Whispering Company has been operating for several years, and on December 31, 2017, presented the...
70.2K
Verified Solution
Link Copied!
Question
Accounting
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 %
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!
