Compute the missing amounts on the financial statement. PATTY RAMOS-ATKINS COMPANYStatement of Comprehensive IncomeFor the Year Ended December 31, 2012SalesP 2,700,000.00Less: Cost of SalesGross MarginLess: Operating ExpOperating IncomeLess: Interest Expense45,000.00Net Income Before TaxIncome Taxes (40%)Net IncomePATTY RAMOS-ATKINS COMPANYStatement of Financial PositionDecember 31, 2012Current AssetsCashAccount Receivable, netInventoryTotal Current AssetsPlant and Equipment, netTotal AssetsCurrent Liabilities250,000.00Bonds Payable, 10%Total LiabilitiesShareholder's EquityOrdinary share capital, P 2.50 parRetained EarningsTotal Stockholder's EquityTotal Liabilities & Stockholder's EquityThe following additional information is available about the companya.) Selected financial ratios computed from the statement above are givenCurrent Ratio2.40:1Acid-test ratio1.12 to 1Accounts receivable turnover15.0 timesInventory turnoverDebt-to-equity ratioTimes interest earned6.0 times87.5%7.0 timesEarnings per shareP 4.05Return on Total Assets12%b.) All sales during the year were on accountc.) The interest expense on the Statement of Comprehensive Income relates tothe bonds payable; the amount of bonds outstanding did not change throughoutthe year.d.) Selected balances at the beginning of the year (January 1 were as follows:Account Receivable160,000.00Inventory280,000.00Total Assets1,200,000.00

Financial statements are those financial statements which are prepared at the end of the period in…

Answered: Compute the missing amounts on the…

Business

Accounting

Compute the missing amounts on the financial statement.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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