Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The 2024 balance sheet for Hallbrook Industries, Incorporated, is shown below. Cash HALLBROOK INDUSTRIES, INCORPORATED Balance Sheet Short-term investments Accounts receivable Inventory Property, plant,

 

The 2024 balance sheet for Hallbrook Industries, Incorporated, is shown below. Cash HALLBROOK INDUSTRIES, INCORPORATED Balance Sheet Short-term investments Accounts receivable Inventory Property, plant, and equipment (net) Total assets December 31, 2024 ($ in thousands) Assets Liabilities and Shareholders' Equity Current liabilities Long-term liabilities Paid-in capital Retained earnings Total liabilities and shareholders' equity Net sales Interest expense Income tax expense Net income Required: The company's 2024 income statement reported the following amounts ($ in thousands): $ 280 230 280 310 1,800 $ 2,900 $ 5,400 70 180 240 $ 480 430 1,150 840 $ 2,900 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

3.38 Rating (154 Votes )

There are 3 Steps involved in it

Step: 1

To calculate the requested ratios use the given data and the following formulas 1 Current Ratio Curr... 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

Intermediate Accounting

Authors: David Spiceland

11th Edition

1264134525, 9781264134526

More Books

Students also viewed these Corporate Finance questions

Question

Solve 8 +6x + 10 = 32 for x

Answered: 1 week ago

Question

What is a manufacturing system?

Answered: 1 week ago

Question

What are some possible consequences of poor quality?

Answered: 1 week ago