A condensed balance sheet for Bradford Corporation prepared at the end of the year appears as follows.
Assets | Liabilities & Stockholders' Equity | ||||||||
Cash | $ | 107,000 | Notes payable (due in 6 months) | $ | 44,000 | ||||
Accounts receivable | 120,000 | Accounts payable | 118,000 | ||||||
Inventory | 270,000 | Long-term liabilities | 328,000 | ||||||
Prepaid expenses | 60,000 | Capital stock, $5 par | 300,000 | ||||||
Plant & equipment (net) | 570,000 | Retained earnings | 427,000 | ||||||
Other assets | 90,000 | ||||||||
Total | $ | 1,217,000 | Total | $ | 1,217,000 | ||||
During the year, the company earned a gross profit of $1,116,000 on sales of $2,950,000. Accounts receivable, inventory, and plant assets remained almost constant in amount throughout the year, so year-end figures may be used rather than averages.
a. Compute the current ratio. (Round your answer to 2 decimal place.)
b. Compute the quick ratio. (Round your answer to 2 decimal place.)
c. Compute the working capital.
d. Compute the debt ratio. (Round your percentage answers to nearest whole percent. i.e. 0.1234 as 12%.)
e. Compute the accounts receivable turnover (all sales were on credit). (Round your answer to 2 decimal places.)
f. Compute the inventory turnover. (Round your answer to 2 decimal places.)
g. Compute the book value per share of capital stock. (Round your answer to 2 decimal places.)
assets | liabilities | ||||||
cash | 107000 | note payable | 44000 | ||||
account receivable | 120000 | account payable | 118000 | ||||
inventory | 270000 | current liability | 162000 | ||||
prepaid expense | 60000 | long term liability | 328000 | ||||
Total liability | 490000 | 162000+328000 | |||||
total current asset | 557000 | capital stock | 300000 | ||||
plant and equipment | 570000 | retained earnings | 427000 | ||||
other asset | 90000 | ||||||
Total asset | 1217000 | total liability | 1217000 |
a. current ratio = current asset/ current liability
=557000/162000
=3.44
b.quick ratio
cash + account receivable/ current liability
(107000+120000)/162000
=1.40
c.working capital
=current asset-current liability
=557000-162000
=395000$
d.debt ratio
Total liability/ total asset
=490000/1217000
=40.26%
e.account receivable turnover
credit sales/average account receivable
2950000/120000
=24.58
f.inventory turnover
cost of goods sold/inventory
=(sales-gross profit)/inventory
(2950000-1116000)/270000
=1834000/270000
=6.79
g.book value
stockholder's equity / number of common shares
=[300000+427000]/[300000/$ 5 per share]
=727000/60000
=12.12
A condensed balance sheet for Bradford Corporation prepared at the end of the year appears as...
A condensed balance sheet for Bradford Corporation prepared at the end of the year appears as follows. Assets Liabilities & Stockholders' Equity Cash $ 114,000 Notes payable (due in 6 months) $ 48,000 Accounts receivable 100,000 Accounts payable 97,000 Inventory 260,000 Long-term liabilities 316,000 Prepaid expenses 60,000 Capital stock, $5 par 300,000 Plant & equipment (net) 570,000 Retained earnings 433,000 Other assets 90,000 Total $ 1,194,000 Total $ 1,194,000 During the year, the company earned a gross profit of $1,116,000...
A condensed balance sheet for Bradford Corporation prepared at the end of the year appears as follows. Assets Liabilities & Stockholders' Equity Cash $ 104,000 Notes payable (due in 6 months) $ 45,000 Accounts receivable 100,000 Accounts payable 122,000 Inventory 270,000 Long-term liabilities 321,000 Prepaid expenses 60,000 Capital stock, $5 par 300,000 Plant & equipment (net) 570,000 Retained earnings 406,000 Other assets 90,000 Total $ 1,194,000 Total $ 1,194,000 During the year, the company earned a gross profit of $1,116,000...
