Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. the following data were taken from the financial s

The following data were taken from the financial statements of Hunter Inc. for December 31...

60.1K

Verified Solution

Question

Accounting

image

The following data were taken from the financial statements of Hunter Inc. for December 31 of two recent years: Current Year Previous Year Accounts payable $652,000 $320,000 570,000 570,000 Current maturities of serial bonds payable Serial bonds payable, 10% 3,140,000 Common stock, $1 par value 120,000 2,570,000 100,000 1,040,000 3,600,000 Paid-in capital in excess of par 1,050,000 Retained earnings 2,860,000 The income before income tax was $1,036,200 and $906,700 for the current and previous years, respectively. a. Determine the ratio of liabilities to stockholders' equity at the end of each year. Round to one decimal place. Current year Previous year b. Determine the times interest earned ratio for both years. Round to one decimal place. Current year Previous year c. The ratio of liabilities to stockholders' equity has and the number of times bond interest charges were earned has from the previous year. These results are the combined result of a income before income taxes and interest expense in the current year compared to the previous year

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!
Become a Member

Other questions asked by students

Q

Follow a molecule of oxygen thru the upper and lower respiratory system to the respiratory membrane?

Medical Sciences
Q

Prove or Disprove: that Zxmn is isomorphic to Zxm x Zxn  if gcd (n, m) = 1

Advance Math
Q

I need a minimum of 500 words, do not answer one line answers! 1. Reflect on the...

Advance Math
Q

When a magnet is broken in half The broken North pole becomes a magnetic South...

Physics
Q

4 1 Putting a dielectric substance between two plates 6 of an isolated condenser capacity...

Physics
Q

9 What is the slope of the line that has the equation 4x 2y 12...

Basic Math
Q

solution set is set is a comma to separate answers as

Calculus
Q

Applicat 4 Sketch the graph of a polynomial function f x that has a zero...

Algebra
Q

The records of Muharaq Company show the below information related to copyrights on December 31,...

Accounting
Q

Please help and answer correctly I will rate, thank you. ...

Accounting
Q

Bramble company sold goods on account to kevin enterprise with terms of 2/10,n30. The goid...

Accounting
Q

Many firms have been under pressure to declassify their boards of directors. Why would investors...

Finance