**Flounder Company Balance Sheet Overview****As of December 31, 2017****Assets:**- **Cash:** $20,900 - **Receivables:** $117,000- **Inventory:** $75,000- **Plant assets (net):** $354,000**Total Assets:** $566,900**Liabilities and Equity:**- **Accounts payable:** $80,000- **Long-term notes payable:** $181,000- **Common stock (no par):** $110,000- **Retained earnings:** $195,900**Total Liabilities and Equity:** $566,900**Additional Information:**- The net income for 2017 was $43,000.- Assume that total assets remained the same for 2016 and 2017.**Explanation:**This balance sheet displays Flounder Company's financial position at the end of the fiscal year 2017. It highlights the company's assets, liabilities, and equity, ensuring that total assets equal the sum of liabilities and equity, following the accounting equation. The continuity in total assets from 2016 to 2017 suggests stability in the company's financial base. ### Financial Ratio Calculation ExerciseThe net income for 2017 was $43,000. Assume that total assets are the same in 2016 and 2017.Compute each of the following ratios. **(Round answers to 2 decimal places, e.g., 1.59 or 45.87%.)**1. **(a) Current ratio** [Input Box]2. **(b) Acid-test ratio** [Input Box]3. **(c) Debt to assets ratio** [Input Box] %4. **(d) Return on assets** [Input Box] %Ensure that your answers are precise, following the given format for rounding. This exercise helps in understanding how various financial metrics are calculated and their significance in analyzing a company's financial health.

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Flounder Company has been operating for several years, and on December 31, 2017, presented the following balance sheet. FLOUNDER COMPANY BALANCE SHEET DECEMBER 31, 2017 Cash $20,900 Accounts payable $80,000 Receivables 117,000 Long-term notes payable 181,000 Inventory 75,000 Common stock (no par) 110,000 Plant assets (net) 354,000 Retained earnings 195,900 $566,900 $566,900 The net income for 2017 was $43,000. Assume that total assets are the same in 2016 and 2017.

Flounder Company has been operating for several years, and on December 31, 2017, presented the following balance sheet. FLOUNDER COMPANY BALANCE SHEET DECEMBER 31, 2017 Cash $20,900 Accounts payable $80,000 Receivables 117,000 Long-term notes payable 181,000 Inventory 75,000 Common stock (no par) 110,000 Plant assets (net) 354,000 Retained earnings 195,900 $566,900 $566,900 The net income for 2017 was $43,000. Assume that total assets are the same in 2016 and 2017.

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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