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QUESTION 8 (21 Marks) PART A (18 marks) Account information from the comparative financial statements of Hopkins Lid. for the year ended December 31 appears below: 2019 2018 Accounts receivable $129,000 $48,900 Accounts payable 62,000 51,000 Accumulated Depreciation 60,000 30,000 Bonds Payable (due June 30, 2030) 200,000 200,000 Building 280,000 280,000 Cash 95,000 42,000 Common Shares 100,000 100,000 Cost of goods sold 510,000 390,000 Depreciation expense 30,000 30,000 Income tax expense 20,000 18,000 Income tax payable 4,000 3,800 Interest expense 39,000 32,000 Interest payable 7,500 6,000 Inventory 74,000 55,000 Land 120,000 120,000 Notes Payable (due in 6 months) 40,000 Office supplies 5,500 2,900 Operating expenses 275,000 240,000 Prepaid insurance 20,000 16,000 Retained Earnings, January 1st 174,000 64,000 Sales (net credit) 950,000 820,000 REQUIRED: Using the information above (all accounts have a normal balance), calculate the following ratios for 2019 indicating whether it is a ratio (x:x), a percentage (to 2 decimal places xx.xx), times (to 2 decimal places), or days (cannot have a part day): (1.5 marks each) Hint - if you prepare classified/multiple step financial statements first, it may be easier to do the calculations. 11 School of Business 2016, Southern Alberta Institute of Technology $8SAIT INTRODUCTORY FINANCIAL ACCOUNTING I 1. Current ratio 2. Return on common shareholders' equity 3. Receivables turnover Average collection period 5. Times interest earned 6. Profit margin 7. Inventory turnover 8. Days in inventory 9. Return on assets 10. Gross profit margin 11. Debt to total assets 12. Asset turnover