Current Attempt in Progress Sunland Medical manufactures hospital beds and other institutional furniture. The company's comparative...
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Current Attempt in Progress Sunland Medical manufactures hospital beds and other institutional furniture. The company's comparative balance sheet and income statement for 2019 and 2020 follow. Sunland Medical Comparative Balance Sheet As of December 31 2020 2019 Assets Current assets Cash $390,000 $417,450 Accounts receivable, net 1079,000 776,450 Inventory 729,000 681,100 Other current assets 381,400 247,100 Tatal current assets 2,579,400 2,122,100 Property, plant, & cquipment, net 8,659,740 8,439,815 Tatal assets $11,239,140 S10,561,915 Liabilities and Stockholders' Equity Current liabilities $3,178,000 $2,846,050 Long-term debt 3,702,700 3,892,600 Tatal liabilities 6,880,700 6,738,650 Preferred stock, $5 par value 58,900 58,900 Common stock, $0.25 par valus 104,600 103,850 Ratained earnings 4,194,940 3,660,515 Tatal stocicholdars' equity 4,358,440 3,823,265 Tatal liabilities and stockholders' equity $11,239,140 $10,561,915 Sunland Medical Comparative Income Statement and Statement of Retained Earmings For the Year 2020 2019 Salas revenue (all on account) $10,177,200 $9,614.000 Cost of goods sold 5,611950 5,298.800 Gross profit 4,565.250 4,315.200 Operating erpenses 2,840.200 2,634.150 Net operating incoms 1,725,050 1,681.050 Interest expense 300.300 308.600 Net income before taves 1,424,750 1,372.450 Income taves (306) 427,425 411735 Netincoma $997.325 $950.715 Dividends paid Preferred dividands 29,550 29,450 Common dividends 433,350 412.100 Total dividends paid 462.900 442.550 Net income ratained 534425 518.165 Retained earnings, beginning of year 3,660.515 3,142.350 Retained earnings, and of year $4,194,940 $3,660.515 Calculasa the follaving leverageratios for 2020 (Round all answers to 2 decimal places, eg. 2.55Kor 255) a Debt ratio E. Debt-to-aquity ratio times e Times interast earned ratio Current Attempt in Progress Sunland Medical manufactures hospital beds and other institutional furniture. The company's comparative balance sheet and income statement for 2019 and 2020 follow. Sunland Medical Comparative Balance Sheet As of December 31 2020 2019 Assets Current assets Cash $390,000 $417,450 Accounts receivable, net 1079,000 776,450 Inventory 729,000 681,100 Other current assets 381,400 247,100 Tatal current assets 2,579,400 2,122,100 Property, plant, & cquipment, net 8,659,740 8,439,815 Tatal assets $11,239,140 S10,561,915 Liabilities and Stockholders' Equity Current liabilities $3,178,000 $2,846,050 Long-term debt 3,702,700 3,892,600 Tatal liabilities 6,880,700 6,738,650 Preferred stock, $5 par value 58,900 58,900 Common stock, $0.25 par valus 104,600 103,850 Ratained earnings 4,194,940 3,660,515 Tatal stocicholdars' equity 4,358,440 3,823,265 Tatal liabilities and stockholders' equity $11,239,140 $10,561,915 Sunland Medical Comparative Income Statement and Statement of Retained Earmings For the Year 2020 2019 Salas revenue (all on account) $10,177,200 $9,614.000 Cost of goods sold 5,611950 5,298.800 Gross profit 4,565.250 4,315.200 Operating erpenses 2,840.200 2,634.150 Net operating incoms 1,725,050 1,681.050 Interest expense 300.300 308.600 Net income before taves 1,424,750 1,372.450 Income taves (306) 427,425 411735 Netincoma $997.325 $950.715 Dividends paid Preferred dividands 29,550 29,450 Common dividends 433,350 412.100 Total dividends paid 462.900 442.550 Net income ratained 534425 518.165 Retained earnings, beginning of year 3,660.515 3,142.350 Retained earnings, and of year $4,194,940 $3,660.515 Calculasa the follaving leverageratios for 2020 (Round all answers to 2 decimal places, eg. 2.55Kor 255) a Debt ratio E. Debt-to-aquity ratio times e Times interast earned ratio
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Answer rating: 100% (QA)
Solution a Debt ratio measures the extent of companys leverage Debt ratio is calculated b... View the full answer
Related Book For
Financial and Managerial Accounting
ISBN: 978-0132497978
3rd Edition
Authors: Horngren, Harrison, Oliver
Posted Date:
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