The work has not been graded but I like the output that was submitted to me. Is it possible for the same prof to do the next assignment I will be submitting? If possible, I will greatly appreciate it.
P9-4The comparative financial statements of Optical Solutions Inc. are as follows.The market price of Optical Solutions Inc. common stock was $60.00 onDecember 31, 2010.Optical Solutions Inc.Comparative Retained Earnings StatementFor the Years Ended December 31, 2010 and 20092010 2009Retained earnings, January 1 $ 604,000 $306,000Add net income for year 428,000 314,000Total $1,032,000 $620,000Deduct dividends:On preferred stock $ 4,000 $ 4,000On common stock 12,000 12,000Total $ 16,000 $ 16,000Retained earnings, December 31 $1,016,000 $604,000Optical Solutions Inc.Comparative Income StatementFor the Years Ended December 31, 2010 and 20092010 2009Sales $1,608,000 $1,481,600Sales returns and allowances 5,920 6,000Net sales $1,602,080 $1,475,600Cost of goods sold 480,200 499,200Gross profit $1,121,880 $ 976,400Selling expenses $ 324,000 $ 352,000Administrative expenses 234,000 211,200Total operating expenses $ 558,000 $ 563,200Income from operations $ 563,880 $ 413,200Other income 24,000 19,200$ 587,880 $ 432,400Other expense (interest) 110,720 80,000Income before income tax $ 477,160 $ 352,400Income tax expense 49,160 38,400Net income $ 428,000 $ 314,000Dec. 31, 2010 Dec. 31, 2009AssetsCurrent assets:Cash $ 240,000 $ 162,400Temporary investments 364,000 328,800Accounts receivable (net) 260,000 211,200Inventories 208,000 66,400Prepaid expenses 44,000 23,200Total current assets $1,116,000 $ 792,000Long-term investments 204,800 256,000Property, plant, and equipment (net). 1,539,200 976,000Total assets. $2,860,000 $2,024,000LiabilitiesCurrent liabilities $ 360,000 $ 320,000Long-term liabilities:Mortgage note payable, 8%, due 2015 $ 384,000 Ã¢â‚¬â€Bonds payable, 10%, due 2019 800,000 $ 800,000Total long-term liabilities $1,184,000 $ 800,000Total liabilities. $1,544,000 $1,120,000StockholdersÃ¢â‚¬â„¢ EquityPreferred $2.00 stock, $50 par $ 100,000 $ 100,000Common stock, $5 par 200,000 200,000Retained earnings 1,016,000 604,000Total stockholdersÃ¢â‚¬â„¢ equity $1,316,000 $ 904,000Total liabilities and stockholdersÃ¢â‚¬â„¢ equity. $2,860,000 $2,024,000InstructionsDetermine the following measures for 2010, rounding to one decimal place:1. Working capital2. Current ratio3. Quick ratio4. Accounts receivable turnover5. Number of daysÃ¢â‚¬â„¢ sales in receivables6. Inventory turnover7. Number of daysÃ¢â‚¬â„¢ sales in inventory8. Ratio of fixed assets to long-term liabilities9. Ratio of liabilities to stockholdersÃ¢â‚¬â„¢ equity10. Number of times interest charges earned11. Number of times preferred dividends earned12. Ratio of net sales to assets13. Rate earned on total assets14. Rate earned on stockholdersÃ¢â‚¬â„¢ equity15. Rate earned on common stockholdersÃ¢â‚¬â„¢ equity16. Earnings per share on common stock17. Price-earnings ratio18. Dividends per share of common stock19. Dividend yield
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