A condensed balance sheet for Bradford Corporation prepared at the end of the year appears as follows. Assets Liabilities & Stockholders' Equity Cash $ 119,000 Notes payable (due in 6 months) $ 48,000 Accounts receivable 120,000 Accounts payable 105,000 Inventory 290,000 Long-term liabilities 360,000 Prepaid expenses 60,000 Capital stock, $5 par 300,000 Plant & equipment (net) 570,000 Retained earnings 436,000 Other assets 90,000 Total $ 1,249,000 Total $ 1,249,000 During the year, the company earned a gross profit of $1,116,000...
A condensed balance sheet for Bradford Corporation prepared at the end of the year appears as follows. Assets Liabilities & Stockholders' Equity Cash $ 112,000 Notes payable (due in 6 months) $ 47,000 Accounts receivable 120,000 Accounts payable 114,000 Inventory 290,000 Long-term liabilities 362,000 Prepaid expenses 60,000 Capital stock, $5 par 300,000 Plant & equipment (net) 570,000 Retained earnings 419,000 Other assets 90,000 Total $ 1,242,000 Total $ 1,242,000 During the year, the company earned a gross profit of $1,116,000...
A condensed balance sheet for Bradford Corporation prepared at the end of the year appears as follows. Assets Cash Accounts receivable Inventory Prepaid expenses Plant & equipment (net) Other assets Total 113,000 150,000 290,000 60,000 570,000 90,000 $ 1,273,000 Liabilities & Stockholders' Equity Notes payable (due in 6 months) $ 48,000 Accounts payable 112,000 Long-term liabilities 376,000 Capital stock, $5 par 300,000 Retained earnings 437,000 Total $ 1,273,000 During the year, the company earned a gross profit of $1,116,000 on...
Chi A condensed balance sheet for Bradford Corporation prepared at the end of the year appears as follows. Assets Cash Accounts receivable Inventory Prepaid expenses Plant & equipment (net) Other assets Total Liabilities & Stockholders' Equity $ 102,000N otes payable (due in 6 months) $ 49,000 140,000 Accounts payable 102,000 270,000 Long-term liabilities 363,000 60,000 Capital stock, $5 par 300,000 570,000 Retained earnings 418,000 90,000 $1,232,000 Total $ 1,232,000 During the year, the company earned a gross profit of $1,116,000...
How do I figure E. and F.
I have done all of the other parts and they are correct but I can't
get the correct answer on those 2.
Uvutage viewer Google Forms - US Boone County Sign... Columbia Water 8 mework Saved A condensed balance sheet for Bradford Corporation prepared at the end of the year appears as follows. Assets Cash Accounts receivable Inventory Prepaid expenses Plant & equipment (net) Other assets Total 111, oee 150, eee 290,000 60,...
The balance sheet for Stud Clothiers is shown next. Sales for the year were $3,510,000, with 75 percent of sales sold on credit. STUD CLOTHIERS Balance Sheet 20X1 Assets Liabilities and Equity Cash $ 39,000 Accounts payable $ 297,000 Accounts receivable 304,000 Accrued taxes 128,000 Inventory 294,000 Bonds payable (long-term) 122,000 Plant and equipment 488,000 Common stock 100,000 Paid-in capital 150,000 Retained earnings 328,000 Total assets $ 1,125,000 Total liabilities and equity $ 1,125,000 Compute the following ratios: (Use a...
Excerpts from Candle Corporation's most recent balance sheet (in thousands of dollars) appear below: Year 2 Year 1 Current assets: Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Current liabilities: Accounts payable Accrued liabilities Notes payable, short term Total current liabilities $164 194 144 94 $596 $100 194 134 94 $522 $204 $184 34 34 94 84 $332 $302 Sales on account during the year totaled $1,220 thousand. Cost of goods sold was $820 thousand. Required: Compute the...
Hyrkas Corporation's most recent balance sheet and income statement appear below: Balance Sheet December 31, Year 2 and Year 1 (in thousands of dollars) Year 2 Year 1 Assets $ 340 390 310 Current assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Plant and equipment, net Total assets $ 225 370 340 20 955 1,210 $2,165 1.060 1,340 $2,400 $ 310 50 $ 340 50 40 400 300 Liabilities and stockholders' Equity Current liabilities Accounts payable Accrued...