acc362 the condensed financial statements of eau fra che company for the years 2010 491770
The condensed financial statements of Eau Fraîche Company for the years 2010 and 2011 are presented below.
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acc362 the condensed financial statements of eau fra che company for the years 2010 491770
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EAU FRAÎCHE COMPANY
Balance Sheets
December 31
|
2011 |
2010 |
|
|
Current assets |
||
|
Cash and cash equivalents |
330 |
360 |
|
Accounts receivable (net) |
470 |
400 |
|
Inventories |
460 |
390 |
|
Prepaid expenses |
120 |
160 |
|
Total current assets |
1,380 |
1,310 |
|
Property, plant, and equipment |
420 |
380 |
|
Investments |
10 |
10 |
|
Intangibles and other assets |
530 |
510 |
|
Total assets |
2,340 |
2,340 |
|
Current liabilities |
900 |
790 |
|
Long-term liabilities |
410 |
380 |
|
Stockholders’equity – common |
1,030 |
1,040 |
|
Total liabilities and stockholders’equity |
2,340 |
2,210 |
EAU FRAÎCHE COMPANY
Income Statement
For the Years Ended December 31
|
2011 |
2010 |
|
|
Revenues |
3,800 |
3,480 |
|
Costs and expenses |
||
|
Cost of goods sold |
970 |
890 |
|
Selling and administrative expenses |
2,400 |
2,330 |
|
Interest expense |
10 |
20 |
|
Total costs and expenses |
3,380 |
3,240 |
|
Income before income taxes |
420 |
220 |
|
Income tax expense |
168 |
132 |
|
Net income |
252 |
88 |
Compute the following ratios for 2010 and 2011. (Round current ratio and inventory turnover to 2 decimal places, e.g. 2.50. Round all other answers to 1 decimal place, e.g. 5.2.)
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