods sold Gross profit Selling and administrative expenses Income before interest expense and income taxes Interest expense Income before income taxes Income tax expense Net income $
The following information is available about Timber Company's financial statements:
Quick ratio,
Current ratio,
Return on sales, percent.
Return on common stockholders' equity common stockholders' equity at January was $ percent.
Gross profit percentage, percent.
Accounts receivable turnover accounts receivable net at January were $ times.
The interest expense relates to the bonds payable that were outstanding all year.
Required
Compute the missing amounts, and complete the financial statements of Timber Company. Hint: Complete the income statement first.
TIMBER COMPANY
Income Statement
For the Year Ended December Sales revenue Cost of goods sold Gross profit Selling and administrative expenses Income before interest expense and income taxes Interest expense Income before income taxes Income tax expense Net income $
TIMBER COMPANY
Balance Sheet
December Cash Current liabilities Accounts receivable net Bonds payable Inventory Common stock Equipment net Retained earnings Total Assets $ Total Liabilities andStockholders' Equity $
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Related Book For
Horngrens Financial and Managerial Accounting
ISBN: 978-0133866292
5th edition
Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura
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