Following is the balance sheet of Finch Company for Year 3: Assets Cash Marketable securities Accounts receivable Inventory Property and equipment Accumulated depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Current notes payable Mortgage payable FINCH COMPANY Balance sheet Bonds payable Common stock Retained earnings Total liabilities and stockholders' equity Required Compute each of the following: Note: Round your answers to 2 decimal places. a. Current ratio b. Earnings per share c. Quick (acid-test) ratio d. Return on investment e. Return on equity f. Debt to equity ratio The average number of common stock shares outstanding during Year 3 was 900 shares. Net income for the year was $15,600. per share $ 15,100 8,500 13,100 11,300 168,000 (12,900) $ 203,100 % % % $ 8,750 3,160 4,550 21,180 113,800 51,660 $ 203,100

Following is the balance sheet of Finch Company for Year 3: Assets Cash Marketable securities Accounts receivable Inventory Property and equipment Accumulated depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Current notes payable Mortgage payable FINCH COMPANY Balance sheet Bonds payable Common stock Retained earnings Total liabilities and stockholders' equity Required Compute each of the following: Note: Round your answers to 2 decimal places. a. Current ratio b. Earnings per share c. Quick (acid-test) ratio d. Return on investment e. Return on equity f. Debt to equity ratio The average number of common stock shares outstanding during Year 3 was 900 shares. Net income for the year was $15,600. per share $ 15,100 8,500 13,100 11,300 168,000 (12,900) $ 203,100 % % % $ 8,750 3,160 4,550 21,180 113,800 51,660 $ 203,100

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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Seven metrics The following data were taken from the financial statements of Woodwork Enterprises Inc. for the current fiscal year. Assuming that there are no intangible assets. Property, plant, and equipment (net) Liabilities: Current liabilities Mortgage note payable, 10%, ten-year note issued two years ago Total liabilities Stockholders' equity: Preferred $2 stock, $100 par (no change during year) Common stock, $10 par (no change during year) Retained earnings: Balance, beginning of year Net income Preferred dividends Common dividends Balance, end of year Total stockholders' equity Sales Check My Work $1,440,000 566,000 $27,000 179,000 $225,000 1,125,000 $2,006,000 206,000 $1,800,000 $1,350,000 $1,350,000 1,350,000 1,800,000 $4,500,000 $13,614,650 Previous
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