Following is a comparative balance sheet for Wildfire Corporation:
Current assets:
Current liabilities:
Shareholders' equity:
Notes: Net sales (all on credit)and cost of goods sold for the year ended December 31,2017,were $2,000,000 and $1,200,000,respectively.The number of common shares outstanding has been 50,000 since the company began operations.
Required:
Calculate the following ratios for the year ended December 31,2017:

Question

Following is a comparative balance sheet for Wildfire Corporation:
  Current assets:
  Current liabilities:
  Shareholders' equity:
  Notes: Net sales (all on credit)and cost of goods sold for the year ended December 31,2017,were $2,000,000 and $1,200,000,respectively.The number of common shares outstanding has been 50,000 since the company began operations.
Required:
Calculate the following ratios for the year ended December 31,2017:

Quizplus · Accepted Answer

The Answer of Following is a comparative balance sheet for Wildfire Corporation:
  Current assets:
  Current liabilities:
  Shareholders' equity:
  Notes: Net sales (all on credit)and cost of goods sold for the year ended December 31,2017,were $2,000,000 and $1,200,000,respectively.The number of common shares outstanding has been 50,000 since the company began operations.
Required:
Calculate the following ratios for the year ended December 31,2017:

Following Is a Comparative Balance Sheet for Wildfire Corporation