Old MathJax webview

Old MathJax webview

Old MathJax webview

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Income Statement Anne Elizabeth Company For the Year Ended December 31, 2010 Net sales Cost of goods sold Gross profit 2010 $718,500 580.000 $138,500 2009 $650,500 520.000 $130,500 2008 $640,000 515,000 $125,000 Operating expenses: Selling, general, and administrative Interest Earnings before income taxes Income taxes Net earnings $ 71,000 4,000 $ 75,000 $ 53,500 30.000 $ 33.500 $ 67,000 3,000 $ 70,000 $ 60,500 29,000 $31.500 $ 5,000 2,500 $ 67,500 $57,500 28,000 $ 29,500 Required: Compute the following ratios for 2010: 1. Accounts receivable turnover 2. Merchandise inventory turnover 3. Working capital 4. Current ratio 5. Acid-test ratio (conservative) 6. Sales to working capital Question No 4 (15) Income Statement Anne Elizabeth Company For the Year Ended December 31, 2010 Net sales Cost of goods sold Gross profit 2010 $718,500 580.000 $138.500 2009 $650,500 520,000 $130,500 2008 $640,000 515.000 $125.000 Operating expenses: Selling, general, and administrative Interest $ 71,000 4.000 $ 75,000 $ 63,500 30.000 $ 33,500 $ 67,000 3.000 $ 70.000 $ 60.500 29.000 $31.500 $ 65,000 2.500 $ 67,500 $ 57,500 28.000 $29.500 Earnings before income taxes Income taxes Net earnings Required Compute the following ratios for 2010: 1. Accounts receivable turnover 2. Merchandise inventory turnover 3. Working capital 4. Current ratio 5. Acid-test ratio (conservative) Sales to working capital 6. Income Statement Anne Elizabeth Company For the Year Ended December 31, 2010 Net sales Cost of goods sold Gross profit 2010 $718,500 580.000 $138,500 2009 $650,500 520.000 $130,500 2008 $640,000 515,000 $125,000 Operating expenses: Selling, general, and administrative Interest Earnings before income taxes Income taxes Net earnings $ 71,000 4,000 $ 75,000 $ 53,500 30.000 $ 33.500 $ 67,000 3,000 $ 70,000 $ 60,500 29,000 $31.500 $ 5,000 2,500 $ 67,500 $57,500 28,000 $ 29,500 Required: Compute the following ratios for 2010: 1. Accounts receivable turnover 2. Merchandise inventory turnover 3. Working capital 4. Current ratio 5. Acid-test ratio (conservative) 6. Sales to working capital Question No 4 (15) Income Statement Anne Elizabeth Company For the Year Ended December 31, 2010 Net sales Cost of goods sold Gross profit 2010 $718,500 580.000 $138.500 2009 $650,500 520,000 $130,500 2008 $640,000 515.000 $125.000 Operating expenses: Selling, general, and administrative Interest $ 71,000 4.000 $ 75,000 $ 63,500 30.000 $ 33,500 $ 67,000 3.000 $ 70.000 $ 60.500 29.000 $31.500 $ 65,000 2.500 $ 67,500 $ 57,500 28.000 $29.500 Earnings before income taxes Income taxes Net earnings Required Compute the following ratios for 2010: 1. Accounts receivable turnover 2. Merchandise inventory turnover 3. Working capital 4. Current ratio 5. Acid-test ratio (conservative) Sales to working capital 6