# Set up an income statement, assignment help

**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

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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