Exercise 3-16 (Static) Calculating ratios [LO3-8) The 2024 balance sheet for Hallbrook Industries, Incorporated, is shown below. HALLBROOK INDUSTRIES, INCORPORATED Balance Sheet Cash Short-term investments Accounts receivable Inventory Property, plant, and equipment (net) Total assets December 31, 2024 ($ in thousands) Assets Liabilities and Shareholders' Equity Current liabilities Long-term liabilities Paid-in capital Retained earnings Total liabilities and shareholders' equity Net sales Interest expense Income tax expense Net income equired: The company's 2024 income statement reported the following amounts ($ in thousa $4,600 40 100 160 $ 200 150 200 350 1,000 $ 1,900 Current ratio Acid-test ratio :Debt to equity ratio Times interest earned ratio $ 400 350 times 750 400 $ 1,900 Calculate the current ratio. Note: Round your answer to 2 decimal places. Calculate the acid-test ratio. Note: Round your answer to 3 decimal places. Calculate the debt to equity ratio. Note: Round your answer to 2 decimal places. Calculate the times interest earned ratio. Note: Round your answer to 1 decimal place.

Exercise 3-16 (Static) Calculating ratios [LO3-8) The 2024 balance sheet for Hallbrook Industries, Incorporated, is shown below. HALLBROOK INDUSTRIES, INCORPORATED Balance Sheet Cash Short-term investments Accounts receivable Inventory Property, plant, and equipment (net) Total assets December 31, 2024 ($ in thousands) Assets Liabilities and Shareholders' Equity Current liabilities Long-term liabilities Paid-in capital Retained earnings Total liabilities and shareholders' equity Net sales Interest expense Income tax expense Net income equired: The company's 2024 income statement reported the following amounts ($ in thousa $4,600 40 100 160 $ 200 150 200 350 1,000 $ 1,900 Current ratio Acid-test ratio :Debt to equity ratio Times interest earned ratio $ 400 350 times 750 400 $ 1,900 Calculate the current ratio. Note: Round your answer to 2 decimal places. Calculate the acid-test ratio. Note: Round your answer to 3 decimal places. Calculate the debt to equity ratio. Note: Round your answer to 2 decimal places. Calculate the times interest earned ratio. Note: Round your answer to 1 decimal place.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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