Question - Comparative Balance Sheet 2017 and 2016
2017 2016
Assets
Current assets:
Cash 579,000 400,000
Marketable securities 307,000 260,000
Accounts receivable (net) 130,000 110,000
Inventories 70,000 58,000
Prepaid expenses 153,000 139,000
Total current assets 1,239,000 967,000
Long-term investments 2,350,000 2,200,000
Property, plant, and equipment (net) 1,220,000 1,188,000
Total assets 4,809,000 4,355,000
Liabilities
Current liabilities 447,000 400,000
Long-term liabilities:
Mortgage note payable, 8%, due 2023 100,000 0
Bonds payable, 5%, due 2019 1,000,000 1,000,000
Total long-term liabilities 1,100,000 1,000,000
Total liabilities 1,547,000 1,400,000
Stockholders' Equity
Preferred $0.75 stock, $10 par 200,000 200,000
Common stock, $10 par 232,000 100,000
Retained earnings 2,830,000 2,655,000
Total stockholders' equity 3,262,000 2,955,000
Total liabilities and stockholders' equity 4,809,000 4,355,000
There were 20,000 shares of preferred stock outstanding and 10,000 shares of common stock outstanding in both years. Preferred dividends during 2017 were $15,000.
Additional selected information from the income statement for the year ended December 31, 2017 is as follows:
Sales --- 1,330,000
Cost of goods sold -- 498,000
Gross profit -- 832,000
Net income -- 368,000
Determine the following measures for 2017, rounding to one decimal place unless otherwise indicated.
QUESTIONS BELOW
1. Ratio of sales to assets %
2. Earnings per share on common stock (to the nearest cent) $
3. Ratio of liabilities to stockholders' equity
4. Inventory turnover
5. Ratio of fixed assets to long-term liabilities
6. Number of days' sales in receivables
7. Current ratio
8. Rate earned on common stockholders' equity %
9. Quick ratio