Chapter 1, Problem 34DQ

Geisner Inc. has total assets of $1,000,000 and total liabilities of $600,000. The industry average debt-to-equity ratio is 1.20. Calculate Geisner's debt-to-equity ratio and indicate whether the company's default risk is higher or lower than the average of other companies in the industry.

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Baker's Market began the current month with inventory costing $35,250, then purchased additional inventory at a cost of $78,400. The perpetual inventory system indicates that inventory costing $82,500 was sold during the month for $88,250. An inventory count at month-end shows that inventory costing $29,000 is actually on hand. What amount of shrinkage occurred during the month? a) $350 b) $1,150 c) $1,750 d) $2,150