LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2022 and 2023 Gross sales Sales...
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LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2022 and 2023 Gross sales Sales returns and allowances Net sales Cost of merchandise (goods) sold Gross profit Operating expenses: Depreciation Selling and administrative Research Miscellaneous Total operating expenses Income before interest and taxes Interest expense Income before taxes Provision for taxes Net income 2023 $ 19,800 900 $ 18,900 11,800 $ 7,100 $ 780 2,800 2022 $ 15,600 100 $ 15,500 8,800 $ 6,700 $ 640 2,400 540 630 440 340 $ 4,650 $ 3,920 $ 2,450 640 $ 1,810 724 $ 1,086 $ 2,780 540 $ 2,240 896 $ 1,344 LOGIC COMPANY Comparative Balance Sheet December 31, 2022 and 2023 Assets Current assets: Cash Accounts receivable Merchandise inventory Prepaid expenses Total current assets Plant and equipment: Building (net) Land Total plant and equipment 2023 2022 $ 12,300 16,900 8,900 24,400 $ 62,500 $ 14,900 13,900 $ 9,400 12,900 14,400 10,400 $ 47,100 $ 11,400 9,400 $ 20,800 $ 67,900 $ 28,800 Total assets $ 91,300 Liabilities Current liabilities: Accounts payable Salaries payable $ 13,400 7,500 Total current liabilities $ 20,900 Long-term liabilities: Mortgage note payable Total liabilities Stockholders' Equity Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $ 91,300 22,200 $ 43,100 $ 21,400 26,800 $ 48,200 $ 7,400 5,400 $ 12,800 20,900 $ 33,700 $ 21,400 12,800 $ 34,200 $ 67,900 Calculate the acid test ratio. Note: Do NOT enter your answer as a percentage (i.e., do not move the decimal two places to the right). Enter it as a proportion rounded to the nearest hundredth. 2023 2022 Acid test ratio LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2022 and 2023 Gross sales Sales returns and allowances Net sales Cost of merchandise (goods) sold Gross profit Operating expenses: Depreciation Selling and administrative Research Miscellaneous Total operating expenses Income before interest and taxes Interest expense Income before taxes Provision for taxes Net income 2023 $ 19,800 900 $ 18,900 11,800 $ 7,100 $ 780 2,800 2022 $ 15,600 100 $ 15,500 8,800 $ 6,700 $ 640 2,400 540 630 440 340 $ 4,650 $ 3,920 $ 2,450 640 $ 1,810 724 $ 1,086 $ 2,780 540 $ 2,240 896 $ 1,344 LOGIC COMPANY Comparative Balance Sheet December 31, 2022 and 2023 Assets Current assets: Cash Accounts receivable Merchandise inventory Prepaid expenses Total current assets Plant and equipment: Building (net) Land Total plant and equipment 2023 2022 $ 12,300 16,900 8,900 24,400 $ 62,500 $ 14,900 13,900 $ 9,400 12,900 14,400 10,400 $ 47,100 $ 11,400 9,400 $ 20,800 $ 67,900 $ 28,800 Total assets $ 91,300 Liabilities Current liabilities: Accounts payable Salaries payable $ 13,400 7,500 Total current liabilities $ 20,900 Long-term liabilities: Mortgage note payable Total liabilities Stockholders' Equity Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $ 91,300 22,200 $ 43,100 $ 21,400 26,800 $ 48,200 $ 7,400 5,400 $ 12,800 20,900 $ 33,700 $ 21,400 12,800 $ 34,200 $ 67,900 Calculate the acid test ratio. Note: Do NOT enter your answer as a percentage (i.e., do not move the decimal two places to the right). Enter it as a proportion rounded to the nearest hundredth. 2023 2022 Acid test ratio
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To calculate the free cash flows FCF for Logic Company we would need information about the cash flows from operating activities cash flows from investing activities and cash flows from financing activities Unfortunately the given information only includes the balance sheet which does not provide the necessary details for calculating FCF FCF is typically derived from the cash flow ... View the full answer
Related Book For
College Accounting Chapters 1-30
ISBN: 9781260247909
16th Edition
Authors: David Haddock, John Price, Michael Farina
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