1) Selected comparative statement data for Queen Products Company are presented

Question

1) Selected comparative statement data for Queen Products Company are presented below. All balance sheet data are as of December 31.

2017

2016

Compute the following ratios for 2017. (Round answers to 1 decimal place, e.g. 1.6, or 1.6% .)

%

2) Exercise 14-9

The income statement for Sutherland, Inc., appears below.

SUTHERLAND, INC.
Income Statement
For the Year Ended December 31, 2017

Additional information:

Compute the following ratios for 2017. (Round Earnings per share to 2 decimal places, e.g. 1.65, and all other answers to 1 decimal place, e.g. 6.8 or 6.8%.)

2017

2016

Net sales $760,000 $721,000 Cost of goods sold 485,000 438,000 Interest expense 6,500 4,200 Net income 46,500 38,000 Accounts receivable 123,000 102,500 Inventory 80,300 70,900 Total assets 581,900 501,600 Total common stockholders’ equity 428,300 323,900

Explanation / Answer

Part 1

2017 2016 Net sales 7,60,000 7,21,000 Cost of goods sold 4,85,000 4,38,000 Interest expense 6,500 4,200 Net income 46,500 38,000 Accounts receivable 1,23,000 1,02,500 Inventory 80,300 70,900 Total assets 5,81,900 5,01,600 Total common stockholders’ equity 4,28,300 3,23,900

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