BA511-L10A4 - Student Name: Class: TANNER COMPANY...

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Student Name: Class: TANNER COMPANY Computations $315,000 Interest expense $45,000 Times interest earned 7.0 7 Correct! $315,000 Interest expense $45,000 Net income before taxes $270,000 Income tax expense $108,000 Net income $162,000 $162,000 Correct! Sales on account $2,700,000 Average accounts receivable balance $180,000 Accounts receivable turnover 15.0 15 Ending accounts receivable balance $200,000 Correct! Quick assets $280,000 Current liabilities $250,000 Acid-test ratio 1.12 1.12 Cash $80,000 Correct! Current assets $600,000 Current liabilities $250,000 Current ratio 2.40 2.4 Inventory $320,000 Correct! Cost of goods sold $1,800,000 Average inventory $300,000 Inventory turnover 6.0 6 Correct! Gross margin $900,000 Correct! Gross margin $900,000 Net operating income $315,000 Operating expenses $585,000 Correct! Interest expense $45,000 Interest rate 10% Bonds payable $450,000 Correct!
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This note was uploaded on 06/14/2010 for the course BA ADF1 taught by Professor Russell during the Winter '09 term at Antelope Valley College.

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BA511-L10A4 - Student Name: Class: TANNER COMPANY...

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