The following partial balance sheet ($ in thousands) for Paisano Seafood Incorporated is shown below.AssetsLiabilities and EquityCurrent assets:Current liabilities:Cash$ 65Accounts payableAccounts receivable (net)Notes receivable17857Other current liabilitiesInventory211Prepaid expenses42Total current assets553Equipment (net)262Common stockTotal current liabilitiesLong-term liabilitiesTotal liabilitiesShareholders' equity:Retained earningsTotal shareholders' equityTotal assets$ 815$ 2286729592387130298428Total liabilities and equity$ 815The acid-test ratio is:Note: Round your answer to 2 decimal places.

Acid test ratio is the ratio between total quick assets to total current liabilities. It is…

Answered: The following partial balance sheet ($…

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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B Company provided the balance sheet below: Accounts Cash 225 150 payable Accounts receivable 600 Accruals 250 Inventory 475 Notes payable 425 Current Current assets 1,300 825 liabilities Net fixed assets 1,000 Long-term debt 625 Common equity 325 Retained 525 earnings Total liab. & Total assets 2,300 2300 equity Compute for the Acid-test ratio. (2 decimal places)
The following information was taken from Station Company's balance sheet: Line Item Description Amount Fixed assets (net) $940,800 Long-term liabilities 192,000 Total liabilities 1,209,600 Total stockholders' equity 672,000 Determine the company's (a) ratio of fixed assets to long-term liabilities and (b) ratio of liabilities to stockholders' equity. If required, round your answers to one decimal place. Line Item Description Ratio a. Ratio of fixed assets to long-term liabilities fill in the blank 1 b. Ratio of liabilities to stockholders' equity
Durable Plastics Company had the following total assets, liabilities, and equity as of December 31. Total Assets Total Liabilities Total Equity $440,000 133,000 307,000 What is the company's debt ratio as of December 31? (Round your percentage answer to two decimal places.) OA. 30.23% OB. 43.32% O C. 100.00% O D. 69.77%
Whitten Corporation's balance sheet shows the following amounts: current assets, $200,000; current liabilities, $80,000; bonds payable, $155,000; and lease obligations, $25,000. Total stockholders' equity is $120,000. Calculate the debt to equity ratio. Round your answer to two decimal places
Some selected financial statement items belonging to MNO Company are given in the table below. According to this information, which of the following is Return on Equity (ROE)? Inventory 25000 Current Assets 50,000 30,000 80,000 12,240 68,000 Current Liabilities Non-current Assets Net Profit owner Equity
Liberty Corporation reported the following financial statements: The company has 2,500 shares of common stock outstanding and the market price is $20 per share. What is Liberty’s price/earnings ratio? a. 0.08 b. $0.08 c. 12.35 12.35 times
A company reports the following: Total Assets $390,000 Total Liabilities 140,000 Total Stockholders' Equity 250,000 Calculate the debt ratio. (Round your answer to two decimal places.) O A. 44% O B. 78.57% O C. 35.9% O D. 64.1%
Stark Company's most recent balance sheet reported total assets of $1.74 million, total liabilities of $0.88 million, and total equity of $0.86 million. Its Debt to equity ratio is: Multiple Choice 0.51 0.49 0.98
Selected financial data for Wilmington Corporation is presented below. WILMINGTON CORPORATION Balance Sheet As of December 31 Year 7 Year 6 Current Assets Cash and cash equivalents $ 634,527 $ 335,597 Marketable securities 166,106 187,064 Accounts receivable (net) 284,226 318,010 Inventories 466,942 430,249 Prepaid expenses 60,906 28,060 Other current assets 83,053 85,029 Total Current Assets 1,695,760 1,384,009 Property, plant and equipment 1,384,217 625,421 Long-term investment 568,003 425,000 Total Assets $3,647,980 $2,434,430 Current Liabilities Short-term borrowings $ 306,376 $ 170,419 Current portion of long-term debt 155,000 168,000 Accounts payable 279,522 314,883 Accrued liabilities 301,024 183,681 Income taxes payable 107,509 196,802 Total Current Liabilities 1,149,431…

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