E15-11_Scully_Corporation’s_comparative_balance_sheets_are_.

E15-11_Scully_Corporation’s_comparative_balance_sheets_are_.

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E15-11 Scully Corporation’s comparative balance sheets are presented below. SCULLY CORPORATION Balance Sheets December 31 2008 2007 Cash $ 4,300 $ 3,700 Accounts receivable 21,200 23,400 Inventory 10,000 7,000 Land 20,000 26,000 Building 70,000 70,000 Accumulated depreciation (15,000) (10,000) Total $110,500 $120,100 Accounts payable $ 12,370 $ 31,100 Common stock 75,000 69,000 Retained earnings 23,130 20,000 Total $110,500 $120,100 Scully’s 2008 income statement included net sales of $100,000, cost of goods sold of $60,000, and net income of $15,000. Instructions Compute the following ratios for 2008.
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This note was uploaded on 01/05/2012 for the course 101 melissa jo taught by Professor Acc101 during the Spring '11 term at Aarhus Universitet.

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