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(Chapter 14) Presented below is the financial date for Gaines Company: GAINES COMPANY Comparative Balance Sheet December 31 Assets 20X3 20X2 Cash .
$500,000
Income Statement For the Year Ended December 31, 20X3
Net sales ................................................................................................................. $400,000
Cost of goods sold................................................................................................... 240,000
Gross profit............................................................................................................. 160,000
Expenses Operating expenses......................................................................................... $42,000
Interest expense.............................................................................................. 18,000
Total expenses.......................................................................................... 60,000
Income before income taxes.................................................................................. 100,000
Income tax expense................................................................................................ 30,000
Net income ............................................................................................................. $ 70,000
Additional information: a. Cash dividends of $30,000 were declared and paid in 20X3.
b. Weighted-average number of shares of common stock outstanding during 20X3 was 30,000 shares.
c. Market value of common stock on December 31, 20X3, was $21 per share.
Instructions Compute the following ratios for Gaines Company for 20X3:
(A) Current ratio (B) Return on common stockholders' equity (C) Price -earnings ratio (D) Acid-test ratio (e) Receivables turnover
I need answers all A-E
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