Set up an income statement, assignment help

May 13th, 2016
Anonymous
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Question description

Complete the following abbreviated financial statements, and calculate per share ratios indicated. (Hint: Start by subtracting the formula for the quick ratio from that for the current ratio and equating that to the numerical difference.)

Tribke Enterprises collected the following data from its financial reports for 2012:
Stock price  $18.37
Inventory balance  $300,000
Expenses (excluding COGS)  $1,120,000
Shares outstanding                                 290,000
Average issue price of shares                 $5.00
Gross margin %                                       40%
Interest rate  8%
TIE ratio                                                   8
Inventory turnover  12 x
Current ratio  1.5
Quick ratio  .75
Fixed asset turnover  1.5

Complete the following abbreviated financial statements, and calculate per share ratios indicated. (Hint: Start by subtracting the formula for the quick ratio from that for the current ratio and equating that to the numerical difference.)

Tutor Answer

(Top Tutor) Studypool Tutor
School: Rice University
PREMIUM TUTOR

Hi there!Attached in an excel file is the complete solution with all work shown. The first tab includes the prepared financial statements, and the second (Worksheets) displays all of the work that went into calculating the totals. Thanks again!

Income Statement
Revenue
CoGS
GM
Expenses
EBIT
Interest
EBT
Tax
Net Income

6000000
3600000
2400000
1120000
1280000
160000
1120000
0
1120000

Balance Sheet
Current Assets
Fixed Assets
Total Assets

600000
4000000
4600000

Current Liabilities
Long Term Debt
Total Debt
Paid in Capital
Retained Earnings
Total Liabilities & SE

400000
2000000
2400000
1450000
750000
4600000

Market Value per share

2.42

Stock price
Inventory
Expenses
Shares out...

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