Instructions Generalized Statement Financial Ratios 1. Based on the financial statements for Jackson Enterprises (income statement, statement of owner's equity, and balance sheet) shown below, prepare the following financial ratios. All sales are credit sales. The Accounts Receivable balance on January 1, 20-, was $21,600. Assume 365 days per year. If required, round your answers to two decimal places. For return on owner's equity, enter as a percent but do not include percent sign. Round average number of days answers to one decimal place. 1. Working capital 2. Current ratio 3. Quick ratio 4. Return on owner's equity 5. Accounts recelvable turnover and average number of days required to collect receivables 6. Inventory turnover and average number of days required to sell inventory Jackson Enterprises Income Statement 832 PM ^ 5/20/2019 Calculator Instructions Generalized Statement Instructions Revenue from sales: $184,200 Sales 2,100 Less sales returns and allowances Net sales $182,100 Cost of goods sold: Merchandise inventory, January 1, 20 $31,300 Purchases $92,800 Less: Purchases returns and allowances $1,800 Purchases discounts 1,856 3,656 Net purchases $89,144 Add freight-in 933 Cost of goods purchased 90,077 Instructions $121,377 Goods available for sale 28,177 Less merchandise inventory, December 31, 20- 93,200 Cost of goods sold Gross profit $88,900 Operating expenses: Wages expense $38,000 Advertising expense 1,180 Supplies expense 380 Phone expense 2,210 Utilities expense 11,000 Insurance expense 900 Depreciation expense-building 4,000 F3 F4 F5 F6 F7 F8 F9 F10 F11 nload Redempt... COS X Reybdiu sl0I 3,800 Depreciation expense-equipment 530 Miscellaneous expense 62,000 Total operating expenses $26,900 Income from operations Other revenues: $1,800 Interest revenue Other expenses 900 900 Interest expense $27,800 Net income Jackson Enterprises Statement of Owner's Equity Check My Work 5 more Check My Work uses remaining All work saved. . B. Gray, capital, January 1, 20-- $88,000 Net income for the year $27,800 Less withdrawals for the year 11,600 Increase in capital 16,200 J. B. Gray, capital, December 31, 20-- 104,200 Jackson Enterprises Balance Sheet December 31, 20 - Assets Current assets: Cash $20,800 Check My Work 5 more Check My Work uses remaining All work saved. F5 18,900 Accounts receivable 28,177 Merchandise inventory 1,323 Supplies Prepaid insurance 900 $70,100 Total current assets Property, plant, and equipment: Building $90,000 28,000 $62,000 Less accumulated depreciation-building Equipment $33,000 ss accumulated depreciation equiement 7.500 25. 500 7,500 25,500 Total property, plant, and equipment 87,500 otal assets $157,600 5 more Check My Work uses remaining Check My Work All work saved. F4 FS F6 F7 F8 F9 F10 F11 F12 Dowhiodddemp eyboara shor.. acebook lightningnewtab Tam Liabilities Current liabilities: Accounts payable $12,600 Wages payable 500 Sales tax payable 1,200 Mortgage payable (current portion) 800 Total current liabilities $15,100 Long-term liabilities: Mortgage payable $39,100 Less current portion 800 38,300 Total liabilities $53,400 Owner's Equity Check My Work 5 more Check My Work uses remaining All work saved F3 F4 F5 F6 F7 F8 F9 F10 F11 F12 owner's Equity 104,200 B. Gray, capital $157,600 Total liabilities and owner's equity Check My Work 5 more Check My Work uses remaining All work saved. F5 F6 F7 F8 F9 F10 F11 4 5 6 8 P Generalized Statement 1. Based on the financial statements for Jackson Enterprise below, prepare the following financial ratios. All sales are credit sales. The Accounts Recelvable balance on January 1, 20-, was $21,60o Assume 365 days per year. If required, round your answers to two decimal places. For return on owner's equity, enter as a percent but d not Include percent sign. Round average number of days answers to one decimal place. s (income statement, statement of owner's equity, and balance sheet) show Jackson Enterprises December 31, 20- Working capltal: Tot Current ratio: to 1 Quick ratio: to 1 Return on owner's equity: Cur Accounts receivable turnover Average number of days required to collect receivables 836 PM Jackson Enterprises Pro December 31, 20- Working capital: to 1 E Current ratio: to 1 Quick ratio: Return on owner's equity: )hot Accounts receivable turnover: Average number of days required to collect receivables u Inventory turnover Average number of days required to sell inventory Check My Work 5 more Check My Work uses remaining F7 F8 F9 F10 F11 F12 4 5 6 8 9