Ch20_P03A - 49,200 Cost of goods sold 514,300 Gross profit...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
Fundamental Accounting Principles Student Name: Instructor Eleventh Canadian Edition, by Larson, Jensen, and Carroll Class: McGraw-Hill Ryerson SPATS Problem 20-3A Press F5, enter a cell reference, and click on <OK> to go to one of the following data entry areas: REPORT REFERENCEPRINT AREA Ratios M1 M4:O31 Given Data T1
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
REPORT REFERENCE Given Data T1 Instructor McGraw-Hill Ryerson SPATS Problem 20-3A Tooner Corporation Ratios (a) Current ratio (b) Acid-test ratio: (c) Days' sales uncollected: (d) Merchandise turnover: (e) Days' sales in inventory (f) Ratio of pledged assets to secured liabilities: (g) Times interest earned: (h) Profit margin (i) Total asset turnover: (j) Return on total assets: (k) Return on common shareholders' equity:
Background image of page 2
Given Data: Tooner Corporation Income Statement For Year Ended December 31, 2005 Sales $805,000 Cost of goods sold: Inventory, 12/31/2004 $62,800 Purchases 500,700 Goods available for sale $563,500 Inventory, 12/31/2005
Background image of page 3
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: 49,200 Cost of goods sold 514,300 Gross profit $290,700 Operating expenses 227,800 Operating income $62,900 Interest expense 9,500 Income before taxes $53,400 Income taxes 15,720 Net income $37,680 Tooner Corporation Balance Sheet December 31, 2005 Assets Cash $18,500 Temporary investments 20,400 Accounts receivable, net 43,400 Notes receivable 8,800 Merchandise inventory 49,200 Prepaid expenses 4,800 Plant assets, net 272,100 Total assets $417,200 Liabilities and Shareholder's Equity Accounts payable $40,700 Accrued wages payable 5,200 Income taxes payable 5,800 Long-term note payable, secured by mortgage on plant assets 95,000 Common shares, 160,000 shares 160,000 Retained earnings 110,500 Total liabilities and equity $417,200 Balances on December 31, 2004: Assets $360,600 Common shares $160,000 Retained earnings $89,700...
View Full Document

This note was uploaded on 08/22/2009 for the course ACCT 1101 taught by Professor Davescott during the Fall '05 term at Niagara College.

Page1 / 3

Ch20_P03A - 49,200 Cost of goods sold 514,300 Gross profit...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online