Evaluate income statement and balance statement, Financial Management

This task must be completed in order from 1 to 11 as identified in both the Income Statement and the Balance Sheet. In addition, all answers must cite relevant supporting formulas used and show all detailed calculations showing the exact steps on how each of the answers were calculated in Microsoft Word format.

The following ratios information was calculated for Jones Furniture Manufacturing for 2010:

                  Profit margin                                                  20%

                  Times interest earned                                12 times

                  Receivables turnover                                  5 times

                  Acid-test ratio                                              1.4 : 1

                  Current ratio                                                2.5 : 1

                  Debt to total assets ratio                                  24%

 

The Jones Furniture Manufacturing  Income Statement and Balance Statement's with the missing information are as follows:

Jones Furniture Manufacturing 

Income Statement

For the Year Ended December 31, 2010

----------------------------------------

Net sales.......................................................................................................................                                        $200,000

Cost of goods sold......................................................................................................                                          100,000

Gross profit..................................................................................................................                                          100,000

Expenses:

        Depreciation expense........................................................................................        $     ?  (5)

        Interest expense..................................................................................................                   5,000

        Selling expenses..................................................................................................                10,000

        Administrative expenses...................................................................................               15,000

                Total expenses............................................................................................                                     ?        (4)

Income before income taxes...................................................................................                                    ?        (2)

        Income tax expense..........................................................................................                                     ?        (3)

Net income..................................................................................................................                                     $    ?  (1)

Posted Date: 3/19/2013 1:08:20 AM | Location : United States







Related Discussions:- Evaluate income statement and balance statement, Assignment Help, Ask Question on Evaluate income statement and balance statement, Get Answer, Expert's Help, Evaluate income statement and balance statement Discussions

Write discussion on Evaluate income statement and balance statement
Your posts are moderated
Related Questions
can u tell me the various approaches followed by FMCG Companies in test markets

Working capital cycle (operating/trading/cash cycle) It is the time between paying for goods supplied and final receipt of cash from their sale. It is desirable to keep cycle a

Q. Benefits of Interest rate swaps? Interest rate swaps may provide several benefits to companies including: - The ability to get finance at a cheaper cost than would be p

Receivables Management The decision on whether to grant or not to grant credit to a particular customer can be taken if certain subjective probabilities of the payment pattern

Above the line deductions are certain kinds of deductions that are deducted from your income before the adjusted gross income is computed for tax purposes. Above the line deduct

This is an individual assignment.  You are employed as a Trainee Accountant by Finners Accountants Ltd. The Finance Manager, Mr B Proudfoot has asked you to review details from

Japanese banks borrow in yen and purchase spot dollars from their Western counterparties. Therefore the Western banks are left holding the yen for the time of the loan (three month

Evolution of Hedge Funds: The establishment of the first Hedge Fund in the United States in the year 1949 by Alfred W. Jones marked the evolution of Hedge Fund industry. It was

STEPS IN BUDGETARY CONTROL 1. Quantification of plans in relation to sales, production, distribution and finance in terms of objectives and goals set by the management. That i

Gary and Joyce Yau, both 30, last month bought their dream house in London, Ontario. The purchase price was $450,000 plus addition fees such as taxes, legal fees, administration fe