Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Selected financial data for Wilmington Corporation is presented below. WILMINGTON CORPORATION Balance Sheet As of December 3 1 , 2 0 1 7 Dec. 3

Selected financial data for Wilmington Corporation is presented below.
WILMINGTON CORPORATION
Balance Sheet
As of December 31,2017
Dec. 31,2017
Dec. 31,2016
Current Assets
Cash and cash equivalents
$ 576,843
$ 305,088
Marketable securities
166,106
187,064
Accounts receivable (net)
258,387
289,100
Inventories
424,493
391,135
Prepaid expenses
55,369
25,509
Other current assets
83,053
85,029
Total Current Assets
1,564,251
1,282,925
Property, plant and equipment
1,384,217
625,421
Long-term investment
568,003
425,000
Total Assets
$3,516,471
$2,333,346
Current Liabilities
Short-term borrowings
$ 306,376
$ 170,419
Current portion of long-term debt
155,000
168,000
Accounts payable
254,111
286,257
Accrued liabilities
273,658
166,983
Income taxes payable
97,735
178,911
Total Current Liabilities
1,086,880
970,570
Long-term debt
500,000
300,000
Deferred income taxes
215,017
262,404
Total Liabilities
1,801,897
$1,532,974
Common stock
$ 425,250
$ 125,000
Additional paid-in capital
356,450
344,335
Retained earnings
932,874
331,037
Total Stockholders' Equity
1,714,574
800,372
Total Liabilities and Stockholders' Equity
$3,516,471
$2,333,346
Selected Income Statement Data - for the year ending December 31,2017:
Net sales
$4,885,340
Cost of goods sold
(2,942,353
)
Selling expenses
(884,685
)
Operating income
1,058,302
Interest expense
(55,240
)
Earnings before income taxes
1,003,062
Income tax expense
(401,225
)
Net income
$ 601,837
Selected Statement of Cash Flow Data - for the year ending December 31,2017:
Cash flows from operations
$1,456,084
Capital expenditures
$745,862
Wilmington Corporation's cash flow from operations to total debt ratio in 2017 was:
Select one:
A.
0.80
B.
0.71
C.
1.51
D.
1.92

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

Cost Accounting

Authors: Jawahar Lal, Seema Srivastav

6th Edition

9353168384, 978-9353168384

More Books

Students also viewed these Accounting questions

Question

6. Explain what causes unsafe acts.

Answered: 1 week ago