ACC 205 – Ashford – Week 5 Assignment – Chapter 9 Problem 3 (May-June)
ACC 205 – Ashford – Week 5 Assignment – Chapter 9 Problem 3 (May-June)
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I need help with four fields please. I can’t follow the teacher’s notes for these final questions. Help would be appreciated!
| Income statement | Known Data | Answers |
| sales | ? | $37,783,375 |
| cost of goods sold | 60.0% | $22,783,375 |
| gross profit | $15,000,000 | $15,000,000 |
| operating expenses and interest | ? | $11,221,662.47 |
| income before taxes | ? | $3,778,337.53 |
| income taxes, 40% | ? | $1,511,335.01 |
| net income | ? | $2,267,002.52 |
| Balance Sheet | ||
| Assets | ||
| Cash | ? | ? |
| Accounts receivable | ? | $7,756,675.06 |
| inventory | ? | ? |
| property, plant and equipment | $8,000,000 | $8,000,000 |
| total assets | $24,000,000 | $24,000,000 |
| liabilities and stockholders equity | ||
| accounts payable | ? | ? |
| notes payable (short term) | $600,000 | $600,000 |
| bonds payable | $4,600,000 | $4,600,000 |
| common stock | $2,000,000 | $2,000,000 |
| retained earnings | ? | ? |
| total liabilities and stockholders equity | $24,000,000 | $24,000,000 |
| cost of goods sold % of sales | 60% | |
| beginning inventory | $5,000,000 | |
| inventory turnover ratio | 4 | |
| debt to total assets ratio | 70% | |
| profit margin on sales | 6% | |
| accounts receivable turnover ratio | 5 | |
| receivables increased | $400,000 |
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