The following information is available about the company: a. All sales during the year were...
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Accounting
The following information is available about the company: a. All sales during the year were on account. b. There was no change in the number of shares of common stock outstanding during the year. c. The interest expense on the income statement relates to the bonds payable; the amount of bonds outstanding did not change during the year. d. Selected balances at the beginning of the current year were: Accounts receivable $ 310,000 Inventory $ 420,000 Total assets $ 4,610,000 e. Selected financial ratios computed from the statements below for the current year are: Earnings per share $ 4.80 Debt-to-equity ratio 0.870 Accounts receivable turnover 16.0 Current ratio 2.90 Return on total assets 10 % Times interest earned ratio 9.0 Acid-test ratio 1.16 Inventory turnover 8.0 Required: Compute the missing amounts on the company's financial statements. (Hint: Whats the difference between the acid-test ratio and the current ratio?) (Do not round intermediate calculations.)
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