Question: Use the information provided about Voligny Inc. (Voligny) to determine the missing information from its December 31, 2017 balance sheet and for the income statement
Use the information provided about Voligny Inc. (Voligny) to determine the missing information from its December 31, 2017 balance sheet and for the income statement for the year ended December 31, 2017. For all final amounts determined for the balance sheet and income statement, round to thousands of dollars.
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Additional information:
¢ No dividends were paid during the year.
¢ There are no preferred shares outstanding.
¢ All sales and purchases of inventory are on credit.
¢ No new common shares were issued during the year and no common shares were repurchased during the year.
¢ Tax rate? 20%.
¢ Gross margin percentage? 45%.
¢ Profit margin percentage? 10%.
¢ Interest coverage ratio? 4.906
¢ EPS? $0.75.
¢ Inventory turnover ratio? 2.716.
¢ Accounts receivable turnover ratio? 7.547.
¢ Accounts payable turnover ratio? 7.222.
¢ Debt-to-equity ratio? 0.586.
¢ Current ratio?4.293.
Voligny Inc. Balance Sheets As of December 31 2017 2016 Cash Accounts receivable Inventory Capital assets (net) Total assets Accounts payable Long-term debt Common shares Retained earning:s Total liabilities and shareholders' equity $ 25,000 125,000 185,000 925,000 $1,260,000 $ 70,000 450,000 200,000 540,000 $1,260,000 Voligny Inc. Income Statement For the Year Ended December 31, 2017 Revenue Cost of sales Gross margin Selling general and administrative expenses Interest expense Income before taxes Income tax expense Netincome S 100,000
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Voligny Inc Balance Sheets As of December 31 2017 2016 Cash 35000 25000 11 Accounts receivable 140000 125000 8 Inventory 220000 185000 7 Capital asset... View full answer
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