ACC 205 Week 5 Exercise 6 Ratio computationRatio computation. The financial statements of the Lone Pine Company follow.LONE PINE COMPANYComparative Balance SheetsDecember 31, 20X2 and 20X1 ($000 Omitted)20X220X1AssetsCurrent AssetsCash and Short-Term Investments$ 400$ 600Accounts Receivable (net)3,0002,400Inventories2,0002,200Total Current Assets$5,400$5,200Property, Plant, and EquipmentLand$1,700$ 600Buildings and Equipment (net)1,5001,000Total Property, Plant, and Equipment$3,200$1,600Total Assets$8,600$6,800Liabilities and Stockholders’ EquityCurrent LiabilitiesAccounts Payable$1,800$1,700Notes Payable1,1001,900Total Current Liabilities$2,900$3,600Long-Term LiabilitiesBonds Payable4,1002,100Total Liabilities$7,000$5,700Stockholders’ EquityCommon Stock$ 200$ 200Retained Earnings1,400900Total Stockholders’ Equity$1,600$1,100Total Liabilities and Stockholders’ Equity$8,600$6,800 LONE PINE COMPANYStatement of Income and Retained EarningsFor the Year Ending December 31,20X2 ($000 Omitted)Net Sales*$36,000Less: Cost of Goods Sold$20,000Selling Expense6,000Administrative Expense4,000Interest Expense400Income Tax Expense2,00032,400Net Income$ 3,600Retained Earnings, Jan. 1900$ 4,500Cash Dividends Declared and Paid3,100Retained Earnings, Dec. 31$ 1,400*All sales are on account.InstructionsCompute the following items for Lone Pine Company for 20X2, rounding all calculations to two decimal places when necessary:Quick ratioCurrent ratioInventory-turnover ratioAccounts-receivable-turnover ratioReturn-on-assets ratioNet-profit-margin ratioReturn-on-common-stockholders’ equityDebt-to-total assetsNumber of times that interest is earnedDividend payout rate Follow this link to get a similar paper written from scratchPlace an order for this assignment or any other paper with us. We guarantee that the paper will be delivered within the specified deadline. We also have a personalized customer support and you will be able to communicate with your writer throughout the order preparation process. Thank you for choosing us.
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