Accounting Question (Problem Set)

Posted on 2013-11-22 16:30:00 in Accounting by SHYANNE

I am having trouble with this problem on an assignment





The following income statement and balance sheet data are provided for you. Find the “missing” items (many of which will be needed in part 2) AND compute common-size percentages for EACH balance sheet item. Round your common-size percentages to TWO decimal places (i.e. xxx.xx%).

Income statement data:

Sales (all on credit) $1,375,000

Cost of goods sold 675,000

Operating expenses 475,000

Interest expense 68,500

Income taxes 54,775



1. Gross profit on sales $________

2. Operating income $________

3. Income before taxes $________

4. Net income $________



Balance sheet data:

Cash: $111,000 5. %_______

Accounts receivable:160,000 6. %_______

Inventory:94,225 7. %_______

Prepaid Expenses:53,500 8. %_______

Plant assets:1,568,000 9. %_______

Total assets:$1,986,725 10. %_______



Accounts payable:$115,200 11. %_______

Long-term liabilities:312,000 12. %_______

Total liabilities:$427,200 13. %_______

Common stock, $12 par: 1,020,000 14. %_______

Retained earnings: 539,525 15. %_______

Total liabilities and equity:$1,986,725 16. %_______



1. Current assets $

2. Current liabilities $

3. Stockholders' equity $

4. Dividends paid * $



5. Number of shares of common stock issued

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