Liberty Corporation reported the following figures: Account 2016 2015 Cash and cash equivalents $ 2 450 $ 2 094 Receivables 1 813 1 611 Inventory 1 324 1 060 Prepaid expenses 1 709 2 120 Total current assets $ 7 296 $ 6 885 Other assets 18 500 15 737 Total assets $25 796 $22 622 Total current liabilities $ 7 230 $ 8 467 Non-current liabilities 4 798 3 792 Share capital 6 568 4 363 Retained earnings 7 200 6 000 Total liabilities and equity $25 796 $22 622 2006 Sales $20 941 Cost of sales 7 055 Selling and general expenses 7 065 Interest expense 210 Income tax expense 2 563 Profit $ 4 048

Liberty Corporation reported the following figures: Account 2016 2015 Cash and cash equivalents $ 2 450 $ 2 094 Receivables 1 813 1 611 Inventory 1 324 1 060 Prepaid expenses 1 709 2 120 Total current assets $ 7 296 $ 6 885 Other assets 18 500 15 737 Total assets $25 796 $22 622 Total current liabilities $ 7 230 $ 8 467 Non-current liabilities 4 798 3 792 Share capital 6 568 4 363 Retained earnings 7 200 6 000 Total liabilities and equity $25 796 $22 622 2006 Sales $20 941 Cost of sales 7 055 Selling and general expenses 7 065 Interest expense 210 Income tax expense 2 563 Profit $ 4 048

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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Bruno Inc.'s Financial Statement for years 2014-2015. Compute for the Bruno Inc. Year 2015 Debt to Equity Ratio. (Answer Format: 12.23%, if computed answer is 12.343% answer should be 12.34%, if computed answer is 12.347% answer should be 12.35%) INCOME STATEMENTS 2014 2015 BALANCE SHEETS Assets Cash 2014 2015 Net sales $ 4,760 $ 5,000 S 60 50 COGS (excl. depr.) 3,560 3,800 ST Investments 40 . Depreciation 170 200 Accounts receivable 380 500 480 500 Inventories 820 1,000 Other operating expenses EBIT S 550 S 500 Total CA $ 1,300 $ 1,550 Interest expense 100 120 Net PP&E 1,700 2,000 Pre-tax earnings S 450 S 380 $ 3,000 $ 3,550 Taxes (40%) 180 152 NI before pref. div. $ 270 228 Preferred div. 8 8 S 190 $ 200 Net income $ 262 220 280 300 130 280 Other Data $ 600 S 780 Common dividends $48 $50 1,000 1,200 Addition to RE $214 $170 $ 1,600 $ 1,980 Tax rate 40% 40% 100 100 Shares of common stock 50 50 500 500 Earnings per share $5.24 $4.40 800 970 Dividends per share $0.96 $1.00 $ 1,300 S…
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