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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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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