A condensed balance sheet for Bradford Corporation prepared at the end of the year appears...
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Accounting
A condensed balance sheet for Bradford Corporation prepared at the end of the year appears as follows.
Assets
Liabilities & Stockholders' Equity
Cash
$
104,000
Notes payable (due in 6 months)
$
50,000
Accounts receivable
110,000
Accounts payable
81,000
Inventory
280,000
Long-term liabilities
361,000
Prepaid expenses
60,000
Capital stock, $5 par
300,000
Plant & equipment (net)
570,000
Retained earnings
422,000
Other assets
90,000
Total
$
1,214,000
Total
$
1,214,000
During the year, the company earned a gross profit of $1,116,000 on sales of $2,950,000. Accounts receivable, inventory, and plant assets remained almost constant in amount throughout the year, so year-end figures may be used rather than averages.
a. Compute the current ratio. (Round your answer to 2 decimal place.)
b. Compute the quick ratio. (Round your answer to 2 decimal place.)
c. Compute the working capital.
d. Compute the debt ratio. (Round your percentage answers to nearest whole percent. i.e. 0.1234 as 12%.)
e. Compute the accounts receivable turnover (all sales were on credit). (Round your answer to 2 decimal places.)
f. Compute the inventory turnover. (Round your answer to 2 decimal places.)
g. Compute the book value per share of capital stock. (Round your answer to 2 decimal places.)
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