A portion of Lapore Corporation’s Balance Sheet appears below: Liabilities and Stockholders' Equity Year 2 Year...
A portion of Lapore Corporation’s Balance Sheet appears below:
| Liabilities and Stockholders' Equity | Year 2 | Year 1 | |||||||||
| Current liabilities: | |||||||||||
| Accounts payable | $ | 209,000 | $ | 200,000 | |||||||
| Accrued liabilities | 27,000 | 30,000 | |||||||||
| Notes payable, short term | 94,000 | 90,000 | |||||||||
| Total current liabilities | 330,000 | 320,000 | |||||||||
| Bonds payable | 280,000 | 280,000 | |||||||||
| Total liabilities | 610,000 | 600,000 | |||||||||
| Stockholders' equity: | |||||||||||
| Common stock, $4 par value | 360,000 | 360,000 | |||||||||
| Additional paid-in capital | 70,000 | 70,000 | |||||||||
| Retained earnings | 589,000 | 570,000 | |||||||||
| Total stockholders' equity | 1,019,000 | 1,000,000 | |||||||||
| Total liabilities & stockholders' equity | $ | 1,629,000 | $ | 1,600,000 | |||||||
The company’s debt-to-equity ratio at the end of Year 2 is closest to:
Multiple Choice
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0.60
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0.37
-
0.39
-
0.27
Homework Answers
Answer : 0.60
Note:
debt-to-equity ratio at the end of Year 2 = Total liabilities for Year 2/ Total stockholders' equity for Year 2
= $ 610,000 / $ 1,019,000
= 0.598626104
= 0.60
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A portion of Lapore Corporation’s Balance Sheet appears
below:
Liabilities and Stockholders' Equity
Year 2
Year...
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