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Dividends on common stock during Year 2 totaled $7,200. The market price of common stock at
the end of Year 2 was $3.69 per share.
The company's acid-test (quick) ratio at the end of Year 2 is closest to:
135. Mayfield Corporation has provided the following financial data:
Assets
Current assets:
Cash $223,000
Accounts receivable 236,000
Inventory 202,000
Prepaid expenses 10,000
Total current assets 671,000
Plant and equipment, net 665,000
Total assets $1,336,000
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $156,000
Accrued liabilities 52,000
Notes payable, short term 45,000
Total current liabilities 253,000
Bonds payable 100,000
Total liabilities 353,000
Stockholders' equity:
Common stock, $4 par value 360,000
Additional paid-in capital-common stock 80,000
Retained earnings 543,000
Total stockholders' equity 983,000
Total liabilities & stockholders' equity $1,336,000
The company's working capital is:
136. Mayfield Corporation has provided the following financial data:
Assets
Current assets:
Cash $223,000
Accounts receivable 236,000
Inventory 202,000
Prepaid expenses 10,000
Total current assets 671,000
Plant and equipment, net 665,000
Total assets $1,336,000
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $156,000
Accrued liabilities 52,000
Notes payable, short term 45,000
Total current liabilities 253,000
Bonds payable 100,000
Total liabilities 353,000
Stockholders' equity:
Common stock, $4 par value 360,000
Additional paid-in capital-common stock 80,000
Retained earnings 543,000
Total stockholders' equity 983,000
Total liabilities & stockholders' equity $1,336,000
The company's current ratio is closest to:
137. Mayfield Corporation has provided the following financial data:
Assets
Current assets:
Cash $223,000
Accounts receivable 236,000
Inventory 202,000
Prepaid expenses 10,000
Total current assets 671,000
Plant and equipment, net 665,000
Total assets $1,336,000
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $156,000
Accrued liabilities 52,000
Notes payable, short term 45,000
Total current liabilities 253,000
Bonds payable 100,000
Total liabilities 353,000
Stockholders' equity:
Common stock, $4 par value 360,000
Additional paid-in capital-common stock 80,000
Retained earnings 543,000
Total stockholders' equity 983,000
Total liabilities & stockholders' equity $1,336,000
The company's acid-test (quick) ratio is closest to:
138. Excerpts from Colter Corporation's most recent balance sheet appear below:
Year 2 Year 1
Current assets:
Cash $90 $120
Accounts receivable 100 110
Inventory 170 160
Prepaid expenses 40 40
Total current assets $400 $430
Total current liabilities $320 $290
Sales on account in Year 2 amounted to $1,210 and the cost of goods sold was $720.
The working capital at the end of Year 2 is:
139. Excerpts from Colter Corporation's most recent balance sheet appear below:
Year 2 Year 1
Current assets:
Cash $90 $120
Accounts receivable 100 110
Inventory 170 160
Prepaid expenses 40 40
Total current assets $400 $430
Total current liabilities $320 $290
Sales on account in Year 2 amounted to $1,210 and the cost of goods sold was $720.
The current ratio at the end of Year 2 is closest to:
140. Excerpts from Colter Corporation's most recent balance sheet appear below:
Year 2 Year 1
Current assets:
Cash $90 $120
Accounts receivable 100 110
Inventory 170 160
Prepaid expenses 40 40
Total current assets $400 $430
Total current liabilities $320 $290
Sales on account in Year 2 amounted to $1,210 and the cost of goods sold was $720.
The acid-test ratio at the end of Year 2 is closest to:
141. Excerpts from Colter Corporation's most recent balance sheet appear below:
Year 2 Year 1
Current assets:
Cash $90 $120
Accounts receivable 100 110
Inventory 170 160
Prepaid expenses 40 40
Total current assets $400 $430
Total current liabilities $320 $290
Sales on account in Year 2 amounted to $1,210 and the cost of goods sold was $720.
The accounts receivable turnover for Year 2 is closest to:
142. Excerpts from Colter Corporation's most recent balance sheet appear below:
Year 2 Year 1
Current assets:
Cash $90 $120
Accounts receivable 100 110
Inventory 170 160
Prepaid expenses 40 40
Total current assets $400 $430
Total current liabilities $320 $290
Sales on account in Year 2 amounted to $1,210 and the cost of goods sold was $720.
