Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The following data represent selected information from the comparative income statement and balance sheet for H Corporation for the years ended December 31, 2020 and
The following data represent selected information from the comparative income statement and balance sheet for H Corporation for the years ended December 31, 2020 and 2019: 2019 S15,000 2020 $10,000 Cash 25,000 30,000 Net accounts receivable 40,000 43,000 nventory 7,000 5,000 Prepaid expenses 87,000 88,000 otal current assets 114,000 112,000 Total non-current assets Total current liabilities 60,000 70,000 40,000 Total non-current liabilitiesS l Common shares 45,000 60,000 60,000 36,000 333,000 Retained earnings 30,000 370,000 Net credit sales 150,000 Cost of goods sold 160,000 173,000 87,000 Gross margin 220,000 95,000 8,000 ncome from operations 8,000 nterest expense 57,000 70,000 Net income 10,000 shares of common shares have been issued and outstanding since the company was established. They hac value of $90 per share on December 31, 2019, and they were selling for $91.50 on December 31, 2020.
The following data represent selected information from the comparatwe income statement and balance sheet for Hot Rolled Corporation for the years ended December 31, 2020 and 2019: 2020 2019 Cash $10,000 5 15,000 Net accounts receivable 30,000 25,000 Inventory 43.000 40,000 Prepaid expenses 5,000 7.000 Total current assets 88,000 87,000 Total non current assets 112.000 114,000 Total current liabilities 70,000 60,000 Total non-current habilities 40,000 45,000 Common shares 60,000 60,000 Retained earings 30,000 36.000 Net credit sales 370,000 333.000 Cost of goods sold 150,000 160,000 Gross margin 220.000 173.000 Income from operations 95.000 87.000 nterest expense 8.000 Net Income 70.000 57,000 10.000 shares of common shares have been issued and outstanding since the company was established. They had a ge of 590 per share on December 31, 2019, and they were selling for 59150 on December 31, 2020 8.000 Total current atities 70,000 60,000 Total non-current liabilities 40,000 45,000 Common shares 60,000 60,000 Retained earnings 30,000 36,000 Net credit sales 370,000 333,000 Cost of goods sold 150.000 160,000 Gross margin 220,000 173,000 Income from operations 95,000 87.000 Interest expense 3,000 8,000 Net income 70,000 57,000 10,000 shares of common shares have been issued and outstanding since the company was established. They had a market value of $90 per share on December 31, 2019, and they were selling for $9150 on December 21, 2020 Refer to the table above. The quick faod-test) ratio for Hot Rolled Corporation on December 31, 2020 ** Select one A 1.45 B. 0.57 0.67 OD 1.26 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