DEINES CORPORATION Income Statement For the Year Ended December 31, 2015 DEINES
ID: 2380186 • Letter: D
Question
DEINES CORPORATIONIncome Statement
For the Year Ended December 31, 2015 DEINES CORPORATION
Balance Sheets
December 31 Assets 2015 2014 Liabilities and Stockholders
An incomplete income statement and an incomplete comparative balance sheet of Deines Corporation are presented below.
Additional information:
1. The accounts receivable turnover for 2015 is 10 times. 2. All sales are on account. 3. The profit margin for 2015 is 14.5%. 4. Return on assets is 22% for 2015. 5. The current ratio on December 31, 2015, is 3. 6. The inventory turnover for 2015 is 4.8 times.
Compute the missing information given the ratios above.
DEINES CORPORATION
Income Statement
For the Year Ended December 31, 2015 Net sales $12,540,000 Cost of goods sold Gross profit Operating expenses 1,898,100 Income from operations Other expenses and losses Interest expense Income before income taxes Income tax expense 638,400 Net income $
DEINES CORPORATION
Balance Sheets
December 31 Assets 2015 2014 Current assets Cash $ 513,000 $ 427,500 Accounts receivable (net) 1,083,000 Inventory 1,960,800 Total current assets 3,471,300 Plant assets (net) 5,266,800 4,508,700 Total assets $ $7,980,000 Liabilities and Stockholders An incomplete income statement and an incomplete comparative balance sheet of Deines Corporation are presented below. Additional information: Compute the missing information given the ratios above.
Explanation / Answer
DEINES CORPORATION Income Statement For the Year Ended December 31, 2015 DEINES
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