Solution-Prepare Income Statement and Statement of Retained

Prepare Income Statement and Statement of Retained Earnings

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Reference no: EM132472815

Question - The following items are taken from the financial statements of Grove Company for 2017:

Accounts Payable	$18,500
Accounts Receivable	4,000
Accumulated Depreciation	4,800
Bonds Payable	18,000
Cash	24,000
Common Stock	25,000
Cost of Goods Sold	17,000
Depreciation Expense	4,800
Dividends	5,300
Equipment	44,000
Interest Expense	2,500
Patents	7,500
Retained Earnings, January 1	16,000
Salaries Expense	5,200
Sales Revenue	36,500
Supplies	4,500

Required -

1. Prepare an Income Statement, Statement of Retained Earnings and a Classified Balance Sheet for Grove Company.

2. Compute the following ratios and values:

i. Current ratio

ii. Debt to total assets ratio

iii. Working capital

iv. Earnings per share (Grove's average number of shares outstanding during the year was 5.000.)

Reference no: EM132472815

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Prepare Income Statement and Statement of Retained Earnings

Reference no: EM132472815

Reference no: EM132472815

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