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Anne Elizabeth Company’s Balance Sheet for December 31, 2009 and 2010, and Income Statement for

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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…


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