Question

Following is the balance sheet of Gibson Company for 2018: GIBSON COMPANY Balance sheet Assets Cash...

Following is the balance sheet of Gibson Company for 2018:

GIBSON COMPANY
Balance sheet
Assets
Cash $ 14,550
Marketable securities 7,860
Accounts receivable 12,860
Inventory 10,900
Property and equipment 168,000
Accumulated depreciation (12,900 )
Total assets $ 201,270
Liabilities and Stockholders’ Equity
Accounts payable $ 8,090
Current notes payable 3,640
Mortgage payable 4,450
Bonds payable 22,020
Common stock 113,200
Retained earnings 49,870
Total liabilities and stockholders’ equity $ 201,270

The average number of common stock shares outstanding during 2018 was 890 shares. Net income for the year was $15,700.

Required

Compute each of the following: (Round your answers to 2 decimal places.)

A. Current Ratio

B. earnings per share

C. Quick (acid-test) ratio

D. return on investment (%)

E. return om equity (%)

F. Debt to equity ratio (%)

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Following is the balance sheet of Gibson Company for 2018: GIBSON COMPANY Balance sheet Assets Cash...
Following is the balance sheet of Gibson Company for 2018: GIBSON COMPANY Balance sheet Assets Cash $ 14,550 Marketable securities 7,860 Accounts receivable 12,860 Inventory 10,900 Property and equipment 168,000 Accumulated depreciation (12,900 ) Total assets $ 201,270 Liabilities and Stockholders’ Equity Accounts payable $ 8,090 Current notes payable 3,640 Mortgage payable 4,450 Bonds payable 22,020 Common stock 113,200 Retained earnings 49,870 Total liabilities and stockholders’ equity $ 201,270 The average number of common stock shares outstanding during 2018 was...
2.2 Following is the balance sheet of Solomon Company for 2018: SOLOMON COMPANY Balance sheet Assets...
2.2 Following is the balance sheet of Solomon Company for 2018: SOLOMON COMPANY Balance sheet Assets Cash $ 14,600 Marketable securities 8,420 Accounts receivable 12,800 Inventory 10,800 Property and equipment 172,000 Accumulated depreciation (12,400 ) Total assets $ 206,220 Liabilities and Stockholders’ Equity Accounts payable $ 8,270 Current notes payable 3,760 Mortgage payable 4,350 Bonds payable 21,660 Common stock 114,600 Retained earnings 53,580 Total liabilities and stockholders’ equity $ 206,220 The average number of common stock shares outstanding during 2018...
Following is the balance sheet of Faustin Company’s for 2014. FAUSTIN COMPANY'S Balance sheet   Assets   Cash...
Following is the balance sheet of Faustin Company’s for 2014. FAUSTIN COMPANY'S Balance sheet   Assets   Cash $ 14,900   Marketable securities 7,540   Accounts receivable 12,560   Inventory 10,850   Property and equipment 171,000   Accumulated depreciation (12,700 )   Total assets $ 204,150   Liabilities and Stockholders’ Equity   Accounts payable $ 8,360   Current notes payable 3,120   Mortgage payable 4,450   Bonds payable 21,480   Common stock 113,500   Retained earnings 53,240   Total liabilities and stockholders’ equity $ 204,150 The average number of common stock shares outstanding during 2014 was...
Following is the balance sheet of Munoz Company for Year 3: MUNOZ COMPANY Balance sheet Assets...
Following is the balance sheet of Munoz Company for Year 3: MUNOZ COMPANY Balance sheet Assets Cash $ 15,200 Marketable securities 7,580 Accounts receivable 13,400 Inventory 11,200 Property and equipment 169,500 Accumulated depreciation (12,200 ) Total assets $ 204,680 Liabilities and Stockholders’ Equity Accounts payable $ 8,690 Current notes payable 3,320 Mortgage payable 4,550 Bonds payable 21,240 Common stock 114,400 Retained earnings 52,480 Total liabilities and stockholders’ equity $ 204,680 The average number of common stock shares outstanding during Year...
The following balance sheet information is provided for Duke Company for Year 2: Assets Cash $...
