The condensed statements of Organic Grocery Corporation follow. Required 1. Calculate each year?s current ratio. 2. Express
Question:
The condensed statements of Organic Grocery Corporation follow.
Required
1. Calculate each year?s current ratio.
2. Express the income statement data in common-size percentages.
3. Express the balance sheet data in trend percentages with 2018 as the base year.
Analysis Component: Comment on any significant relationships revealed by the ratios and percentages.
Transcribed Image Text:
Organic Grocery Corporation Income Statement ($000) Organic Grocery Corporation Balance Sheet ($000) December 31 For Years Ended December 31 2019 2018 2020 2018 2020 2019 $784,000 $659,200 $568,000 Net sales. Assets $180,800 $100,000 $143,200 Cost of goods sold. 436,000 346,400 270,400 Current assets. Investments. 5,600 21,600 Gross profit from sales $348,000 $312,800 $297,600 $104,800 $ 82,800 $ 87,200 Plant and equipment, Selling expenses. 408,000 424,000 313,600 $588,800 $529,600 $478,400 net. Administrative Total assets. 78,400 83,600 76,000 expenses. Liabilities and Equity Total expenses. $183,200 $166,400 $163,200 $ 88,000 $ 73,600 $ 61,600 Current liabilities. Profit before taxes $164,800 $146,400 $134,400 Common shares 156,800 156,800 128,000 Income taxes 57,680 51,240 47,040 Retained earnings. 344,000 299,200 288,800 $107,120 $ 95,160 $ 87,360 Profit.. Total liabilities and equity. $588,800 $529,600 $478,400
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Part 1 Current ratios December 31 2020 18080088000 205 to 1 December 31 2019 10000073600 136 to 1 De...View the full answer
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Related Book For
Fundamental Accounting Principles Volume II
ISBN: 978-1260305838
16th Canadian edition
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann
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