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Anne Elizabeth Company’s Balance Sheet for December 31, 2009 and 2010, and Income Statement for… 1 answer below » Anne Elizabeth Company’s Balance Sheet for December 31, 2009 and 2010, and Income Statement for the Year Ended December 31, 2010, are given below. Balance Sheet Anne Elizabeth Company December 31 2010 Assets: Current Assets: Cash Marketable Securities Accounts Receivable, less allowance of $10,000 Inventory, Lifo Prepaid Total Current Assets Property, Plant, and Equipment: Land Buildings and Equipment Less Accumulated Depreciation Total Assets 2009 $ 50,450 25,000 60,000 90,000 8,000 $233,450 $ 28,538 20,500 50,000 70,000 7,000 $176,038 9,000 220,000 $229,000 (68,000) $394,450 8,000 210,0 View complete question » Anne Elizabeth Company’s Balance Sheet for December 31, 2009 and 2010, and Income Statement for the Year Ended December 31, 2010, are given below. Balance Sheet Anne Elizabeth Company December 31 2010 Assets: Current Assets: Cash Marketable Securities Accounts Receivable, less allowance of $10,000 Inventory, Lifo Prepaid Total Current Assets Property, Plant, and Equipment: Land Buildings and Equipment Less Accumulated Depreciation Total Assets 2009 $ 50,450 25,000 60,000 90,000 8,000 $233,450 $ 28,538 20,500 50,000 70,000 7,000 $176,038 9,000 220,000 $229,000 (68,000) $394,450 8,000 210,000 $218,000 (60,000) $334,038 _x000C_Liabilities and Shareholders’ Equity: Current Liabilities: Accounts Payable Accrued Compensation Income Taxes Total Current Liabilities $ 35,000 8,000 7,000 $ 50,000 40,000 Shareholders’ Equity: Common Shares Retained Earnings Total Liabilities and Shareholders’ Equity 11,038 60,000 244,450 $304,450 $394,450 Long-Term Debt $ 30,000 7,000 6,000 $ 43,000 60,000 220,000 $280,000 $334,038 Income Statement Anne Elizabeth Company For the Year Ended December 31 2010 Net sales Cost of goods sold Gross profit Operating expenses: Selling, general, and administrative Interest Earnings before income taxes Income taxes Net earnings Required: a. Compute all six ratios for 2010: • Receivables Turnover Days • Inventory Turnover Days • Current • Quick • Cash • Sales to Average Working Capital 2009 2008 $718,500 580,000 $138,500 $650,500 520,000 $130,500 $640,000 515,000 $125,000 $ 71,000 4,000 $ 75,000 $ 63,500 30,000 $ 33,500 $ 67,000 3,000 $ 70,000 $ 60,500 29,000 $ 31,500 $ 65,000 2,500 $ 67,500 $ 57,500 28,000 $ 29,500 Document Preview: Anne Elizabeth Company’s Balance Sheet for December 31, 2009 and 2010, and Income Statement for the Year Ended December 31, 2010, are given below.
Balance Sheet
Anne Elizabeth Company
December 31
2010
2009
Assets:
Current Assets:
Cash
$ 50,450
$ 28,538
Marketable Securities
25,000
20,500
Accounts Receivable, less allowance of $10,000
60,000
50,000
Inventory, Lifo
90,000
70,000
Prepaid
8,000
7,000
Total Current Assets
$233,450
$176,038
Property, Plant, and Equipment:
Land
9,000
8,000
Buildings and Equipment
220,000
210,000
$229,000
$218,000
Less Accumulated Depreciation
(68,000)
(60,000)
Total Assets
$394,450
$334,038
Liabilities and Shareholders’ Equity:
Current Liabilities:
Accounts Payable
$ 35,000
$ 30,000
Accrued Compensation
8,000
7,000
Income Taxes
7,000
6,000
Total Current Liabilities
$ 50,000
$ 43,000
Long-Term Debt
40,000
11,038
Shareholders’ Equity:
Common Shares
60,000
60,000
Retained Earnings
244,450
220,000
$304,450
$280,000
Total Liabilities and Shareholders’ Equity
$394,450
$334,038
Income Statement
Anne Elizabeth Company
For the Year Ended December 31
2010
2009
2008
Net sales
$718,500
$650,500
$640,000
Cost of goods sold
580,000
520,000
515,000
Gross profit
$138,500
$130,500
$125,000
Operating expenses:
Selling, general, and administrative
$ 71,000
$ 67,000
$ 65,000
Interest
4,000
3,000
2,500
$ 75,000
$ 70,000
$ 67,500
Earnings before income taxes
$ 63,500
$ 60,500
$ 57,500
Income taxes
30,000
29,000
28,000
Net…
