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Category > Accounting Posted 22 Jul 2017 My Price 11.00

Overland Corporation

Selected year-end financial statements of Overland Corporation follow. (All sales were on credit; selected balance sheet amounts at December 31, 2010, were inventory, $16,400; total assets, $95,900; common stock, $41,500; and retained earnings, $19,800.)

OVERLAND CORPORATION Income Statement For Year Ended December 31,2011
Sales	$215,500
Cost of goods sold	136,100
Gross profit	79,400
Operating expenses	50,200
Interest expense	1,200
Income before taxes	28,000
Income taxes	2,200
Net income	$ 25,800

OVERLAND CORPORATION Balance Sheet December 31, 2011
Assets		Liabilities and Equity
Cash	$5,100	Accounts payable	$10,500
Short-term investments	5,900	Accrued wages payable	2,300
Accounts receivable, net	11,100	Income taxes payable	1,600
Notes receivable (trade)*	2,000	Long-term note payable, secured
Merchandise inventory	12,500	by mortgage on plant assets	25,000
Prepaid expenses	1,000	Common stock, $5 par value	41,000
Plant assets, net	72,900	Retained earnings	$30,100
Total assets	$110,500	Total liabilities and equity	$110,500

Required

Compute the following: (1) current ratio, (2) acid-test ratio, (3) days’ sales uncollected, (4) inventory turnover, (5) days’ sales in inventory, (6) debt-to-equity ratio, (7) times interest earned, (8) profit margin ratio, (9) total asset turnover, (10) return on total assets, and (11) return on common stockholders’ equity.

Answers

Maurice Tutor

(5)

Status NEW Posted 22 Jul 2017 10:07 PM My Price 11.00

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