Reference no: EM132661171
Selected financial information of Long Way Inc. is presented below:
2019
Cash 42,500
Accounts Receivable 25,500
Inventory 21,750
Prepaid Insurance 4,500
Building 345,000
Accumulated Depreciation - Building 168,600
Accounts Payable 41,000
Mortgage Payable 100,000
Common Shares 29,000
Net Sales 105,000
Cost of Goods Sold 60,000
Interest Expense 5,500
Income Tax Expense 9,000
Profit (loss) 32,000
2018
Cash 39,200
Accounts Receivable 14,600
Inventory 23,500
Prepaid Insurance 4,250
Building 345,000
Accumulated Depreciation - Building 160,000
Accounts Payable 39,000
Mortgage Payable 105,000
Common Shares 29,000
Net Sales 98,000
Cost of Goods Sold 55,500
Interest Expense5,750
Income Tax Expense 8,200
Profit (loss) 29,750
Problem 1: Calculate the following for 2019 and 2018:
i. Current ratio
ii. Gross Profit Margin
iii. Profit Margin
iv. Debt to Total Assets
v. Times Interest Earned
Problem 2: Calculate the following for 2019
i. Accounts Receivable Turnover
ii. Inventory Turnover
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