Ch20_P03B - 62,300 Cost of goods sold 458,300 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 20-3B 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 20-3B Myers 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: Myers Corporation Income Statement For Year Ended December 31, 2005 Sales $697,200 Cost of goods sold: Inventory, 12/31/2004 $64,800 Purchases 455,800 Goods available for sale $520,600 Inventory, 12/31/2005
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Unformatted text preview: 62,300 Cost of goods sold 458,300 Gross profit $238,900 Operating expenses 122,700 Operating income $116,200 Interest expense 7,100 Income before taxes $109,100 Income taxes 17,800 Net income $91,300 Myers Corporation Balance Sheet December 31, 2005 Assets Cash $18,000 Temporary investments 14,700 Accounts receivable, net 55,800 Notes receivable 6,200 Merchandise inventory 62,300 Prepaid expenses 2,800 Plant assets, net 306,300 Total assets $466,100 Liabilities and Shareholder's Equity Accounts payable $32,600 Accrued wages payable 4,200 Income taxes payable 4,800 Long-term note payable, secured by mortgage on plant assets 125,000 Common shares, 180,000 shares 180,000 Retained earnings 119,500 Total liabilities and equity $466,100 Balances on December 31, 2004: Assets $367,500 Common shares $180,000 Retained earnings $86,700...
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Ch20_P03B - 62,300 Cost of goods sold 458,300 Gross profit...

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