MANAGERIAL ACCOUNTING HANDOUT PROBLEM 15 Score Nume Section Problem (10 points). Incomplete financial statements for Maris Industries are attached. The attached additional information is available about the company REQUIRED: Compute the missing amounts, labeled A through S, on the company's financial statements below. Show all supporting calculations. Page 2 of 4 MARIS INDUSTRIES BALANCE SHEET AS OF MARCH 31, 20x8 LIABILITIES ASSETS MARIS INDUSTRIES ADDITIONAL INFORMATION FOR FINANCIAL STATEMENT ANALYSIS FOR FISCAL YEAR ENDING MARCH 31, 2018 (a) All sales during the year were credit sales. (hi There were no issues cir retirements of common stick during the year, (c) The interest expense on the income statement relates to the bonds payable. The amount of bonds outstanding did not change during the year (d Selected balances at the heginning of the curent fiscal year (April 1, 2(XT) are given below. Current Assels: Current Liabilities S 320,10) A Bonds Payable, 10% TOTAL LIABILITIES 13 11 Cash Accounts Receivable, Net Inventory Talal Current Assels Plant and Equipment, Net $ Acoxunts Receivable Inventory Total Annels 2701.(100) 360,000 D E I 1,MIXICID) ] STOCKHOLDERS' EQUITY Common Stock, 35 par value Retained Earnings TOTAL STOCKHOLDERS EQUITY TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY K (e) Selected financial ralios computed from the staternents atcive for the current year are given below. TOTAL ASSETS F L. $ 3.00) Earnings Per Share Debt to Equity Ratio Accounts Receivable Turnover Current Ratio Return ou Average Total Assets Times Interest Eamed Quick Ralia (Acid Test Ratio) Inventory Tumover 0.875 to 1 14.00 times 2.75 to 1 18.00% 7.75 times 1.25 in 1 6.50 times Page 4 of 4 MARIS INDUSTRIES INCOME STATEMENT FOR YEAR ENDED DECEMBER 31, 20X8 Sales S 4,200,000 M N P Less: Cost of Goods Sold Gross Profit From Sales Less: Operating Expenses Income Before Interest and Income Taxes Less: Interest Expensc Income Before Income Taxes Less: Income Taxes (30%) Net Income 80,000 0 R S