Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The 2024 balance sheet for Hallbrook Industries, Incorporated, is shown below. HALLBROOK INDUSTRIES, INCORPORATED Balance Sheet December 31, 2024 ($ in thousands) Assets Cash
The 2024 balance sheet for Hallbrook Industries, Incorporated, is shown below. HALLBROOK INDUSTRIES, INCORPORATED Balance Sheet December 31, 2024 ($ in thousands) Assets Cash Short-term investments Accounts receivable Inventory Property, plant, and equipment (net). Total assets Current liabilities Liabilities and Shareholders' Equity Long-term liabilities Paid-in capital Retained earnings $ 200 150 200 350 1,000 $ 1,900 $ 400 350 750 400 $ 1,900 Total liabilities and shareholders' equity The company's 2024 income statement reported the following amounts ($ in thousands): Net sales Interest expense Income tax expense Net income Required: $ 4,600 40 100 160 The company's 2024 income statement reported the following amounts ($ in thous Net sales Interest expense Income tax expense Net income Required: $ 4,600 40 100 160 1. Calculate the current ratio. Note: Round your answer to 2 decimal places. 2. Calculate the acid-test ratio. Note: Round your answer to 3 decimal places. 3. Calculate the debt to equity ratio. Note: Round your answer to 2 decimal places. 4. Calculate the times interest earned ratio. Note: Round your answer to 1 decimal place. 1. Current ratio 2. Acid-test ratio 3. Debt to equity ratio 4. Times interest earned ratio times
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