Zebra Tech had total assets of $80,000 and total liabilities of $50,000 at the beginning of the year. During the year, the business recorded $120,000 in revenues, $70,000 in expenses, and dividends of $12,000 were distributed. What is equity at the end of the year? a) $68,000 b) $58,000 c) $42,000 d) $40,000

Zebra Tech had total assets of $80,000 and total liabilities of $50,000 at the beginning of the year. During the year, the business recorded $120,000 in revenues, $70,000 in expenses, and dividends of $12,000 were distributed. What is equity at the end of the year? a) $68,000 b) $58,000 c) $42,000 d) $40,000

Intermediate Financial Management (MindTap Course List)

13th Edition

ISBN:9781337395083

Author:Eugene F. Brigham, Phillip R. Daves

Publisher:Eugene F. Brigham, Phillip R. Daves

Chapter7: Analysis Of Financial Statements

Section: Chapter Questions

Problem 12P: The Kretovich Company had a quick ratio of 1.4, a current ratio of 3.0, a days’ sales outstanding of...

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The Kretovich Company had a quick ratio of 1.4, a current ratio of 3.0, a days’ sales outstanding of 36.5 days (based on a 365-day year), total current assets of $810,000, and cash and marketable securities of $120,000. What were Kretovich’s annual sales?
Juroe Company provided the following income statement for last year: Juroes balance sheet as of December 31 last year showed total liabilities of 10,250,000, total equity of 6,150,000, and total assets of 16,400,000. Refer to the information for Juroe Company on the previous page. Also, assume that Juroes total assets at the beginning of last year equaled 17,350,000 and that the tax rate applicable to Juroe is 40%. Required: Note: Round answers to two decimal places. 1. Calculate the average total assets. 2. Calculate the return on assets.
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