Following is the balance sheet of Thornton Company for Year 3:THORNTON COMPANYBalance sheetAssetsCash$ 15,050Marketabhe securitiesAccounts receivableInventoryProperty and equipmentAccumulated depreciation8,38013,34011,050165,500(12,300)Total assets$201,020Liabilities and Stockholders' EquityAccounts payableCurrent notes payableMortgage payableBonds payableCommon stockRetained earnings8,7503,2004,10021,840113,30049,830Total liabilities and stockholders' equity$201,020The average number of common stock shares outstanding during Year 3 was 900 shares. Net income for the year was $15,300.RequiredCompute each of the following: (Round your answer to 2 decimal places. For percentages, O.2345 should be entered as 23.45.)a. Current ratiob. Earnings per shareper sharec. Quick (acid-test) ratiod. Return on investmente. Return on equityf. Debt to equity ratio< Prev6 of 6Next>

Name: Following is the balance sheet of Thornton Company for Year 3:THORNTO
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Description: Following is the balance sheet of Thornton Company for Year 3:THORNTON COMPANYBalance sheetAssetsCash$ 15,050Marketabhe securitiesAccounts receivableInventoryProperty and equipmentAccumulated depreciation8,38013,34011,050165,500(12,300)Total assets$

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Following is the balance sheet of Thornton Company for Year 3: THORNTON COMPANY Balance sheet Assets Cash $ 15,050 Marketable securities Accounts receivable Inventory Property and equipment Accumulated depreciation 8,380 13,340 11,050 165,500 (12,300) $201,020 Total assets Liabilities and Stockholders' Equity Accounts payable Current notes payable Mortgage payable Bonds payable $ 8,750 3,200 4,100 21,840 113,300 49,830 Common stock Retained earnings Total liabilities and stockholders' equity $201,020 The average number of common stock shares outstanding during Year 3 was 900 shares. Net income for the year was $15,300. Required Compute each of the following: (Round your answer to 2 decimal places. For percentages, 0.2345 should be entered as 23.45.) a. Current ratio b. Earnings per share c. Quick (acid-test) ratio per share

Following is the balance sheet of Thornton Company for Year 3: THORNTON COMPANY Balance sheet Assets Cash $ 15,050 Marketable securities Accounts receivable Inventory Property and equipment Accumulated depreciation 8,380 13,340 11,050 165,500 (12,300) $201,020 Total assets Liabilities and Stockholders' Equity Accounts payable Current notes payable Mortgage payable Bonds payable $ 8,750 3,200 4,100 21,840 113,300 49,830 Common stock Retained earnings Total liabilities and stockholders' equity $201,020 The average number of common stock shares outstanding during Year 3 was 900 shares. Net income for the year was $15,300. Required Compute each of the following: (Round your answer to 2 decimal places. For percentages, 0.2345 should be entered as 23.45.) a. Current ratio b. Earnings per share c. Quick (acid-test) ratio per share

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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