Question

Chech Presented here are the comparative balance sheets of Hames Inc. at December 31, 2020 and 2019. Sales for the year ended December 31, 2020, totaled $670,000. HAMES INC. Balance Sheets December 31, 2020 and 2019 2020 2019 $ 25,000 78,000 103,000 $ 206,000 50,000 125,000 (65,000) $ 316,000 $ 20,000 72,000 99,000 $191,000 40,000 110,000 (60,000) $ 281,000 Assets Cash Accounts receivable Merchandise inventory Total current assets Land Plant and equipment Less: Accumulated depreciation Total assets Liabilities Short-term debt Accounts payable Other accrued liabilities Total current liabilities Long-term debt Total liabilities Stockholders' Equity Common stock, no par, 100,000 shares authorized 40,000 and 25,000 shares issued, respectively Retained earnings: Beginning balance Net income for the year Dividends for the year Ending balance Total stockholders' equity $ 18,000 66,400 20,000 $ 104,400 22,000 $ 126,400 $ 17,000 25.500 18,000 $ 110,500 30,000 $ 140,500 $ 74,000 $ 59,000 $ 81,500 54,100 (20,000) $ 115,600 $ 189,600 $ 85,000 1,500 (5,000) $ 81,500 $ 140,500 < Prev 3 of 12 ! Next >

Answer 1

a) ROI:	2020
Net Income (a)	$54,100
Total Assets (b)	$316,000
ROI (a/b*100)	17.12%
b) ROE:	2020
Net Income (a)	$54,100
Total Stockholders' Equity (b)	$189,600
ROE (a/b*100)	28.5%
c) Working capital:	2020
Total Current Assets (a)	$206,000
Total Current Liabilities (b)	$104,400
Working capital (a - b)	$101,600
d) Current ratio:
Total Current Assets (a)	$206,000
Total Current Liabilities (b)	$104,400
Current ratio (a/b)	1.97
e) Acid test ratio:
Cash	$25,000
Accounts receivable	$78,000
Total Quick Assets (a)	$103,000
Total Current Liabilities (b)	$104,400
Acid test ratio (a/b)	0.99

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