Question
Nas Car Corporation Balance Sheet December 31, 2019 Assets Cash $ 20,000 Marketable securities 30,000 Accounts receivable 50,000 Inventory 100,000 Long-term receivables 35,000 Property, plant,
Nas Car Corporation
Balance Sheet December 31, 2019
Assets
Cash $ 20,000
Marketable securities 30,000
Accounts receivable 50,000
Inventory 100,000
Long-term receivables 35,000
Property, plant, and equipment 65,000
Total assets $300,000
Liabilities and Stockholders' Equity
Current liabilities $100,000
Long-term liabilities 60,000
Stockholders' equity 140,000
Total liabilities and
stockholders' equity $300,000
Nas Car Corporation
Income Statement
For the Year Ended December 31, 2019
Net sales $400,000
Cost of goods sold 240,000
Gross margin $160,000
Operating expenses 40,000
Income before income taxes $120,000
Income taxes expense 30,000
Net income 90,000
Calculate the debt equity ratio for the company. Round your answer to two decimal places.
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Financial and Managerial Accounting the basis for business decisions
Authors: Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello
17th edition
007802577X, 978-0078025778
