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Assignment for Chapter 15

Assignment for Chapter 15 - 435,000 390,000 ACCT 2111...

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ACCT 2111 Introductory Financial Accounting Assignment for Chapter 15 The comparative statements of Eros Company are presented below. EROS COMPANY Income Statement For Year Ended December 31 2009 2008 Net sales (all on account) $1,800,000 $1,560,000 Expenses Cost of goods sold 1,245,000 1,062,000 Selling and administrative 362,400 344,400 Interest expense 23,400 18,000 Income tax expense 54,000 42,000 Total expenses 1,684,800 1,466,400 Net income $115,200 $ 93,600 EROS COMPANY Balance Sheets December 31 2009 2008 Assets Current assets Cash $ 63,000 $54,000 Short-term investments 54,000 45,000 Accounts receivable (net) 258,000 222,000 Inventory 270,000 210,000 Total current assets 645,000 531,000 Plant assets (net) 1,269,000 1,149,000 Total assets $1,914,000 $1,680,000 Liabilities and Stockholders’ Equity Current Liabilities Accounts payable $366,000 $330,000 Income taxes payable 69,000 60,000 Total current liabilities
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Unformatted text preview: 435,000 390,000 ACCT 2111 Introductory Financial Accounting Long-term liabilities Bonds payable 360,000 240,000 Total liabilities 795,000 630,000 Stockholders’ equity Common stock ($15 par) 450,000 450,000 Retained earnings 669,000 600,000 Total stockholders’ equity 1,119,000 1.050,000 Total liabilities and stockholders’ equity $1,914,000 $1,680,000 Additional data: The common stock recently sold at $58.50 per share. The year-end balance in the allowance for doubtful accounts was $9,000 for 2009 and $8,200 for 2008. Instructions Compute the following ratios for 2009. (a) Current. (h) Return on common stockholders’ equity. (b) Acid-test. (i) Earnings per share. (c) Receivables turnover. (j) Price-earnings. (d) Inventory turnover. (k) Payout. (e) Profit margin. (l) Debt to total assets. (f) Asset turnover. (m) Times interest earned. (g) Return on assets....
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