Homework Answers
Solution:
1.) Current ratio = Current Assets/Current
Liabilities
=(340+290+340+330)/540
=2.41
2.) Acid-test ratio = (Cash + Short-term
investments + Current Receivables)/Current Liabilities
=(340+290+340)/540
=1.80
3.) Debt to equity ratio = Total
Liabilities/Total Equity
=(540+490)/(1440+1220)
=0.39
4.) Times interest earned ratio = Income before
interest expense and taxes/Interest expense
=(300+50+130)/50
=9.6
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The 2018 balance sheet for Hallbrook Industries, Inc., is shown below. HALLBROOK INDUSTRIES, INC Balance Sheet...
The 2021 balance sheet for Hallbrook Industries, Inc., is shown below. HALLBROOK INDUSTRIES, INC. Balance Sheet...
The 2021 balance sheet for Hallbrook Industries, Inc., is shown
below.
HALLBROOK INDUSTRIES, INC.
Balance Sheet
December 31, 2021
($ in thousands)
Assets
Cash
$
290
Short-term investments
240
Accounts receivable
290
Inventory
380
Property, plant, and equipment (net)
1,900
Total assets
$
3,100
Liabilities and Shareholders’
Equity
Current liabilities
$
490
Long-term liabilities
440
Paid-in capital
1,200
Retained earnings
970
Total liabilities and shareholders’ equity
$
3,100
The company’s 2021 income statement reported the following amounts
($ in thousands):...
The 2021 balance sheet for Hallbrook Industries, Inc., is shown below. HALLBROOK INDUSTRIES, INC. Balance Sheet...
The 2021 balance sheet for Hallbrook Industries, Inc., is shown below. HALLBROOK INDUSTRIES, INC. Balance Sheet December 31, 2021 ($ in thousands) Assets Cash Short-term investments Accounts receivable Inventory Property, plant, and equipment (net) Total assets Liabilities and Shareholders' Equity Current liabilities Long-term liabilities Paid-in capital Retained earnings Total liabilities and shareholders' equity 260 210 260 370 1,600 $ 2,700 $ 460 410 1,050 780 $ 2,700 The company's 2021 income statement reported the following amounts ($ in thousands): Net...
HALLBROOK INDUSTRIES, INC. Balance Sheet December 31, 2021 ($ in thousands) Assets Cash Short-term investments Accounts...
HALLBROOK INDUSTRIES, INC. Balance Sheet December 31, 2021 ($ in thousands) Assets Cash Short-term investments Accounts receivable Inventory Property, plant, and equipment (net) Total assets Liabilities and Shareholders' Equity Current liabilities Long-term liabilities Paid-in capital Retained earnings Total liabilities and shareholders' equity 360 310 360 370 2,600 $ 4,000 560 510 1,550 1,380 $ 4,000 The company's 2021 income statement reported the following amounts ($ in thousands) Net sales Interest expense Income tax expense Net income $6,200 50 150 320...
HALLBROOK INDUSTRIES, INC. Balance Sheet December 31, 2021 ($ in thousands) Assets Cash Short-term investments Accounts...
HALLBROOK INDUSTRIES, INC. Balance Sheet December 31, 2021 ($ in thousands) Assets Cash Short-term investments Accounts receivable Inventory Property, plant, and equipment (net) Total assets Liabilities and Shareholders' Equity Current liabilities Long-term liabilities Paid-in capital Retained earnings Total liabilities and shareholders' equity $ 330 280 330 360 2,300 $ 3,600 $ 530 480 1,400 1,190 $ 3,600 The company's 2021 income statement reported the following amounts ($ in thousands): Net sales Interest expense Income tax expense Net income $5,900 50...
The 2021 balance sheet for Hallwood Industries, Inc., is shown below. HALLWOOD INDUSTRIES, INC. Balance Sheet...
The 2021 balance sheet for Hallwood Industries, Inc., is shown below. HALLWOOD INDUSTRIES, INC. Balance Sheet December 31, 2021 ($ in thousands) Assets Cash $ 360 Short-term investments 310 Accounts receivable 360 Inventory 370 Property, plant, and equipment (net) 2,600 Total assets $ 4,000 Liabilities and Shareholders’ Equity Current liabilities $ 560 Long-term liabilities 510 Paid-in capital 1,550 Retained earnings 1,380 Total liabilities and shareholders’ equity $ 4,000 The company’s 2021 income statement reported the following amounts ($ in thousands):...
