Shown below are data taken from a recent annual report of Falcon Co. (Dollar amounts...
60.1K
Verified Solution
Link Copied!
Question
Accounting
Shown below are data taken from a recent annual report of Falcon Co. (Dollar amounts in millions) Beginning of year End of Year Balance sheet data: Current assets $1,034 $1,120 Total assets $1,532 $1,822 Current liabilities $379 $318 Total liabilities $546 $477 Total stockholders' equity $1,000 41, 217 Income statement data: Net sales $2,759 Gross profit $1, 264 Operating income $574 Net income $421 Based upon the above information, indicate the best answer in the space provided. The current ratio at year-end (rounded to the nearest tenth) is: 2.3 to 1. 6 to 1. 3.5 to 1. Some other answer. The amount of working capital at the beginning of the year (in millions) was: $785. $1,193. $479. Some other answer. The gross profit rate for the year (rounded to the nearest 1 percent) was: 46%. 54%. 69%. Some other answer. The return on average total assets during the year (rounded to the nearest percent) was: 24%. 34%. 79%. Some other answer. The return on average total stockholders' equity during the year (rounded to the nearest 1 percent) was: 50%. 41%. 38%. Some other
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
