Constructing Statements from Ratio Data The following are the 2 0 1 2 financial statements for Omicron
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Question:
Constructing Statements from Ratio Data
The following are the financial statements for Omicron Company, with almost all dollar amounts missing:
OMICRON 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 $
OMICRON 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 Omicron Company's financial statements:
Quick ratio,
Inventory turnover inventory at January was $ times.
Return on sales, percent.
Accounts receivable turnover accounts receivable net at January were $ times.
Gross profit percentage, percent.
Return on common stockholders' equity common stockholders' equity at January was $ percent.
The interest expense relates to the bonds payable that were outstanding all year.
Required
Compute the missing amounts, and complete the financial statements of Omicron Company. Hint: Complete the income statement first.
OMICRON 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 $
OMICRON 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 $
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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