Calculate the wiemers 2014 income statement

Reference no: EM13320307

WIEMERS CORPORATION Balance Sheets December 31
	2014		2013
Cash	$ 4,300		$ 3,700
Accounts receivable (net)	21,200		23,400
Inventory	10,000		7,000
Land	20,000		26,000
Buildings	70,000		70,000
Accumulated depreciation-buildings	(15,000	)	(10,000	)
Total	$110,500		$120,100
Accounts payable	$ 12,370		$ 31,100
Common stock	75,000		69,000
Retained earnings	23,130		20,000
Total	$110,500		$120,100

Wiemers's 2014 income statement included net sales of $100,000, cost of goods sold of $60,000, and net income of $15,000.

Compute the following ratios for 2014. (Round answers to 2 decimal places, e.g. 1.64, or 1.64% .)

Current ratio			:1
Acid-test ratio			:1
Accounts receivable turnover			times
Inventory turnover			times
Profit margin			%
Asset turnover			times
Return on assets			%
Return on common stockholders' equity			%
Debt to assets ratio			%

Reference no: EM13320307

Questions Cloud

How hidden reserve is drawn down to boost earnings : For each of these transactions, explain when and how a hidden reserve is created. For each of these transactions, explain when and how a hidden reserve is drawn down to boost earnings.

Find the average distance of comet halley from the sun : Comet Halley has an orbital period of about 75 years. Determine the average distance of Comet Halley from the sun in AU

Residual payout policy and managed payout policy : Explain the meaning of the terms "residual payout policy" and "managed payout policy". Does the empirical evidence suggest that U.S. and European companies follow a residual or a managed payout policy?

Developing an implementation plan : Develop an implementation plan (1,500-2,000 words). The elements that should be included in your plan are listed below:

Calculate the wiemers 2014 income statement : Wiemers's 2014 income statement included net sales of $100,000, cost of goods sold of $60,000, and net income of $15,000.

What is the difference in elevation between the two points : In determining the difference between points A and B, the inclined distance was measured to be 157.65 ft. The transit was set u on point A. The height of its transverse axis was 5.2 ft about point A

What is the wavelength of the electromagnetic wave : During normal beating, the heart creates a maximum 3.50 mV potential across 0.290 m of a person's chest, What is the wavelength of the electromagnetic wave

Find out the characteristics of the titration curve : Determine the following characteristics of the titration curve for 25.0 mL of 0.400 M NH3(aq) titrated with 0.335 M HI(aq). (For NH3, Kb = 1.8x10-5.)

Determine the radius of curvature of the mirror : A lamp is placed 10 cm in front of a concave spherical mirror that forms an image of the filament on a screen placed 3.0 m from the mirror. What is the radius of curvature of the mirror

User Account

All Pages