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

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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
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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:
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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
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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...
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