Van der Man Fashions, Inc. Income Statement Years Ended December 31, 2018 and 2017 2018 2017 236,000 $ 131,000 311,000 152,000 Net sales Cost of goods sold 105,000 66,000 159,000 64,000 Gross profit Selling and general expenses 95,000 39,000 7,000 Income from operations Interest expense 1,400 32,000 7,000 93,600 5,000 Income before income tax Income tax expense 25,000 $ 88,600 Net income Data table 2018 2017 2016 Accounts receivable 32,000 21,000 24,000 Inventory. 10,500 16,100 13,300 Total current assets 44,500 40,600 42,300 Fixed assets 253,500 250,000 210,000 Total assets $ 298,000 $ 290,600 $ 252,300 %24 %24

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Requirement 1. For 2017 and 2018, compute the five ration that measure how a business is investing its money and whether it is using its assets officiently Round sach sabio to ho decimal places Assume all sales are on credt.

Van der Man Fashions, Inc.
Income Statement
Years Ended December 31, 2018 and 2017
2018
2017
311,000
152,000
Net sales
$4
236,000 $
Cost of goods sold
131,000
105,000
66,000
159,000
64,000
Gross profit
Selling and general expenses
95,000
39,000
7,000
Income from operations
1,400
Interest expense
32,000
7,000
93,600
5,000
Income before income tax
Income tax expense
25,000 $
88,600
Net income
Data table
2018
2017
2016
Accounts receivable
32,000
21,000
24,000
Inventory.
10,500
16,100
13,300
Total current assets
44,500
40,600
42,300
Fixed assets
253,500
250,000
210,000
Total assets
$ 298,000 $ 290,600 $ 252,300
Print
Done
%24
Transcribed Image Text:Van der Man Fashions, Inc. Income Statement Years Ended December 31, 2018 and 2017 2018 2017 311,000 152,000 Net sales $4 236,000 $ Cost of goods sold 131,000 105,000 66,000 159,000 64,000 Gross profit Selling and general expenses 95,000 39,000 7,000 Income from operations 1,400 Interest expense 32,000 7,000 93,600 5,000 Income before income tax Income tax expense 25,000 $ 88,600 Net income Data table 2018 2017 2016 Accounts receivable 32,000 21,000 24,000 Inventory. 10,500 16,100 13,300 Total current assets 44,500 40,600 42,300 Fixed assets 253,500 250,000 210,000 Total assets $ 298,000 $ 290,600 $ 252,300 Print Done %24
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