EXHIBIT 1 The balance sheet and income statement shown below are for Muller Industries. Note that...
EXHIBIT 1 The balance sheet and income statement shown below are for Muller Industries. Note that the firm has no amortization charges, it does not lease any assets, none of its debt must be retired during the next 5 years, and the notes payable will be rolled over. Balance Sheet (Millions of $) Assets Cash and Securities Accounts Receivable Inventories Total Current Assets Net Plant and Equipment Total Assets 2018 $2,290 10,890 12,760 $25,940 $20,060 $46,000 $7,170 8,020 Liabilities and...
The financial statements for Castile Products, Inc., are given below: Castile Products, Inc. Balance Sheet December...
The financial statements for Castile Products, Inc., are given below: Castile Products, Inc. Balance Sheet December 31 Assets Current assets: Cash Accounts receivable, net Merchandise inventory Prepaid expenses $ 24,000 190,000 310,000 11,000 Total current assets Property and equipment, net 535,000 900,000 Total assets $1,435,000 Liabilities and Stockholders' Equity Liabilities: Current liabilities Bonds payable, 11% $ 230,000 390,000 620,000 Total liabilities Stockholders' equity: Common stock, $5 par value Retained earnings $ 120,000 695,000 Total stockholders' equity 815,000 Total liabilities and...
Is the current ratio 2.52? The balance sheet for Altoid Co. is shown below. ALTOID CO....
Is the current ratio 2.52?
The balance sheet for Altoid Co. is shown below. ALTOID CO. Balance Sheet At December 31, 2021 Assets: Cash Short-term investments Accounts receivable (net) Inventory Property, plant, and equipment (net) Total assets Liabilities and shareholders' equity: Current liabilities Long-term liabilities Common stock Retained earnings Total liabilities and shareholders' equity $ 270 800 900 1,050 1,110 $ 4,130 $ 1,050 1,200 750 1,130 $ 4,130 Selected 2021 income statement information for Altoid Co. includes: Net Sales...
The financial statements for Castile Products, Inc., are given below Castile Products, Inc. Balance Sheet December...
The financial statements for Castile Products, Inc., are given below Castile Products, Inc. Balance Sheet December 31 Assets Current assets: Cash Accounts receivable, net Merchandise inventory Prepaid expenses 21,000 240,000 320,000 7,000 Total current assets 588,000 910,000 Property and equipment, net Total assets $1,498,000 Liabilities and Stockhoiders' Equity Liabilities: Current liabilities Bonds payable, 10% $ 240,000 390,000 . Total liabilities Stockholders' equity: Common stock, $5 par value Retained earnings 630,000 ole $ 180,000 688,000 Total stockholders' equity 868,000 Total liabilities...
The financial statements for Castile Products, Inc., are given below: Castile Products, Inc. Balance sheet December 31...
The financial statements for Castile Products, Inc., are given below: Castile Products, Inc. Balance sheet December 31 Assets Current assets: Cash 19,000 Accounts receivable, net 240,000 Merchandise inventory 370,000 Prepaid expenses 8,000 Total current assets 637,000 Property and equipment, net 850,000 Total assets $1,487,000 Liabilities and Stockholders' Equity Liabilities: Current liabilities $ 220,000 Bonds payable, 10% 380,000 Total liabilities 600,000 Stockholders' equity: Common stock, $10 per value $ 180,000 Retained earnings 707,000 Total stockholders' equity 887,000 Total liabilities and stockholders'...
The 2021 balance sheet for Hallbrook Industries, Inc., is shown
below.
HALLBROOK INDUSTRIES, INC.
Balance Sheet
December 31, 2021
($ in thousands)
Assets
Cash
$
290
Short-term investments
240
Accounts receivable
290
Inventory
380
Property, plant, and equipment (net)
1,900
Total assets
$
3,100
Liabilities and Shareholders’
Equity
Current liabilities
$
490
Long-term liabilities
440
Paid-in capital
1,200
Retained earnings
970
Total liabilities and shareholders’ equity
$
3,100
The company’s 2021 income statement reported the following amounts
($ in thousands):...
The 2021 balance sheet for Hallbrook Industries, Inc., is shown below. HALLBROOK INDUSTRIES, INC. Balance Sheet December 31, 2021 ($ in thousands) Assets Cash Short-term investments Accounts receivable Inventory Property, plant, and equipment (net) Total assets Liabilities and Shareholders' Equity Current liabilities Long-term liabilities Paid-in capital Retained earnings Total liabilities and shareholders' equity 260 210 260 370 1,600 $ 2,700 $ 460 410 1,050 780 $ 2,700 The company's 2021 income statement reported the following amounts ($ in thousands): Net...
