Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Following is the balance sheet of Faustin Company's for 2014. FAUSTIN COMPANY'S Balance sheet Assets Cash $ 14,950 Marketable securities 7,700 Accounts receivable 12,620 Inventory

image text in transcribedimage text in transcribed

Following is the balance sheet of Faustin Company's for 2014. FAUSTIN COMPANY'S Balance sheet Assets Cash $ 14,950 Marketable securities 7,700 Accounts receivable 12,620 Inventory 10,900 Property and equipment 173,000 Accumulated depreciation (12,700) Total assets $206,470 Liabilities and Stockholders' Equity Accounts payable Current notes payable Mortgage payable Bonds payable Common stock Retained earnings Total liabilities and stockholders' equity $ 8,600 3,600 4,800 21,120 113,300 55,050 $206,470 The average number of common stock shares outstanding during 2014 was 870 shares. Net income for the year was $14,600. Required Compute each of the following: (Round your answers to 2 decimal places.) per share a. Current ratio b. Earnings per share C. Quick (acid-test) ratio d. Return on investment e. Return on equity f. Debt to equity ratio % % % Alfonza Incorporated presents its statement of cash flows using the indirect method. The following accounts and corresponding balances were drawn from the company's 2017 and 2016 yearend balance sheets: Account Title 2017 2016 Accounts receivable $13,900 $19,200 Accounts 7,200 9,300 payable The 2017 income statement showed net income of $28,400. Required Prepare the operating activities section of the statement of cash flows. (Amounts to be deducted should be indicated with a minus sign.) Cash Flows From Operating Activities Net cash flow from operating activities S

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

Ethical Obligations And Decision Making In Accounting Text And Cases

Authors: Steven Mintz

6th Edition

1264135947, 9781264135943

More Books

Students also viewed these Accounting questions

Question

6. What information processes operate in communication situations?

Answered: 1 week ago

Question

3. How can we use information and communication to generate trust?

Answered: 1 week ago