please correct the wrong ones Refer the following table Focus Metals Inc Compara
ID: 2336918 • Letter: P
Question
please correct the wrong ones
Refer the following table Focus Metals Inc Comparative Balance Sheet Information November 30 (millions of S) 2017 2016 $ 28 98 280 Cash Accounts receivable (net) Inventory Plant and equipment (net) Accounts payable Long-term notes payable* Common shares Retained earnings 434 2,786 2,870 238 1,820 2,380 420 287 84 322 420 770 "90% of the plant and equipment are secured by long-term notes payable Focus Metals Inc Income Statement For Year Ended November 30 (millions of $) 2017 2016 Net sales Cost of goods sold 2,940$2,142 812 1,022 $1,918 $1,330 Gross profit Operating expenses $112 770 $112 637 Depreciation expense Other expenses Total operating expenses 882 749 Profit from operations Interest expense Income tax expense $1,036 170 56 $581 204 60 Profit $810 $317Explanation / Answer
Total asset :
2017:28+434+84+2786=3332
2016 :98+280+77+2870=3325
Total liabilities
2017:322+1820=2142
2016:238+2380=2618
Total equity:
2017:420+770=1190
2016:420+287=707
2142/3332
.6429 or 64.29%
2618/3325
78.74%
1190/3332
35.71%
707/3325
21.26%
(2870*90%)/2380
1.09
Formula 2017 2016 Debt ratio Total liabilities /Total asset2142/3332
.6429 or 64.29%
2618/3325
78.74%
Equity ratio Total equity /total asset1190/3332
35.71%
707/3325
21.26%
pledged assets to secured liabilities(2870*90%)/2380
1.09
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