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Mathematics, 20.12.2021 08:30 quianna410
The condensed financial statements of Sandhill Company for the years 2020-2021 are presented below: Sandhill Company Comparative Balance Sheets As of December 31, 2020 and 2021 2021 2020 Cash $713,000 $109,500 Accounts receivable (net) 546,000 424,000 Inventories 575,000 518,000 Plant and equipment 2,646,000 1,617,000 Accumulated depreciation (389,000 ) (221,000 ) $4,091,000 $2,447,500 Accounts payable $518,000 $221,000 Dividends payable -0- 62,500 Bonds payable 616,000 -0- Common stock ($10 par) 2,267,000 1,733,000 Retained earnings 690,000 431,000 $4,091,000 $2,447,500 Additional data: Market value of stock at 12/31/21 is $80 per share. Sandhill sold 41,000 shares of common stock at par on July 1, 2021. Sandhill Company Condensed Income Statement For the Year Ended December 31, 2021 Sales revenue $3,562,000 Cost of goods sold 2,442,000 Gross profit 1,120,000 Administrative and selling expenses 712,000 Net income $408,000 Compute the following financial ratios by placing the proper amounts for numerators and denominators.
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The condensed financial statements of Sandhill Company for the years 2020-2021 are presented below:...
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