Question
A condensed balance sheet for Bradford Corporation prepared at the end of the year appears as follows: Assets Liabilities & Stockholders' Equity Cash $ 100,000
A condensed balance sheet for Bradford Corporation prepared at the end of the year appears as follows:
Assets | Liabilities & Stockholders' Equity | ||
---|---|---|---|
Cash | $ 100,000 | Notes payable (due in 6 months) | $ 41,000 |
Accounts receivable | 140,000 | Accounts payable | 125,000 |
Inventory | 280,000 | Long-term liabilities | 357,000 |
Prepaid expenses | 60,000 | Capital stock, $6 par | 300,000 |
Plant and equipment (net) | 570,000 | Retained earnings | 417,000 |
Other assets | 90,000 | ||
Total | $ 1,240,000 | Total | $ 1,240,000 |
Required:
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.
Compute the current ratio.
Note: Round your answer to 2 decimal place.
Compute the quick ratio.
Note: Round your answer to 2 decimal place.
Compute the working capital.
Compute the debt ratio.
Note: Round your percentage answer to nearest whole percent. i.e. 0.1234 as 12%.
Compute the accounts receivable turnover (all sales were on credit).
Note: Round your answer to 2 decimal places.
Compute the inventory turnover.
Note: Round your answer to 2 decimal places.
Compute the book value per share of capital stock.
Note: Round your answer to 2 decimal places.
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