Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Following is the balance sheet of Finch Company for Year 3: Assets Cash FINCH COMPANY Balance sheet Marketable securities Accounts receivable Inventory Property and

image text in transcribed

Following is the balance sheet of Finch Company for Year 3: Assets Cash FINCH COMPANY Balance sheet Marketable securities Accounts receivable Inventory Property and equipment Accumulated depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Current notes payable Mortgage payable Bonds payable Common stock Retained earnings Total liabilities and stockholders' equity $ 14,550 8,020 13,340 10,550 170,000 (12,000) $204,460 $ 8,180 3,600 4,650 21,300 114,600 52,130 $204,460 The average number of common stock shares outstanding during Year 3 was 900 shares. Net income for the year was $14,300. Required Compute each of the following: (Round your answer to 2 decimal places. For percentages, 0.2345 should be entered as 23.45.) a. Current ratio b. Earnings per share c. Quick (acid-test) ratio d. Return on investment per share: % e. Return on equity % f. Debt to equity ratio

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting with IFRS Fold Out Primer

Authors: John Wild

5th edition

978-0077408770, 77408772, 978-0077413804

More Books

Students also viewed these Accounting questions