question archive Following is the balance sheet of Vernon Company for Year 3: VERNON COMPANY Balance sheet Assets Cash $14,700 Marketable securities 8,420 Accounts receivable 12,740 Inventory 11,050 Property and equipment 167,500 Accumulated depreciation (12,700) Total assets $201,710 Liabilities and Stockholders’ Equity Accounts payable $8,780 Current notes payable 3,240 Mortgage payable 4,650 Bonds payable 22,020 Common stock 113,700 Retained earnings 49,320 Total liabilities and stockholders’ equity $201,710 The average number of common stock shares outstanding during Year 3 was 860 shares
Following is the balance sheet of Vernon Company for Year 3: VERNON COMPANY Balance sheet Assets Cash $14,700 Marketable securities 8,420 Accounts receivable 12,740 Inventory 11,050 Property and equipment 167,500 Accumulated depreciation (12,700) Total assets $201,710 Liabilities and Stockholders’ Equity Accounts payable $8,780 Current notes payable 3,240 Mortgage payable 4,650 Bonds payable 22,020 Common stock 113,700 Retained earnings 49,320 Total liabilities and stockholders’ equity $201,710 The average number of common stock shares outstanding during Year 3 was 860 shares
Subject:AccountingPrice: Bought3
Following is the balance sheet of Vernon Company for Year 3:
VERNON COMPANY Balance sheet
Assets
Cash $14,700
Marketable securities 8,420
Accounts receivable 12,740
Inventory 11,050
Property and equipment 167,500
Accumulated depreciation (12,700)
Total assets $201,710
Liabilities and Stockholders’ Equity
Accounts payable $8,780
Current notes payable 3,240
Mortgage payable 4,650
Bonds payable 22,020
Common stock 113,700
Retained earnings 49,320
Total liabilities and stockholders’ equity $201,710
The average number of common stock shares outstanding during Year 3 was 860 shares. Net income for the year was $16,000. RequiredCompute each of the following: (Round your answer to 2 decimal places. For percentages, 0.2345 should be entered as 23.45.)
a. Current ratio
b. Earnings per share per-share
c. Quick (acid test) ratio
d. Return on investment %
e. Return on equity %
f. Debt to equity ratio