HALLBROOK INDUSTRIES, INC. Balance Sheet December 31, 2021 ($ in thousands) Assets Cash Short-term investments Accounts receivable Inventory Property, plant, and equipment (net) Total assets Liabilities and Shareholders' Equity Current liabilities Long-term liabilities Paid-in capital Retained earnings Total liabilities and shareholders' equity 360 310 360 370 2,600 $ 4,000 560 510 1,550 1,380 $ 4,000 The company's 2021 income statement reported the following amounts ($ in thousands) Net sales Interest expense Income tax expense Net income $6,200 50 150 320...
HALLBROOK INDUSTRIES, INC. Balance Sheet December 31, 2021 ($ in thousands) Assets Cash Short-term investments Accounts receivable Inventory Property, plant, and equipment (net) Total assets Liabilities and Shareholders' Equity Current liabilities Long-term liabilities Paid-in capital Retained earnings Total liabilities and shareholders' equity $ 330 280 330 360 2,300 $ 3,600 $ 530 480 1,400 1,190 $ 3,600 The company's 2021 income statement reported the following amounts ($ in thousands): Net sales Interest expense Income tax expense Net income $5,900 50...
EXHIBIT 1 The balance sheet and income statement shown below are for Muller Industries. Note that the firm has no amortization charges, it does not lease any assets, none of its debt must be retired during the next 5 years, and the notes payable will be rolled over. Balance Sheet (Millions of $) Assets Cash and Securities Accounts Receivable Inventories Total Current Assets Net Plant and Equipment Total Assets 2018 $2,290 10,890 12,760 $25,940 $20,060 $46,000 $7,170 8,020 Liabilities and...
The financial statements for Castile Products, Inc., are given below: Castile Products, Inc. Balance Sheet December 31 Assets Current assets: Cash Accounts receivable, net Merchandise inventory Prepaid expenses $ 24,000 190,000 310,000 11,000 Total current assets Property and equipment, net 535,000 900,000 Total assets $1,435,000 Liabilities and Stockholders' Equity Liabilities: Current liabilities Bonds payable, 11% $ 230,000 390,000 620,000 Total liabilities Stockholders' equity: Common stock, $5 par value Retained earnings $ 120,000 695,000 Total stockholders' equity 815,000 Total liabilities and...
Is the current ratio 2.52?
The balance sheet for Altoid Co. is shown below. ALTOID CO. Balance Sheet At December 31, 2021 Assets: Cash Short-term investments Accounts receivable (net) Inventory Property, plant, and equipment (net) Total assets Liabilities and shareholders' equity: Current liabilities Long-term liabilities Common stock Retained earnings Total liabilities and shareholders' equity $ 270 800 900 1,050 1,110 $ 4,130 $ 1,050 1,200 750 1,130 $ 4,130 Selected 2021 income statement information for Altoid Co. includes: Net Sales...
The financial statements for Castile Products, Inc., are given below Castile Products, Inc. Balance Sheet December 31 Assets Current assets: Cash Accounts receivable, net Merchandise inventory Prepaid expenses 21,000 240,000 320,000 7,000 Total current assets 588,000 910,000 Property and equipment, net Total assets $1,498,000 Liabilities and Stockhoiders' Equity Liabilities: Current liabilities Bonds payable, 10% $ 240,000 390,000 . Total liabilities Stockholders' equity: Common stock, $5 par value Retained earnings 630,000 ole $ 180,000 688,000 Total stockholders' equity 868,000 Total liabilities...
The financial statements for Castile Products, Inc., are given below: Castile Products, Inc. Balance sheet December 31 Assets Current assets: Cash 19,000 Accounts receivable, net 240,000 Merchandise inventory 370,000 Prepaid expenses 8,000 Total current assets 637,000 Property and equipment, net 850,000 Total assets $1,487,000 Liabilities and Stockholders' Equity Liabilities: Current liabilities $ 220,000 Bonds payable, 10% 380,000 Total liabilities 600,000 Stockholders' equity: Common stock, $10 per value $ 180,000 Retained earnings 707,000 Total stockholders' equity 887,000 Total liabilities and stockholders'...
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