Flint Company has been operating for several years, and on December 31, 2020, presented the following...
Flint Company has been operating for several years, and on
December 31, 2020, presented the following balance sheet.
|
FLINT COMPANY |
||||||
|---|---|---|---|---|---|---|
|
Cash |
$36,700 |
Accounts payable |
$75,200 | |||
|
Receivables |
67,600 |
Mortgage payable |
126,700 | |||
|
Inventory |
100,500 |
Common stock ($1 par) |
143,800 | |||
|
Plant assets (net) |
206,100 |
Retained earnings |
65,200 | |||
| $410,900 | $410,900 | |||||
The net income for 2020 was $26,200. Assume that total assets are
the same in 2019 and 2020.
(a) Compute each of the following ratios.
(Round answers to 2 decimal places, e.g. 1.59 or
45.87%.)
| (a) |
Current ratio |
enter the Current ratio
rounded to 2 decimal places
|
|||
|---|---|---|---|---|---|
| (b) |
Acid-test ratio |
enter the Acid-test ratio
rounded to 2 decimal places
|
|||
| (c) |
Debt to assets ratio |
enter the Debt to assets
ratio in percentages rounded to 2 decimal places
|
% | ||
| (d) |
Return on assets |
enter the Return on assets in
percentages rounded to 2 decimal places
|
% |
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Flint Company has been operating for several years, and on
December 31, 2020, presented the following...
Flint Company has been operating for several years, and on December 31, 2020, presented the following balance sheet.
Flint Company has been operating for several years, and on December 31, 2020, presented the following balance sheet.FLINT COMPANYBALANCE SHEETDECEMBER 31, 2020Cash$36,700Accounts payable$75,200Receivables67,600Mortgage payable126,700Inventory100,500Common stock ($1 par)143,800Plant assets (net)206,100Retained earnings65,200$410,900$410,900The net income for 2020 was $26,200. Assume that total assets are the same in 2019 and 2020.(a) Compute each of the following ratios. (Round answers to 2 decimal places, e.g. 1.59 or 45.87%.)(a)Current ratioenter the Current ratio rounded to 2 decimal places(b)Acid-test ratioenter the Acid-test ratio rounded to 2 decimal places(c)Debt to...
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1. Crane Company purchased machinery that was installed and ready for use on January 3, 2020,...
1. Crane Company purchased machinery that was installed and
ready for use on January 3, 2020, at a total cost of $234000.
Salvage value was estimated at $28000. The machinery will be
depreciated over five years using the double-declining balance
method. For the year 2021, Crane should record depreciation expense
on this machinery of
a
$93600.
b
$49440.
c
$56160.
d
$60640.
2.Pharoah Corporation incurred the following costs in 2021:
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with a useful life of
4...
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Flint Company has been operating for several years, and on December 31, 2020, presented the following balance sheet.FLINT COMPANYBALANCE SHEETDECEMBER 31, 2020Cash$36,700Accounts payable$75,200Receivables67,600Mortgage payable126,700Inventory100,500Common stock ($1 par)143,800Plant assets (net)206,100Retained earnings65,200$410,900$410,900The net income for 2020 was $26,200. Assume that total assets are the same in 2019 and 2020.(a) Compute each of the following ratios. (Round answers to 2 decimal places, e.g. 1.59 or 45.87%.)(a)Current ratioenter the Current ratio rounded to 2 decimal places(b)Acid-test ratioenter the Acid-test ratio rounded to 2 decimal places(c)Debt to...
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1. Crane Company purchased machinery that was installed and
ready for use on January 3, 2020, at a total cost of $234000.
Salvage value was estimated at $28000. The machinery will be
depreciated over five years using the double-declining balance
method. For the year 2021, Crane should record depreciation expense
on this machinery of
a
$93600.
b
$49440.
c
$56160.
d
$60640.
2.Pharoah Corporation incurred the following costs in 2021:
Acquisition of R&D equipment
with a useful life of
4...
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