Accounts Payable $22,000 Net Income $48,000
Accounts Receivable $60,000 Net Sales $400,000
Total Assets $275,000 Other Current Liabilities $12,000
Cash $35,000 Salaries Payable $ 6,000
Gross Profit $190,000 Stockholders' Equity $110,000
The following data are taken from the financial statements of Mercer Company. The data are in alphabetical order. Consider balances as averages if applicable.
Accounts Payable ...
This provides the steps to calculate the Return on assets ratio and other ratios