The Johnson Corporation reported the following income statement and balance sheet amounts and additional information for the end of the current year. End of current year End of prior year Net sales revenue (all credit) $800,000 Cost of goods sold $504,000 Gross profit $296,000 Selling/general expenses $184,000 Interest expense Net income Current assets $ 32,000 $ 80,000 $71,000 $329,000 Long-term assets Total assets $400,000 Current liabilities $56,000 Long-term liabilities $ 84,000 Common stockholders' equity $260,000 Total liabilities and stockholders' equity $400,000 Inventory and prepaid expenses account for $28,000 of the current year's current assets. $20,000 $280,000 $300,000 $16,000 $164,000 $120,000 $300,000

The Johnson Corporation reported the following income statement and balance sheet amounts and additional information for the end of the current year. End of current year End of prior year Net sales revenue (all credit) $800,000 Cost of goods sold $504,000 Gross profit $296,000 Selling/general expenses $184,000 Interest expense Net income Current assets $ 32,000 $ 80,000 $71,000 $329,000 Long-term assets Total assets $400,000 Current liabilities $56,000 Long-term liabilities $ 84,000 Common stockholders' equity $260,000 Total liabilities and stockholders' equity $400,000 Inventory and prepaid expenses account for $28,000 of the current year's current assets. $20,000 $280,000 $300,000 $16,000 $164,000 $120,000 $300,000

Name: 9. The Johnson Corporation reported the following income statement and
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Description: 9. The Johnson Corporation reported the following income statement and balance sheet amounts and additional information for the end of the current year.End of current yearEnd of prior yearNet sales revenue (all credit)$800,000Cost of goods sold$504,0

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The Johnson Corporation reported the following income statement and balance sheet amounts and additional information for the end of the current year.
End of current year
End of prior year
Net sales revenue (all credit)
$800,000
Cost of goods sold
$504,000
Gross profit
$296,000
Selling/general expenses
$184,000
$ 32,000
Interest expense
Net income
Current assets
$ 80,000
$71,000
$329,000
Long-term assets
Total assets
$400,000
Current liabilities
$56,000
Long-term liabilities
$ 84,000
Common stockholders' equity
$260,000
Total liabilities and stockholders' equity
$400,000
Inventory and prepaid expenses account for $28,000 of the current year's current assets.
Average inventory for the current year is $12,000.
Average net accounts receivable for the current year is $32,000.
There are 40,000 shares of common stock outstanding.
Total dividends paid during the current year were $60,000.
The market price per share of common stock is $25.
What is the company's current ratio for the current year?
A. 0.79
O B. 1.27
O C. 0.29
O D. 3.55
$20,000
$280,000
$300,000
$16,000
$164,000
$120,000
$300,000

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