The 2021 balance sheet for Hallwood Industries, Inc., is shown below. HALLWOOD INDUSTRIES, INC. Balance Sheet...
The 2021 balance sheet for Hallwood Industries, Inc., is shown
below.
| HALLWOOD INDUSTRIES, INC. | |||
| Balance Sheet | |||
| December 31, 2021 | |||
| ($ in thousands) | |||
| Assets | |||
| Cash | $ | 360 | |
| Short-term investments | 310 | ||
| Accounts receivable | 360 | ||
| Inventory | 370 | ||
| Property, plant, and equipment (net) | 2,600 | ||
| Total assets | $ | 4,000 | |
| Liabilities and Shareholders’ Equity | |||
| Current liabilities | $ | 560 | |
| Long-term liabilities | 510 | ||
| Paid-in capital | 1,550 | ||
| Retained earnings | 1,380 | ||
| Total liabilities and shareholders’ equity | $ | 4,000 | |
The company’s 2021 income statement reported the following amounts
($ in thousands):
| Net sales | $ | 6,200 | |
| Interest expense | 50 | ||
| Income tax expense | 150 | ||
| Net income | 320 | ||
Required:
1. Calculate the current ratio. (Round
your answer to 2 decimal places.)
2. Calculate the acid-test ratio. (Round
your answer to 3 decimal places.)
3. Calculate the debt to equity ratio.
(Round your answer to 2 decimal places.)
4. Calculate the times interest earned ratio.
(Round your answer to 1 decimal place.)
|
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Homework Answers
|
Current Ratio = Current assets/Current liabilities = (360+310+360+370)/560 = 2.50 |
|
Acid test ratio = Quick assets/Current liabilities = (4000-2600-370)/560 = 1.84 |
|
Debt to equity ratio = Total Liabilities/Total stockholders equity = (560+510)/(1550+1380) = 0.37 |
|
Times interest earned ratio = Net income+Interest expense+Tax expenses/Interest expense = (320+150+50)/50 = 10.4 |
Add Answer to:
The 2021 balance sheet for Hallwood Industries, Inc., is shown
below.
HALLWOOD INDUSTRIES, INC.
Balance Sheet...
HALLBROOK INDUSTRIES, INC. Balance Sheet December 31, 2021 ($ in thousands) Assets Cash Short-term investments Accounts...
HALLBROOK INDUSTRIES, INC. Balance Sheet December 31, 2021 ($ in thousands) Assets Cash Short-term investments Accounts receivable Inventory Property, plant, and equipment (net) Total assets Liabilities and Shareholders' Equity Current liabilities Long-term liabilities Paid-in capital Retained earnings Total liabilities and shareholders' equity 360 310 360 370 2,600 $ 4,000 560 510 1,550 1,380 $ 4,000 The company's 2021 income statement reported the following amounts ($ in thousands) Net sales Interest expense Income tax expense Net income $6,200 50 150 320...
The 2021 balance sheet for Hallbrook Industries, Inc., is shown below. HALLBROOK INDUSTRIES, INC. Balance Sheet...
The 2021 balance sheet for Hallbrook Industries, Inc., is shown
below.
HALLBROOK INDUSTRIES, INC.
Balance Sheet
December 31, 2021
($ in thousands)
Assets
Cash
$
290
Short-term investments
240
Accounts receivable
290
Inventory
380
Property, plant, and equipment (net)
1,900
Total assets
$
3,100
Liabilities and Shareholders’
Equity
Current liabilities
$
490
Long-term liabilities
440
Paid-in capital
1,200
Retained earnings
970
Total liabilities and shareholders’ equity
$
3,100
The company’s 2021 income statement reported the following amounts
($ in thousands):...
The 2021 balance sheet for Hallbrook Industries, Inc., is shown below. HALLBROOK INDUSTRIES, INC. Balance Sheet...
The 2021 balance sheet for Hallbrook Industries, Inc., is shown below. HALLBROOK INDUSTRIES, INC. Balance Sheet December 31, 2021 ($ in thousands) Assets Cash Short-term investments Accounts receivable Inventory Property, plant, and equipment (net) Total assets Liabilities and Shareholders' Equity Current liabilities Long-term liabilities Paid-in capital Retained earnings Total liabilities and shareholders' equity 260 210 260 370 1,600 $ 2,700 $ 460 410 1,050 780 $ 2,700 The company's 2021 income statement reported the following amounts ($ in thousands): Net...
HALLBROOK INDUSTRIES, INC. Balance Sheet December 31, 2021 ($ in thousands) Assets Cash Short-term investments Accounts...
