Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

HELP PLS ACCOUNTING The following data were taken from the financial statements of Gates Inc. for the current fiscal year Property, plant, and equipment (net)

HELP PLS ACCOUNTING

image text in transcribed

image text in transcribed

The following data were taken from the financial statements of Gates Inc. for the current fiscal year Property, plant, and equipment (net) Liabilities $1,167,000 Current liabilities Note payable, 696, due in 15 years Total liabilities $155,000 778,000 $933,000 Stockholders' equity: Preferred $4 stock, $100 par (no change during year) $933,000 Common stock, $10 par (no change during year) 933,000 Retained earnings: Balance, beginning of year Net income Preferred dividends Common dividends Balance, end of year $996,000 328,000 $1,324,000 $37,320 42,680 80,000 1,244,000 $3,110,000 17,739,000 $46,680 Total stockholders' equity Sales Interest expense Assuming that total assets were $3,841,000 at the beginning of the current fiscal year, determine the following. When required, round to one decimal place a. Ratio of fixed assets to long-term liabilities Preferred $4 stock, $100 par (no change during year) $933,000 Common stock, $10 par (no change during year) 933,000 Retained earnings Balance, beginning of year $996,000 Net income 328,000 $1,324,000 Preferred dividends $37,320 42,680 80,000 Common dividends 1,244,000 $3,110,000 $17,739,000 $46,680 Balance, end of year Total stockholders' equity Sales Interest expense Assuming that total assets were $3,841,000 at the beginning of the current fiscal year, determine the following. When required, round to one decimal place a. Ratio of fixed assets to long-term liabilities b. Ratio of liabilities to stockholders' equity c. Asset turnover d. Return on total assets e. Return on stockholders' equity f. Return on common stockholders' equity

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_2

Step: 3

blur-text-image_3

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

Audit To Love

Authors: Jezabel Lima

1st Edition

B0C2SG8JS7, 979-8988078807

More Books

Students also viewed these Accounting questions

Question

Describe the value of good documentation in your research reports.

Answered: 1 week ago

Question

4. Label problematic uses of language and their remedies

Answered: 1 week ago