The inventory turnover for Year 2 is closest to:
13-112
143. Freiman Corporation's most recent balance sheet and income statement appear below:
Balance Sheet
December 31, Year 2 and Year 1
(in thousands of dollars)
Assets Year 2 Year 1
Current assets:
Cash $160 $120
Accounts receivable 220 240
Inventory 120 130
Prepaid expenses 40 40
Total current assets 540 530
Plant and equipment, net 700 700
Total assets $1,240 $1,230
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable $130 $150
Accrued liabilities 90 90
Notes payable, short term 60 70
Total current liabilities 280 310
Bonds payable 280 290
Total liabilities 560 600
Stockholders’ equity:
Common stock, $2 par value 100 100
Additional paid-in capital-common stock 200 200
Retained earnings 380 330
Total stockholders’ equity 680 630
Total liabilities & stockholders’ equity $1,240 $1,230
Income Statement
For the Year Ended December 31, Year 2
(in thousands of dollars)
Sales (all on account) $1,310
Cost of goods sold 780
Gross margin 530
Selling and administrative expense 359
Net operating income 171
Interest expense 35
Net income before taxes 136
Income taxes (30%) 41
Net income $95
The working capital at the end of Year 2 is:
13-114
144. Freiman Corporation's most recent balance sheet and income statement appear below:
Balance Sheet
December 31, Year 2 and Year 1
(in thousands of dollars)
Assets Year 2 Year 1
Current assets:
Cash $160 $120
Accounts receivable 220 240
Inventory 120 130
Prepaid expenses 40 40
Total current assets 540 530
Plant and equipment, net 700 700
Total assets $1,240 $1,230
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable $130 $150
Accrued liabilities 90 90
Notes payable, short term 60 70
Total current liabilities 280 310
Bonds payable 280 290
Total liabilities 560 600
Stockholders’ equity:
Common stock, $2 par value 100 100
Additional paid-in capital-common stock 200 200
Retained earnings 380 330
Total stockholders’ equity 680 630
Total liabilities & stockholders’ equity $1,240 $1,230
Income Statement
For the Year Ended December 31, Year 2
(in thousands of dollars)
Sales (all on account) $1,310
Cost of goods sold 780
Gross margin 530
Selling and administrative expense 359
Net operating income 171
Interest expense 35
Net income before taxes 136
Income taxes (30%) 41
Net income $95
The current ratio at the end of Year 2 is closest to:
13-116
145. Freiman Corporation's most recent balance sheet and income statement appear below:
Balance Sheet
December 31, Year 2 and Year 1
(in thousands of dollars)
Assets Year 2 Year 1
Current assets:
Cash $160 $120
Accounts receivable 220 240
Inventory 120 130
Prepaid expenses 40 40
Total current assets 540 530
Plant and equipment, net 700 700
Total assets $1,240 $1,230
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable $130 $150
Accrued liabilities 90 90
Notes payable, short term 60 70
Total current liabilities 280 310
Bonds payable 280 290
Total liabilities 560 600
Stockholders’ equity:
Common stock, $2 par value 100 100
Additional paid-in capital-common stock 200 200
Retained earnings 380 330
Total stockholders’ equity 680 630
Total liabilities & stockholders’ equity $1,240 $1,230
Income Statement
For the Year Ended December 31, Year 2
(in thousands of dollars)
Sales (all on account) $1,310
Cost of goods sold 780
Gross margin 530
Selling and administrative expense 359
Net operating income 171
Interest expense 35
Net income before taxes 136
Income taxes (30%) 41
Net income $95
The acid-test ratio at the end of Year 2 is closest to:
13-118
146. Freiman Corporation's most recent balance sheet and income statement appear below:
Balance Sheet
December 31, Year 2 and Year 1
(in thousands of dollars)
Assets Year 2 Year 1
Current assets:
Cash $160 $120
Accounts receivable 220 240
Inventory 120 130
Prepaid expenses 40 40
Total current assets 540 530
Plant and equipment, net 700 700
Total assets $1,240 $1,230
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable $130 $150
Accrued liabilities 90 90
Notes payable, short term 60 70
Total current liabilities 280 310
Bonds payable 280 290
Total liabilities 560 600
Stockholders’ equity:
Common stock, $2 par value 100 100
Additional paid-in capital-common stock 200 200
Retained earnings 380 330
Total stockholders’ equity 680 630
Total liabilities & stockholders’ equity $1,240 $1,230
Income Statement
For the Year Ended December 31, Year 2
(in thousands of dollars)
Sales (all on account) $1,310
Cost of goods sold 780
Gross margin 530
Selling and administrative expense 359
Net operating income 171
Interest expense 35
Net income before taxes 136
Income taxes (30%) 41
Net income $95
The accounts receivable turnover for Year 2 is closest to:
13-120
147. Freiman Corporation's most recent balance sheet and income statement appear below:
Balance Sheet
December 31, Year 2 and Year 1
(in thousands of dollars)
Assets Year 2 Year 1
Current assets:
Cash $160 $120
Accounts receivable 220 240
Inventory 120 130
Prepaid expenses 40 40
Total current assets 540 530
Plant and equipment, net 700 700
Total assets $1,240 $1,230
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable $130 $150
Accrued liabilities 90 90
Notes payable, short term 60 70
Total current liabilities 280 310
Bonds payable 280 290
Total liabilities 560 600
Stockholders’ equity:
Common stock, $2 par value 100 100
Additional paid-in capital-common stock 200 200
Retained earnings 380 330
Total stockholders’ equity 680 630
Total liabilities & stockholders’ equity $1,240 $1,230
Income Statement
For the Year Ended December 31, Year 2
(in thousands of dollars)
Sales (all on account) $1,310
Cost of goods sold 780
Gross margin 530
Selling and administrative expense 359
Net operating income 171
Interest expense 35
