The following data were taken from the financial statements of Hunter Inc. for December 31 of two recent years: LineItem Description Current Year Previous Year Accounts payable $362,000 $226,000 Current maturities of serial bondspayable 360,000 360,000 Serial bonds payable, 10 % 1,700,000 2,060,000 Common stock, $1 par value 70,000 90,000Paid-in capital in excess of par 760,000 760,000 Retained earnings 2, 630,000 2,090,000 The income before income taxexpense was $803, 400 and $703,000 for the current and previous years, respectively. a. Determine the ratio of liabilitiesto stockholders' equity at the end of each year. Round your answers to one decimal place. Line Item Description RatioCurrent year fill in the blank 1 Previous year fill in the blank 2 b. Determine the times interest earned ratio for both years.Round your answers to one decimal place.

For Current Year:Total Liabilities = Accounts Payable + Current Maturities of Serial Bonds Payable +…

expense was $803,400 and $703,000 for the current and previous years, respectively. a. Determine the ratio of liabilities to stockholders' equity at the end of each year. Round your answers to one decimal place. Line Item Description Ratio Current year fill in the blank 1 Previous year fill in the blank 2 b. Determine the times interest earned ratio for both years. Round your answers to one decimal place.

expense was $803,400 and $703,000 for the current and previous years, respectively. a. Determine the ratio of liabilities to stockholders' equity at the end of each year. Round your answers to one decimal place. Line Item Description Ratio Current year fill in the blank 1 Previous year fill in the blank 2 b. Determine the times interest earned ratio for both years. Round your answers to one decimal place.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Compute the current ratio and acid-test ratio for each of the following separate cases. (Round ratios to two decimals.) Which company situation is in the best position to meet short-term obligations? Explain.
Suppose that on the statement for a money market account, the initial balance was $7744.70, the statement was for 34 days, the final balance was $7770.84, and there were no deposits or withdrawals. Calculate the APY. Give your answer in percent to 2 decimal places.
Hello In calculating average accounts receivable net from financials, would I include: (current year and previous year) trade receivables, royalty advances, prepayments & accrued income, receivables from other parties, then divide by 2? Or would I go the other route to calculate average accounts receivable net and include: those receivables(current yr & prior yr) in the ageing of receivables group, add together and divide by 2? Thanks
Please do not give solution in image format thanku
am. 119.
A firm has net income before interest and taxes of $ 193,000 and interest expense of $28, 100. What is the times interest - earned ratio? Note: Round your answer to 2 decimal places. -
Please help
How do I calculae the times interest earned ratio?
Please answer both a and b thx
What was H&R Block's Current Ratio for year ending APR. 30, 20118? Carry your answer to two decimal points.
5 )
Balance Sheet Prepare a vertical analysis of the balance sheets for Year 4 and Year 3. Note: Percentages may not add exactly due to rounding. Round your answers to 2 decimal places. (L.e., .2345 should be entered as 23.45). Assats Current assets Cash Income Statement Marketable securities Accounts receivable (net) Inventories Prepaid Items Total current assets Investments Plant (net) Land Total long-term assets Total assets Liabilities and stockholders' equity Liabilities Current liabilities Notes payable Accounts payable Salaries payable Total current liabilities Noncurrent liabilities Bonds payable Other FANNING COMPANY Vertical Analysis of Balance Sheeta Year 4 Total noncurrent liabilales Total abilities Stockholders' equity Preferred stock (par value $10, 4% cumulative, nonparticipating: 6,600 shares authorized and issued) Common stock (no par; 50,000 shares authorized; 10,000 shares issued) Retained earnings Total stockholders' equity Total liabilities and stockholders' equity…