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Following is the balance sheet of Rooney Company for Year 3: ROONEY COMPANY Balance sheet 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 Bonds payable Common stock Retained earnings Total liabilities and stockholders' equity a. Current ratio b. Earnings per share c. Quick (acid-test) ratio $ 15,350 8,020 13,040 10,650 per share 174,500 (12,600) $208,960 The average number of common stock shares outstanding during Year 3 was 880 shares. Net income for the year was $15,000. Required Compute each of the following: (Round your answer to 2 decimal places. For percentages, 0.2345 should be entered as 23.45.) $ 8,300 3,120 4,850 21,780 113,900 57,010 $208,960

Following is the balance sheet of Rooney Company for Year 3: ROONEY COMPANY Balance sheet 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 Bonds payable Common stock Retained earnings Total liabilities and stockholders' equity a. Current ratio b. Earnings per share c. Quick (acid-test) ratio $ 15,350 8,020 13,040 10,650 per share 174,500 (12,600) $208,960 The average number of common stock shares outstanding during Year 3 was 880 shares. Net income for the year was $15,000. Required Compute each of the following: (Round your answer to 2 decimal places. For percentages, 0.2345 should be entered as 23.45.) $ 8,300 3,120 4,850 21,780 113,900 57,010 $208,960

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
ChapterA1: International Financial Reporting Standards
Section: Chapter Questions
Problem 7MCQ
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Following is the balance sheet of Rooney Company for Year 3: Assets Cash ROONEY COMPANY Balance sheet Marketable securities Accounts receivable Inventory Property and equipment Accumulated depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Current notes payable Mortgage payable Bonds payable Common stock Retained earnings Total liabilities and stockholders' equity a. Current ratio b. Earnings per share c. Quick (acid-test) ratio $ 15,350 8,020 13,040 10,650 174,500 (12,600) $208,960 per share $ 8,300 3,120 The average number of common stock shares outstanding during Year 3 was 880 shares. Net income for the year was $15,000. 4,850 21,780 113,900 57,010 $208,960 Required Compute each of the following: (Round your answer to 2 decimal places. For percentages, 0.2345 should be entered as 23.45.)
Transcribed Image Text:Following is the balance sheet of Rooney Company for Year 3: Assets Cash ROONEY COMPANY Balance sheet Marketable securities Accounts receivable Inventory Property and equipment Accumulated depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Current notes payable Mortgage payable Bonds payable Common stock Retained earnings Total liabilities and stockholders' equity a. Current ratio b. Earnings per share c. Quick (acid-test) ratio $ 15,350 8,020 13,040 10,650 174,500 (12,600) $208,960 per share $ 8,300 3,120 The average number of common stock shares outstanding during Year 3 was 880 shares. Net income for the year was $15,000. 4,850 21,780 113,900 57,010 $208,960 Required Compute each of the following: (Round your answer to 2 decimal places. For percentages, 0.2345 should be entered as 23.45.)
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