The following balance sheet information is provided for Duke Company for Year 2: Assets Cash $ 5,400 Accounts receivable 15,500 Inventory 18,000 Prepaid expenses 1,600 Plant and equipment, net of depreciation 20,200 Land 19,950 Total assets $ 80,650 Liabilities and Stockholders' Equity Accounts payable $ 4,500 Salaries payable 11,500 Bonds payable (Due in ten years) 19,000 Common stock, no par 30,000 Retained earnings 15,650 Total liabilities and stockholders' equity $ 80,650 What is the company's current ratio?
Wickersham Brothers, Inc. reported the following information: 2018 2017 Balance Sheet Assets     Cash $50,000 $72,000     Accounts...
Wickersham Brothers, Inc. reported the following information: 2018 2017 Balance Sheet Assets     Cash $50,000 $72,000     Accounts Receivable 80,000 70,000     Merchandise Inventory 60,000 65,000     Property And Equipment 110,000 60,000     Less: Accumulated Depreciation (30,000) (15,000) Total Assets $270,000 $252,000 Liabilities:     Accounts Payable $10,000 $12,000     Salaries and Wages Payable 2,000 1,000     Bonds Payable, Long-Term 50,000 60,000 Stockholders’ Equity:     Common Stock 100,000 80,000     Retained Earnings 108,000   99,000 Total Liabilities and Stockholders’ Equity $270,000 $252,000 Income Statement     Sales $200,000     Cost of Goods Sold 110,000     Depreciation...
Rowan Company Comparative Balance Sheet (dollars in millions) Ending Balance Beginning Balance Assets Current assets: Cash...
Rowan Company Comparative Balance Sheet (dollars in millions) Ending Balance Beginning Balance Assets Current assets: Cash and cash equivalents $ 70 $ 91 Accounts receivable 536 572 Inventory 620 580 Total current assets 1,226 1,243 Property, plant, and equipment 1,719 1,656 Less accumulated depreciation 640 480 Net property, plant, and equipment 1,079 1,176 Total assets $ 2,305 $ 2,419 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 205 $ 180 Accrued liabilities 94 105 Income taxes payable 72 88...
Just Dew It Corporation reports the following balance sheet information for 2017 and 2018. JUST DEW...
Just Dew It Corporation reports the following balance sheet information for 2017 and 2018. JUST DEW IT CORPORATION 2017 and 2018 Balance Sheets Assets Liabilities and Owners' Equity 2017 2018 2017 2018   Current assets   Current liabilities     Cash $   10,750        $ 10,900        Accounts payable $ 71,250     $ 60,500           Accounts receivable 27,050      27,000        Notes payable 48,500     50,000           Inventory 62,500      63,800          Total $ 119,750     $ 110,500            Total $ 100,300      $...
Balance Sheet The following balance sheet contains errors. ATLAS SERVICES CO. Balance Sheet For the Year...
Balance Sheet The following balance sheet contains errors. ATLAS SERVICES CO. Balance Sheet For the Year Ended May 31, 20Y5 Assets   Current assets:   Cash $ 12,000   Accounts payable 47,900   Supplies 4,800   Prepaid insurance 17,400   Land 400,000   Total current assets $482,100 Property, plant, and equipment:   Building $ 225,000   Equipment 90,000   Total property, plant, and equipment 315,000 Total assets $797,100 Liabilities Current liabilities:   Accounts receivable $ 40,800   Accumulated depreciation—building 54,600   Accumulated depreciation—equipment 32,400   Net loss 44,200 Total liabilities $172,000 Stockholders’ Equity   Wages...
Weller Corporation Comparative Balance Sheet (dollars in thousands) This Year Last Year Assets Current assets: Cash...
Weller Corporation Comparative Balance Sheet (dollars in thousands) This Year Last Year Assets Current assets: Cash $ 1,300 $ 1,610 Accounts receivable, net 16,400 9,250 Inventory 10,700 9,000 Prepaid expenses 2,000 2,500 Total current assets 30,400 22,360 Property and equipment: Land 8,000 8,000 Buildings and equipment, net 21,200 21,000 Total property and equipment 29,200 29,000 Total assets $ 59,600 $ 51,360 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 11,500 $ 9,300 Accrued liabilities 1,000 1,700 Notes payable, short...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT