Question
Whispering Company has been operating for several years, and on December 31, 2017, presented the following balance sheet. WHISPERING COMPANY BALANCE SHEET DECEMBER 31, 2017
Whispering Company has been operating for several years, and on December 31, 2017, presented the following balance sheet. WHISPERING COMPANY BALANCE SHEET DECEMBER 31, 2017 Cash $44,000 Accounts payable $82,100 Receivables 74,000 Mortgage payable 126,600 Inventory 92,800 Common stock ($1 par) 142,400 Plant assets (net) 224,100 Retained earnings 83,800 $434,900 $434,900 The net income for 2017 was $23,500. Assume that total assets are the same in 2016 and 2017.
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 %
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