Answered step by step
Verified Expert Solution
Question
1 Approved Answer
HALLBROOK INDUSTRIES, INCORPORATED Balance Sheet December 31, 2024 ($ in thousands) Assets Cash $ 250 Short-term investments 200 Accounts receivable 250 Inventory 350 Property, plant,
HALLBROOK INDUSTRIES, INCORPORATED | |
Balance Sheet | |
December 31, 2024 | |
($ in thousands) | |
Assets | |
---|---|
Cash | $ 250 |
Short-term investments | 200 |
Accounts receivable | 250 |
Inventory | 350 |
Property, plant, and equipment (net) | 1,500 |
Total assets | $ 2,550 |
Liabilities and Shareholders Equity | |
Current liabilities | $ 450 |
Long-term liabilities | 400 |
Paid-in capital | 1,000 |
Retained earnings | 700 |
Total liabilities and shareholders equity | $ 2,550 |
The companys 2024 income statement reported the following amounts ($ in thousands):
Net sales | $ 5,100 |
---|---|
Interest expense | 80 |
Income tax expense | 150 |
Net income | 210 |
Required:
Calculate the current ratio.
Note: Round your answer to 2 decimal places.
Calculate the acid-test ratio.
Note: Round your answer to 3 decimal places.
Calculate the debt to equity ratio.
Note: Round your answer to 2 decimal places.
Calculate the times interest earned ratio.
Note: Round your answer to 1 decimal place.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started