HALLBROOK INDUSTRIES, INC. Balance Sheet December 31, 2021 ($ in thousands) Assets Cash Short-term investments Accounts receivable Inventory Property, plant, and equipment (net) Total assets Liabilities and Shareholders' Equity Current liabilities Long-term liabilities Paid-in capital Retained earnings Total liabilities and shareholders' equity $ 330 280 330 360 2,300 $ 3,600 $ 530 480 1,400 1,190 $ 3,600 The company's 2021 income statement reported the following amounts ($ in thousands): Net sales Interest expense Income tax expense Net income $5,900 50...
The 2018 balance sheet for Hallbrook Industries, Inc., is shown below. HALLBROOK INDUSTRIES, INC Balance Sheet...
The 2018 balance sheet for Hallbrook Industries, Inc., is shown below. HALLBROOK INDUSTRIES, INC Balance Sheet December 31, 2818 (s in 8885) Assets Cash Short-term investments Accounts receivable Inventories Property, plant, and equipment (net) $348 298 348 33e 2,480 Total assets $3,78e Liabilities and Shareholders' Equity Current liabilities Long-term liabilities Paid-in capital Retained earnings $ 540 498 1,450 1,228 Total liabilities and shareholders equity $3,78e The company's 2018 income statement reported the following amounts ($ in 000s): Net sales Interest...
Financial statements for Askew Industries for 2021 are shown below (in thousands): 2021 Income Statement Net...
Financial statements for Askew Industries for 2021 are shown
below (in thousands):
2021 Income Statement
Net sales
$
9,500
Cost of goods sold
(6,425
)
Gross profit
3,075
Operating expenses
(2,225
)
Interest expense
(250
)
Income tax expense
(240
)
Net income
$
360
Comparative Balance Sheets
Dec. 31
2021
2020
Assets
Cash
$
650
$
550
Accounts receivable
650
450
Inventory
850
650
Property, plant, and equipment (net)
2,500
2,600
$
4,650
$
4,250
Liabilities and Shareholders’ Equity...
Is the current ratio 2.52? The balance sheet for Altoid Co. is shown below. ALTOID CO....
Is the current ratio 2.52?
The balance sheet for Altoid Co. is shown below. ALTOID CO. Balance Sheet At December 31, 2021 Assets: Cash Short-term investments Accounts receivable (net) Inventory Property, plant, and equipment (net) Total assets Liabilities and shareholders' equity: Current liabilities Long-term liabilities Common stock Retained earnings Total liabilities and shareholders' equity $ 270 800 900 1,050 1,110 $ 4,130 $ 1,050 1,200 750 1,130 $ 4,130 Selected 2021 income statement information for Altoid Co. includes: Net Sales...
Hyrkas Corporation's most recent balance sheet and income statement appear below: Balance Sheet December 31, Year...
Hyrkas Corporation's most recent balance sheet and income statement appear below: Balance Sheet December 31, Year 2 and Year 1 (in thousands of dollars) Year 2 Year 1 Assets Current assets: Cash $ 235 $ 360 Accounts receivable, net 390 410 Inventory 360 330 Prepaid expenses 20 20 Total current assets 1,005 1,120 Plant and equipment, net 1,270 1,420 Total assets $ 2,275 $ 2,540 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 330 $ 360 Accrued liabilities 50...
Hyrkas Corporation's most recent balance sheet and income statement appear below: Balance Sheet December 31, Year...
Hyrkas Corporation's most recent balance sheet and income statement appear below: Balance Sheet December 31, Year 2 and Year 1 (in thousands of dollars) Year 2 Year 1 Assets Current assets: Cash $ 235 $ 360 Accounts receivable, net 390 410 Inventory 360 330 Prepaid expenses 20 20 Total current assets 1,005 1,120 Plant and equipment, net 1,270 1,420 Total assets $ 2,275 $ 2,540 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 330 $ 360 Accrued liabilities 50...
Financial statements for Askew Industries for 2021 are shown below (in thousands): 2021 Income Statement Net...
Financial statements for Askew Industries for 2021 are shown below (in thousands): 2021 Income Statement Net sales $ 9,900 Cost of goods sold (6,525) Gross profit 3,375 Operating expenses (2,325) Interest expense (290) Income tax expense (384) Net income $ 456 Comparative Balance Sheets Dec. 31 2021 2020 Assets Cash Accounts receivable Inventory Property, plant, and equipment (net) $ 690 690 890 2,900 $5,170 $ 590 490 690 3,000 $4,770 Liabilities and Shareholders' Equity Current liabilities Bonds payable Common stock...
