AJMAN COMPANY Comparative Balance Sheet As at December 31 2019 and 2020 Assets: 2020 Cash...
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AJMAN COMPANY Comparative Balance Sheet As at December 31 2019 and 2020 Assets: 2020 Cash $20,000 Accounts receivable (net) 40,000 Inventory 60,000 Property, plant and equipment (net) 260,000 Total assets $ 380,000 2019 $40,000 30,000 70,000 300,000 $440,000 Liabilities and shareholders' equity: Accounts payable Short-term notes payable Bonds payable Share capital - ordinary ($1.50 par value) Retained earnings Total liabilities and shareholders' equity $30,000 20,000 80,000 80,000 120,000 130,000 $ 380,000 $40,000 30,000 150,000 120,000 100,000 $440,000 Ajman's 2020 income statement included net sales of $400,000, cost of goods sold of $250,000, and net income of $60,000 REQUIRED: Compute the following ratios for 2020. a. Acid-test ratio. b. Inventory turnover. c. Profit margin. d. Return on assets. e. Debt to assets ratio
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