The 2013 balance sheet for Hallbrook Industries, Inc. is shown below. HALLBROOK INDUSTRIES, INC. Balance Sheet December 31, 2013 ($ in 000s) Assets Cash $200 Short-term investments 150 Accounts receivable 200 Inventories 350 Property, plant, and equipment (net) 1,000 Total asets $1,900 Liabilities and Shareholders' Equity Current liabilities $40 Long-term liabilities 350 Paid-in capital 750 Retained earnings 400 Total liabilities and shareholders' equity $1,900 The company's 2013 income statement reported the following amounts ($ in 000s): Net sales $4,600 Interest expense 40 Income tax 100 Net income 160 Required: Determine the acid-test ratio for 2013. (Round to two decimals.)
The 2013 balance sheet for Hallbrook Industries, Inc. is shown below. HALLBROOK INDUSTRIES, INC. Balance Sheet December 31, 2013 ($ in 000s) Assets Cash $200 Short-term investments 150 Accounts receivable 200 Inventories 350 Property, plant, and equipment (net) 1,000 Total asets $1,900 Liabilities and Shareholders' Equity Current liabilities $40 Long-term liabilities 350 Paid-in capital 750 Retained earnings 400 Total liabilities and shareholders' equity $1,900 The company's 2013 income statement reported the following amounts ($ in 000s): Net sales $4,600 Interest expense 40 Income tax 100 Net income 160 Required: Determine the acid-test ratio for 2013. (Round to two decimals.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
The 2013
HALLBROOK INDUSTRIES, INC.
Balance Sheet
December 31, 2013
($ in 000s)
Assets
Cash $200
Short-term investments 150
Inventories 350
Property, plant, and equipment (net) 1,000
Total asets $1,900
Liabilities and Shareholders' Equity
Current liabilities $40
Long-term liabilities 350
Paid-in capital 750
Total liabilities and shareholders' equity $1,900
The company's 2013 income statement reported the following amounts ($ in 000s):
Net sales $4,600
Interest expense 40
Income tax 100
Net income 160
Required:
Determine the acid-test ratio for 2013. (Round to two decimals.)
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