/1 Your answer is partially correct Wiemers Corporation\'s comparative balance s
ID: 2560917 • Letter: #
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/1 Your answer is partially correct Wiemers Corporation's comparative balance sheets are presented below. WIEMERS CORPORATION Balance Sheets December 31 2014 Cash Accounts receivable (net) Inventory Land Buildings Accumulated depreciation-buildings 2015 $ 3,960 21,130 10,260 19,920 70,410 (15,020 ) $ 3,330 23,230 6,830 25,710 70,410 (10,570 ) $110,660 Total Accounts payable Common stock Retained earnings $118,940 $31,070 68,060 19,810 $118,940 75,520 22,780 Total $110,660 Wiemers's 2015 income statement included net sales of $109,120, cost of goods sold of $60,840, and net income of $15,760Explanation / Answer
Qnestion F Asset Turnover Ratio: It is the percentage of Net Sale to average total assets of the company Simply the formula is as follows = Net sale 109120 95.05% Average total assets 114800 Net sale = 109120 Average Total assets A Beginning Total assets = 118940 B Ending Total assets = 110660 (A+B)/2 114800 Qnestion G Asset to Turnover ratio: It is the percentage of net income to average total asssets of the company = Net Income 15760 13.73% Average total assets 114800 Net Income = 15760 Average Total assets A Beginning Total assets = 118940 B Ending Total assets = 110660 (A+B)/2 114800 Question I Debt to Total assets ratio: It is the percentage of Total Debt to Average total asset = Total Debt = 0 0 Average total assets of the company 114800 Total Debt = 0 Average Total assets A Beginning Total assets = 118940 B Ending Total assets = 110660 (A+B)/2 114800 Finally F Asset Turnover Ratio: 95.05% G Asset to Turnover ratio: 13.73% I Debt to Total assets ratio: 0 Note: As it was seen that few amoung the questions were already correct,I would feel sufficient and appropriate if the rest were solved
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