Business, 24.11.2019 23:31 jc95704816

From the balance sheet and income statement information below calculate the following ratios:
a. return on sales

b. current ratio

c. inventory turnover - if they are no beginning inventory or ending inventory figures then use the merchandise inventory figure

abc inc.
income statement
year ended december 31, 2018

net sales revenue

$20,941

cost of goods sold

7,055

gross profit

13,886

operating expenses

7,065

operating income

6,821

interest expense

210

income before taxes

6,611

income tax expense

2,563

net income

$4,048

abc inc.
balance sheet
december 31, 2018

assets

current assets:

cash

$2,450
accounts receivable

1,813
merchandise inventory

1,324
prepaid expenses

1,709
total current assets

7,296
long-term assets

18,500
total assets

$25,796

liabilities
current liabilities

$7,320
long-term liabilities

4,798
total liabilities

12,028

stockholders’ equity
common stock

6,568
retained earnings

7,200
total stockholders’ equity

13,768
total liabilities & stockholders’ equity

$25,796

notes: 1.round up
2. your responses should be in the following formats
a. xx%
b. x. xx
c. x. xx

Answers: 1

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From the balance sheet and income statement information below calculate the following ratios:
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