Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. doors inc.s condensed income statement and balance

Doors Inc.s condensed income statement and balance sheet for the years 2022 and 2021 follow....

90.2K

Verified Solution

Question

Accounting

Doors Inc.s condensed income statement and balance sheet for the years 2022 and 2021 follow.
Accounts Receivable increased 20 percent from 2021 to 2022.
There were no new purchases of land, property, or equipment in 2022.
Accounts Payable decreased 30 percent from 2021 to 2022.
No new shares of common stock were issued in 2022.
The company paid out cash dividends of $44,210 in 2022.
The inventory turnover ratio for 2022 was 7 times.
The asset turnover ratio in 2022 was 2.3 times and in 2021 was 2.6 times.
The earnings per share in 2022 was $42.82 and in 2021 was $60.21.
The effective income tax rate in both years was 20 percent.
Required:
Complete Doors Inc.s condensed Income Statement and Balance Sheet for years 2022 and 2021.
Analyze:
Assume that the management of Doors Inc. had been given a directive by the board of directors to improve the companys current ratio in 2022. Did the company improve its standing in this regard from the prior year?

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students