The condensed statements of Ipex Inc. follow: Required Rounding calculations to two decimal places: 1. Calculate each
Question:
Required
Rounding calculations to two decimal places:
1. Calculate each years current ratio.
2. Express the income statement data in common-size percents.
3. Express the balance sheet data in trend percentages with 2012 as the base year.
Analysis Component: Comment on any significant relationships revealed by the ratios andpercents.
Transcribed Image Text:
lpex Inc. Income Statement ($000) For Years Ended December 31 lpex Inc. Balance Sheet ($000) December 31 2014 2013 2012 2014 2013 2012 $207,200 $190,400 165,200 Assets Cost of goods sold124,734 119,000 105,728 Current asset33,936 $26,547 $35,454 Gross profit from sales S 82,466 S 71,400 Selling expens 63,000 67,200 39,900 Administrative expenses 18,731 26,755 13,629 Total operating expenses.. 47,988 S 53,030 S 35,435 Liabilities and Equity 59,472 Long-term investments 0 350 2,604 s 29,257 S 26,275 21,806 Plant and equipment, net. Total assets. $ 34,478 S 18,370 $ 24,037Current liabilities.. 6,423 4,873 Common shares 12,563 S 19,164 Retained earnings 56,700 56,700 42,000 26,096 23,425 22,322 Total liabilities and equity.$96,936 $94,097 $77,958 5,807 Income taxes. Net income... S 28,055
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 60% (15 reviews)
tr msoheightsourceauto col msowidthsourceauto br msodataplacementsamecell style0 msonumberformatGeneral textaligngeneral verticalalignbottom whitespacenowrap msorotate0 msobackgroundsourceauto msopatt...View the full answer
Answered By
Zablon Gicharu
I am an educator who possesses the requisite skills and knowledge due to interacting with students for an extended period. I provide solutions to various problems in step-by-step explanations, a well-thought approach and an understandable breakdown. My goal is to impart more straightforward methodologies and understanding to students for more remarkable achievements.
5.00+
4+ Reviews
10+ Question Solved
Related Book For
Fundamental Accounting Principles Volume II
ISBN: 978-1259066511
14th Canadian Edition
Authors: Larson Kermit, Jensen Tilly
Question Posted:
Students also viewed these Accounting questions
-
The following table represents admission data of two programs for the given years: 2009/10 2010/11 2011/12 99 136 112 307 309 297 Computer Systems Technician Computer Systems Technology a) What...
-
Suppose that 75% of the workers have indexed labour contracts. The Phillips curve is given by = + 0.10- 2u. Expected inflation is given by n = (1-0) + 0-1 where is assumed to be one. Suppose that...
-
The condensed statements of Yaterra Corporation follow. Required 1. Calculate each years current ratio. 2. Express the income statement data in common-size percents. 3. Express the balance sheet data...
-
Find RL for maximum power transfer and the maximum power that can be transferred to the load in the circuit in figure. 1 mA 1 kn 2 mA RL 0.5 kn 1 kn 2 mA +)6 V
-
The altitude of a triangle is increasing at a rate of 1 cm/min while the area of the triangle is increasing at a rate of 2 cm2/min. At what rate is the base of the triangle changing when the altitude...
-
Do an online search using the search term Fair Credit Reporting Act. Explain how this law addresses credit report errors.
-
A system with a single degree of freedom is governed by the Lagrangian \(L=e^{\beta t}\left(\frac{1}{2} m \dot{q}^{2}- ight.\) \(\frac{1}{2} k q^{2}\). (a) Write down the equation of motion. What...
-
On June 1, 2014, Sam Near created a new travel agency called Tours-For-Less. These activities occurred during the company's first month: June 1 Near created the new company by investing $40,000 cash,...
-
21 -0.04 The concentration of a drug in an organ at any time t(in seconds) is given by x(t)=0.08+0.13e where x(t) is measured in grams/cubic centimeter 3 (g/cm). Round your answer to the nearest...
-
Suppose that the point spread for a particular sporting event is 10 points and that with this spread you are convinced you would have a 0.60 probability of winning a bet on your team. However, the...
-
You have been given the opportunity to assist the board members of a charitable organization with their decision to invest excess funds into either Reitmans (Canada) Limited or Danier Leather Inc.,...
-
Marsulex Inc. began the month of March with $750,000 of current assets, a current ratio of 2.5 to 1, and an acid-test ratio of 1.1 to 1. During the month, it completed the following transactions:...
-
In the case of known and , what control limits are necessary for the probability of a single point being outside the limits for an in-control process to be .005?
-
Describe the elements of a cafeteria plan and what are the beneficial aspects of such a plan for employers and employees.
-
What income tax effect does a partnership's receipt of tax-exempt interest and the proceeds of key-person life insurance payable on account of the death of the insured have upon the partnership...
-
Can a student attending a class in night school qualify as a full-time student?
-
How does a joint and survivor annuity differ from a single person annuity? How is the computation of the exclusion different for the joint annuity?
-
How do exchanging shareholders and security holders determine their basis for the stock and securities received in a corporate reorganization?
-
Understand the content theories of motivation.
-
Nike manufactures shoes and sportswear. How has the Internet changed the way this company communicates with its suppliers and retail customers?
-
Unilever Group, a Dutch-based consumer-goods company that publishes IFRS-based financial statement, reported a net profit on its 2008 income statement of 5.3 billion euros. That same year the company...
-
The SEC form 10 k of NIKE is reproduced in Appendix C. Required Review the NIKE 10k, and answer the following questions. (a) What percentage if NIKEs total assets were provided by liabilities,...
-
Merck & Co. declared dividends (dollars in Millions) of $3,250.4 (2008), $3,310.7 (2007), and $3,318.7 (2006). Cash payments for dividends reported on the statement of cash flows for the three year...
-
define some sources of data used for national income accounting. Once you have identified three or more, look them up and report what you have found.?
-
1. In January, Sheila decided she needs a new truck. She only drives F-250 Ford pickups. Sheila, and probably many other consumers, know that Ford Truck Month occurs in February and March of each...
-
Why did Amazon choose UK as its first foreign entry location and not other countries such as Canada or Australia?
Study smarter with the SolutionInn App