Q.9
The balance sheet for Solomon Corporation follows:
| Current assets | $ | 237,000 | |
| Long-term assets (net) | 752,000 | ||
| Total assets | $ | 989,000 | |
| Current liabilities | $ | 156,000 | |
| Long-term liabilities | 450,000 | ||
| Total liabilities | 606,000 | ||
| Common stock and retained earnings | 383,000 | ||
| Total liabilities and stockholders’ equity | $ | 989,000 | |
Required
Compute the following. (Round "Ratios" to 1 decimal
place.)
Homework Answers
|
Working capital = Current assets - Current Liabilities = 237,000 - 156000 = 81,000 |
|
|
Current Ratio = Current assets /Current liabilities = 237000/156000 = 1.5 |
|
|
Debt to assets ratio = Total Liabilities /Total assets = 606,000/989,000 = 0.6 |
|
|
Debt to equity = Total Liabilities /Total equity = 606,000/383,000 = 1.6 |
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