A skeleton of Gunner Corporations balance sheet appears as follows (amounts in thousands): Use the following ratio
Question:
A skeleton of Gunner Corporation’s balance sheet appears as follows (amounts in thousands):
Use the following ratio data to complete Gunner’s balance sheet:
a. The debt ratio was 0.56.
b. The current ratio was 1.60.
c. The quick (acid-test) ratio was 0.700.
Transcribed Image Text:
A1 Balance Sheet 2 Cash 3 Receivables 4 Inventories 5 Prepaid expenses Total current assets 7 Plant assets, net 8 Other 9 Total assets $ 250 Total current liabilities (a) Long-term debt 1,364 Other long-term liabilities $ 2,190 (e) 820 (b) (c) (d) Common stock 2,275 Retained earnings $ 7,100 Total liabilities and equity 180 2,944 (f). 10
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Related Book For
Financial Accounting
ISBN: 978-0134725987
12th edition
Authors: C. William Thomas, Wendy M. Tietz, Walter T. Harrison Jr.
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