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Set up an income statement, assignment help
Complete the following abbreviatedfinancial statements, and calculate per share ratios indicated. (Hint: Start bysubtracting the formula for the quick ratio from that for the current ratio andequating that to the numerical difference.)
TribkeEnterprises collected the following data from its financial reports for 2012:
Stockprice $18.37
Inventorybalance $300,000
Expenses (excludingCOGS) $1,120,000
Shares outstanding 290,000
Average issue price of shares $5.00
Gross margin % 40%
Interest rate 8%
TIE ratio 8
Inventoryturnover 12 x
Currentratio 1.5
Quickratio .75
Fixed assetturnover 1.5
Complete thefollowing abbreviated financial statements, and calculate per share ratiosindicated. (Hint: Start by subtracting the formula for the quick ratio fromthat for the current ratio and equating that to the numerical difference.)