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ACCT 2302 Unit 1 Chapter 13

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1. A corporation reports the following year-end balance sheet data. The company’s working capital equals:

Cash$51,000 Current liabilities$86,000 Accounts receivable 66,000 Long-term liabilities 46,000 Inventory 71,000 Common stock 111,000 Equipment 156,000 Retained earnings 101,000 Total assets$344,000 Total liabilities and equity$344,000

2. Desjardin Landscaping’s income statement reports net income of $73,500, which includes deductions for interest expense of $10,600 and income taxes of $33,100. Its times interest earned is:

3. A corporation reports the following year-end balance sheet data. The company’s acid-test ratio equals:

Cash$45,000 Current liabilities$80,000 Accounts receivable 60,000 Long-term liabilities 20,000 Inventory 65,000 Common stock 105,000 Equipment 150,000 Retained earnings 115,000 Total assets$320,000 Total liabilities and equity$320,000

4. Refer to the following selected financial information from Shakley’s Incorporated. Compute the company’s times interest earned for Year 2.

Year 2Year 1 Net sales $ 481,500 $ 426,850 Cost of goods sold 276,900 250,720 Interest expense 10,300 11,300 Net income before tax 67,850 53,280 Net income after tax 46,650 40,500 Total assets 318,300 291,600 Total liabilities 178,400 167,900 Total equity 139,900 123,700

ACCT 2302 Unit 1 Chapter 13 was first posted on August 18, 2019 at 8:03 pm.
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