Order the answer to: Financial statement construction via ratios. Incomplete financia

Academic Writing business-economics Order the answer to: Financial statement construction via ratios. Incomplete financia

business-economics

Order the answer to: Financial statement construction via ratios. Incomplete financia

Question Financial statement construction via ratios. Incomplete of Lock Box, Inc., are presented below. LOCK BOX, INC. Income Statement For the Year Ended December 31, 19X3 Sales Cost of goods sold Gross profit ………………..$1,50,00,000 Operating expenses & interest Income before tax Income taxes, 40% Net income LOCK BOX, INC. Balance Sheet December 31, 19X3 Assets Cash Accounts receivable Inventory Property, plant, & equipment ………… 80,00,000 Total assets………………$2,40,00,000 Liabilities & Stockholders’ Equity Accounts payable Notes payable (short-term) …………. 6,00,000 Bonds payable …………….. 46,00,000 Common stock …………….. 20,00,000 Retained earnings Total liabilities & stockholders’ equity……..2,40,00,000 Further information: 1. Cost of goods sold is 60% of sales. All sales are on account. 2. The company’s beginning inventory is $5 million; inventory turnover is 4. 3. The debt to total assets ratio is 70%. 4. The profit margin on sales is 6%. 5. The firm’s turnover is 5. Receivables increased by $400,000 during the year. 6. Calculate missing amounts, retained earnings, cash, income taxes, income before tax, operating expenses. Using the preceding data, complete the income statement and the balance sheet.
Subject business-economics
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