Build an income statement for the company

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Reference no: EM133120451

You are working as the finance manager for Inghams Ltd. The following data is available for the company as of 31 June 2021:

Inventory

$206,250

Interest expense

$5,000

Cash

$180,000

Net sales (all credit)

$1,500,000

Accounts receivable

$225,000

Operating expenses

$325,000

Cost of goods sold

$937,500

Accounts payable

$168,750

Prepaid insurance

$80,000

Long term liabilities

$125,000

Accrued wages

$65,000

Income taxes

35%

Fixed Assets

$340,000

Required:

  1. Build an income statement for the company?
  2. Calculate the total equity and ROE of the company?
  3. Calculate the total asset turnover of the company?
  4. Calculate inventory turnover of the company, given beginning and ending inventory is the same?

Reference no: EM133120451

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