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Skysong Company has been operating for several years, and on December 31, 2020, presented the following balance sheet. SKYSONG COMPANY BALANCE SHEET DECEMBER 31,
Skysong Company has been operating for several years, and on December 31, 2020, presented the following balance sheet. SKYSONG COMPANY BALANCE SHEET DECEMBER 31, 2020 Cash $43,300 Accounts payable $81,800 Receivables 79,600 Mortgage payable 130,500 Inventory 94,100 Common stock ($1 par) 150,400 Plant assets (net) 219,900 Retained earnings 74,200 $436,900 $436,900 The net income for 2020 was $27,500. Assume that total assets are the same in 2019 and 2020. (a) Compute each of the following ratios. (Round answers to 2 decimal places, e.g. 1.59 or 45.87%.) (a) Current ratio (b) Acid-test ratio (c) Debt to assets ratio % (d) % Return on assets
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