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Following is the balance sheet of Thornton Company for Year 3: THORNTON COMPANY Balance sheet Assets Cash Marketable securities Accounts receivable Inventory Property and
Following is the balance sheet of Thornton Company for Year 3: THORNTON COMPANY Balance sheet Assets Cash 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 $ 14,700 7,540 12,800 10,700 174,500 (13,000) $207,240 $ 8,030 3,600 4,250 21,240 114,300 Common stock Retained earnings Total liabilities and stockholders' equity 55,820 $207,240 Check my work The average number of common stock shares outstanding during Year 3 was 880 shares. Net income for the year was $15,900. 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 3.65 per share b. Earnings per share c. Quick (acid-test) ratio d. Return on investment % e. Return on equity % f. Debt to equity ratio
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