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Liz Marett is the chief financial officer for Fulton Restaurants. She delivered the following comments in a recent conference call with analysts that follow the company: "20X5 was another excellent year. Net income was a record setting $10,000,000. Food Revenue reflected 60% of total revenue with the remainder being beverage and other. We maintained our overall profit margin at the historic 10% level. This occurred despite an increase in food costs that lowered our food department gross profit to 55%. We are proud that we continue to maintain a healthy balance sheet that is free of any liabilities. All of our financing continues to be provided by our common and preferred shareholders. Our beginning of year equity of $75,000,000 was sufficient to fund our capital needs, and no additional shares were issued this year. Our shareholders have again received their full $2,000,000 in dividends for the year. The remaining earnings have been reinvested in the company." Use profitability ratios to determine Fulton's: a)Total sales b)Food Revenue c)food cost of goods sold d)net income
An accounting ledger that reveals the transaction history and amounts owed independently for each supplier from whom the business gets credit for purchases. The balance in the cust
Comprehensive Problem in Trial Balance Cash $ 26,470 A/R 14,222 Office Supplies 4,298 Prepaid Insurance 23,137 Equipment 131,495 A/D - Equipment $19,096 Accounts P
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what is accounting
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