Question & Answer: elected Balances…..

Balances Selected Balances
Acct No. Description 12/31/2015 12/31/2014
1100 Cash 84,500 73,050
1120 Accounts Receivable 247,450 253,975
1150 Merchandise Inventory 550,000 383,475
1160 Prepaid Insurance 4,800 2,400
1170 Store Supplies 4,000 750
1230 Store Equipment 569,500
1240 Accumulated Depreciation—Store Equipment 70,700 56,700
2100 Accounts Payable 209,000 198,525
2110 Salaries Payable 47,750 42,625
Long Term Notes 300,000 300,000
3100 Common Stock (10,000 shares issued, $25 Par) 250,000 250,000
3110 Capital in Excess of Par Value 100,000 100,000
3120 Dividends Paid 100,000
3200 Retained Earnings 335,300 335,300
4100 Sales 5,032,350 4,225,135
4110 Sales Returns and Allowances 113,700 15,955
4120 Sales Discounts 61,600 35,455
5100 Cost of Merchandise Sold 3,012,150 2,300,422
5200 Sales Salaries Expense 727,800
5210 Advertising Expense 292,000
5220 Depreciation Expense 14,000
5230 Store Supplies Expense 9,800
5290 Miscellaneous Selling Expense 12,600
5300 Office Salaries Expense 417,700
5310 Rent Expense 88,700
5320 Insurance Expense 12,000
5390 Miscellaneous Administrative Expense 7,800
5650 Interest Expense 15,000
Total Assets at 12/31/2014 1,125,138

1. Working Capital

2. Current ratio

3. Quick ratio

4. Accounts Receivable Turnover

5. Number of Days’ Sales in Receivables

6. Inventory Turnover

7. Number of Days’ Sales in Inventory

8. Liabilities to Stockholders’ Equity

9. Net Sales to Assets

10. Rate Earned on Total Assets

11. Rated Earned on Stockholders’ Equity

12. Rate Earned on Common Stockholders’ Equity

13. Earnings per Share on Common Stock

Expert Answer

 

Ans:

Question & Answer: elected Balances..... 1

Question & Answer: elected Balances..... 2

Question & Answer: elected Balances..... 3

Question & Answer: elected Balances..... 4

Still stressed from student homework?
Get quality assistance from academic writers!