HALLBROOK INDUSTRIES, INC. Balance Sheet December 31, 2021 ($ in thousands) Assets Cash Short-term investments Accounts receivable Inventory Property, plant, and equipment (net) Total assets Liabilities and Shareholders' Equity Current liabilities Long-term liabilities Paid-in capital Retained earnings Total liabilities and shareholders' equity 360 310 360 370 2,600 $ 4,000 560 510 1,550 1,380 $ 4,000 The company's 2021 income statement reported the following amounts ($ in thousands) Net sales Interest expense Income tax expense Net income $6,200 50 150 320...
The 2021 balance sheet for Hallbrook Industries, Inc., is shown
below.
HALLBROOK INDUSTRIES, INC.
Balance Sheet
December 31, 2021
($ in thousands)
Assets
Cash
$
290
Short-term investments
240
Accounts receivable
290
Inventory
380
Property, plant, and equipment (net)
1,900
Total assets
$
3,100
Liabilities and Shareholders’
Equity
Current liabilities
$
490
Long-term liabilities
440
Paid-in capital
1,200
Retained earnings
970
Total liabilities and shareholders’ equity
$
3,100
The company’s 2021 income statement reported the following amounts
($ in thousands):...
The 2021 balance sheet for Hallbrook Industries, Inc., is shown below. HALLBROOK INDUSTRIES, INC. Balance Sheet December 31, 2021 ($ in thousands) Assets Cash Short-term investments Accounts receivable Inventory Property, plant, and equipment (net) Total assets Liabilities and Shareholders' Equity Current liabilities Long-term liabilities Paid-in capital Retained earnings Total liabilities and shareholders' equity 260 210 260 370 1,600 $ 2,700 $ 460 410 1,050 780 $ 2,700 The company's 2021 income statement reported the following amounts ($ in thousands): Net...
HALLBROOK INDUSTRIES, INC. Balance Sheet December 31, 2021 ($ in thousands) Assets Cash Short-term investments Accounts receivable Inventory Property, plant, and equipment (net) Total assets Liabilities and Shareholders' Equity Current liabilities Long-term liabilities Paid-in capital Retained earnings Total liabilities and shareholders' equity $ 330 280 330 360 2,300 $ 3,600 $ 530 480 1,400 1,190 $ 3,600 The company's 2021 income statement reported the following amounts ($ in thousands): Net sales Interest expense Income tax expense Net income $5,900 50...
The 2018 balance sheet for Hallbrook Industries, Inc., is shown below. HALLBROOK INDUSTRIES, INC Balance Sheet December 31, 2818 (s in 8885) Assets Cash Short-term investments Accounts receivable Inventories Property, plant, and equipment (net) $348 298 348 33e 2,480 Total assets $3,78e Liabilities and Shareholders' Equity Current liabilities Long-term liabilities Paid-in capital Retained earnings $ 540 498 1,450 1,228 Total liabilities and shareholders equity $3,78e The company's 2018 income statement reported the following amounts ($ in 000s): Net sales Interest...
Financial statements for Askew Industries for 2021 are shown
below (in thousands):
2021 Income Statement
Net sales
$
9,500
Cost of goods sold
(6,425
)
Gross profit
3,075
Operating expenses
(2,225
)
Interest expense
(250
)
Income tax expense
(240
)
Net income
$
360
Comparative Balance Sheets
Dec. 31
2021
2020
Assets
Cash
$
650
$
550
Accounts receivable
650
450
Inventory
850
650
Property, plant, and equipment (net)
2,500
2,600
$
4,650
$
4,250
Liabilities and Shareholders’ Equity...
Is the current ratio 2.52?
The balance sheet for Altoid Co. is shown below. ALTOID CO. Balance Sheet At December 31, 2021 Assets: Cash Short-term investments Accounts receivable (net) Inventory Property, plant, and equipment (net) Total assets Liabilities and shareholders' equity: Current liabilities Long-term liabilities Common stock Retained earnings Total liabilities and shareholders' equity $ 270 800 900 1,050 1,110 $ 4,130 $ 1,050 1,200 750 1,130 $ 4,130 Selected 2021 income statement information for Altoid Co. includes: Net Sales...
Financial statements for Askew Industries for 2021 are shown below (in thousands): 2021 Income Statement Net sales $ 9,900 Cost of goods sold (6,525) Gross profit 3,375 Operating expenses (2,325) Interest expense (290) Income tax expense (384) Net income $ 456 Comparative Balance Sheets Dec. 31 2021 2020 Assets Cash Accounts receivable Inventory Property, plant, and equipment (net) $ 690 690 890 2,900 $5,170 $ 590 490 690 3,000 $4,770 Liabilities and Shareholders' Equity Current liabilities Bonds payable Common stock...
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