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Need help on all of them please thank you!! 21. Based on the financial statements provided...

Question

Need help on all of them please thank you!! 21. Based on the financial statements provided...

21. Based on the financial statements provided below please fill the missing numbers and calculate the requested financial raNeed help on all of them please thank you!!

21. Based on the financial statements provided below please fill the missing numbers and calculate the requested financial ratios. Show all your work to get full credit. 2012 2011 $ $ $ 2012 285,000 215,000 70,000 $ $ $ 2011 190,000 143,000 47,000 $ $ $ 16,000 42,500 62,500 26,000 100,000 Sales Cost of Goods Sold Gross Profit Operating Expenses Variable Expenses Fixed Expenses Depreciation Total Earnings Before Interest and Taxes Interest Expense Earnings Before Taxes Taxes Net Income Dividends 28,500 $ 21,000 $ 10,000 $ 59,500 $ 10,500 $ 6,100 0,100 $ $ 4,400 $ 1,540 $ 2,860 $ 858 S 19,000 20,000 4,500 43,500 3,500 3,000 $ $ $ $ $ $ $ $ $ $ Assets Cash Accounts Receivable Inventories Total Current Assets Land Buildings and Equipment Accumulated Depreciation Total Fixed Assets Total Assets Liabilities and Owner's Equity Accounts Payable Short-term Bank Notes Total Current Liabilities Long-term Debt Common Stock Retained Earnings Total Liabilities and Owners Equity 9,000 12,500 29,000 50,500 20,000 70,000 28,000 62,000 112,500 $ 150,500 $ $ $ $ $ 500 175 325 $ S $ 22,298 $ 47,000 $ 69,298 $ 22,950 $ 31,500 $ $ $ 10,500 17,000 27,500 28,750 31,500 24,750 112,500 a. Cash and Equivalents of 2012 (2 points) d. What is the quick ratio for 2012? (2 points) b. Accumulated Depreciation of 2012 (2 points) c. Retained Earnings of 2012 (4 points)

Answers

a.

Total current assets = cash and equivalents + Accounts receivable + Inventories

62,500 = Cash + 16,000+42,500

Cash = $4,000

Cash and equivalents of 2012 = $4,000

b.

Accumulated depreciation of 2011 = $28,000

Depreciation expense of 2012 = $10,000

Accumulated depreciation of 2012 = Accumulated depreciation of 2011 + Depreciation expense of 2012

= 28,000+10,000

= $38,000

c.

Total assets =Total liabilities and Owners equity

150,500 = 69,298+22,950+31,500+ Retained earnings

Retained earnings = $26,752

d.

Quick ratio = (Cash + Accounts receivable)/ Current liabilities

= (4,000+42,500)/69,298

= 0.67

Kindly comment if you need further assistance. Thanks‼!


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