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Six Measures of Solvency or Profitability The following data were taken from the financial statements of Gates Inc. for the current fiscal year. Property, plant, and equipment (net) $1,176,000 Liabilities: Current liabilities $147,000 Note payable, 6%, due in 15 years 735,000 Total liabilities $882,000 Stockholders' equity: Preferred $2 stock, $100 par (no change during year) $661,500 Common stock, $10 par (no change during year) 661,500 Retained earnings: Balance, beginning of year $706,000 Net income 262,000 $968,000 Preferred dividends $13,230 Common dividends 72,770 86,000 Balance, end of year 882,000 Total stockholders' equity $2,205,000 Sales $14,147,000 Interest expense $44,100 Check My Work 3 more Check My Work uses remaining. Preferred $2 stock, $100 par (no change during year) $661,500 T.A... Common stock, $10 par (no change during year) 661,500 Retained earnings: A... Balance, beginning of year $706,000 A... Net income 262,000 $968,000 CA... Preferred dividends $13,230 Common dividends 72,770 86,000 Balance, end of year 882,000 Total stockholders' equity $2,205,000 Sales $14,147,000 Interest expense $44,100 Assuming that total assets were $2,933,000 at the beginning of the current fiscal year, determine the following, When required, round to one decimal place. a. Ratio of fixed assets to long-term lilabilities b. Ratio of liabilities to stockholders" equity c. Asset turnover d. Return on total assets e. Return on stockholders' equity. f. Return on common stockholders' equity Previous Next Check My Work 3 more Check My Work uses remaining. (2.

Six Measures of Solvency or Profitability The following data were taken from the financial statements of Gates Inc. for the current fiscal year. Property, plant, and equipment (net) $1,176,000 Liabilities: Current liabilities $147,000 Note payable, 6%, due in 15 years 735,000 Total liabilities $882,000 Stockholders' equity: Preferred $2 stock, $100 par (no change during year) $661,500 Common stock, $10 par (no change during year) 661,500 Retained earnings: Balance, beginning of year $706,000 Net income 262,000 $968,000 Preferred dividends $13,230 Common dividends 72,770 86,000 Balance, end of year 882,000 Total stockholders' equity $2,205,000 Sales $14,147,000 Interest expense $44,100 Check My Work 3 more Check My Work uses remaining. Preferred $2 stock, $100 par (no change during year) $661,500 T.A... Common stock, $10 par (no change during year) 661,500 Retained earnings: A... Balance, beginning of year $706,000 A... Net income 262,000 $968,000 CA... Preferred dividends $13,230 Common dividends 72,770 86,000 Balance, end of year 882,000 Total stockholders' equity $2,205,000 Sales $14,147,000 Interest expense $44,100 Assuming that total assets were $2,933,000 at the beginning of the current fiscal year, determine the following, When required, round to one decimal place. a. Ratio of fixed assets to long-term lilabilities b. Ratio of liabilities to stockholders" equity c. Asset turnover d. Return on total assets e. Return on stockholders' equity. f. Return on common stockholders' equity Previous Next Check My Work 3 more Check My Work uses remaining. (2.

FINANCIAL ACCOUNTING
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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Six Measures of Solvency or Profitability The following data were taken from the financial statements of Gates Inc. for the current fiscal year. Property, plant, and equipment (net) $1,176,000 Liabilities: Current liabilities $147,000 Note payable, 6%, due in 15 years 735,000 Total liabilities $882,000 Stockholders' equity: Preferred $2 stock, $100 par (no change during year) $661,500 Common stock, $10 par (no change during year) 661,500 Retained earnings: Balance, beginning of year $706,000 Net income 262,000 $968,000 Preferred dividends $13,230 Common dividends 72,770 86,000 Balance, end of year 882,000 Total stockholders' equity $2,205,000 Sales $14,147,000 Interest expense $44,100 Check My Work 3 more Check My Work uses remaining.
Transcribed Image Text:Six Measures of Solvency or Profitability The following data were taken from the financial statements of Gates Inc. for the current fiscal year. Property, plant, and equipment (net) $1,176,000 Liabilities: Current liabilities $147,000 Note payable, 6%, due in 15 years 735,000 Total liabilities $882,000 Stockholders' equity: Preferred $2 stock, $100 par (no change during year) $661,500 Common stock, $10 par (no change during year) 661,500 Retained earnings: Balance, beginning of year $706,000 Net income 262,000 $968,000 Preferred dividends $13,230 Common dividends 72,770 86,000 Balance, end of year 882,000 Total stockholders' equity $2,205,000 Sales $14,147,000 Interest expense $44,100 Check My Work 3 more Check My Work uses remaining.
Preferred $2 stock, $100 par (no change during year) $661,500 T.A... Common stock, $10 par (no change during year) 661,500 Retained earnings: A... Balance, beginning of year $706,000 A... Net income 262,000 $968,000 CA... Preferred dividends $13,230 Common dividends 72,770 86,000 Balance, end of year 882,000 Total stockholders' equity $2,205,000 Sales $14,147,000 Interest expense $44,100 Assuming that total assets were $2,933,000 at the beginning of the current fiscal year, determine the following, When required, round to one decimal place. a. Ratio of fixed assets to long-term lilabilities b. Ratio of liabilities to stockholders" equity c. Asset turnover d. Return on total assets e. Return on stockholders' equity. f. Return on common stockholders' equity Previous Next Check My Work 3 more Check My Work uses remaining. (2.
Transcribed Image Text:Preferred $2 stock, $100 par (no change during year) $661,500 T.A... Common stock, $10 par (no change during year) 661,500 Retained earnings: A... Balance, beginning of year $706,000 A... Net income 262,000 $968,000 CA... Preferred dividends $13,230 Common dividends 72,770 86,000 Balance, end of year 882,000 Total stockholders' equity $2,205,000 Sales $14,147,000 Interest expense $44,100 Assuming that total assets were $2,933,000 at the beginning of the current fiscal year, determine the following, When required, round to one decimal place. a. Ratio of fixed assets to long-term lilabilities b. Ratio of liabilities to stockholders" equity c. Asset turnover d. Return on total assets e. Return on stockholders' equity. f. Return on common stockholders' equity Previous Next Check My Work 3 more Check My Work uses remaining. (2.
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