elow is selected financial information for SunRise Company. Selected Balance Sheet Data - As of Dec. 31,
Question:
elow is selected financial information for SunRise Company.
Selected Balance Sheet Data - | As of Dec. 31, 2018 | Dec. 31, 2017 |
Cash and short-term investments | $ 958,245 | $ 745,800 |
Accounts Receivable (net) | 125,850 | 135,400 |
Inventories | 195,650 | 175,840 |
Prepaid Expenses and other current assets | 45,300 | 30,860 |
Total Current Assets | $1,325,045 | $1,087,900 |
Plant, Property and Equipment, net | 1,478,320 | 1,358,700 |
Intangible Assets | 125,600 | 120,400 |
Total Assets | $2,928,965 | $2,567,000 |
Short-term borrowings | $ 25,190 | $ 38,108 |
Current portion of long-term debt | 45,000 | 40,000 |
Accounts payable | 285,400 | 325,900 |
Accrued liabilities | 916,722 | 705,891 |
Income taxes payable | 125,400 | 115,600 |
Total Current Liabilities | $1,397,712 | $1,225,499 |
Long-term Debt | 450,000 | 430,000 |
Total Liabilities | $1,847,712 | $1,655,499 |
Shareholders' Equity | $1,081,253 | $ 911,501 |
Total Liabilities and Shareholders' Equity | $2,928,965 | $2,567,000 |
Selected Income Statement Data - for the year ending December 31, 2018: | ||
Net Sales | $3,210,645 | |
Cost of Goods Sold | (2,310,210) | |
Operating Income | $ 900,435 | |
Net Income | $ 324,850 | |
Selected Statement of Cash Flow Data - for the year ending December 31, 2018: | ||
Cash Flows from Operations | $584,750 | |
Interest Expense | 42,400 | |
Income Tax Expense | 114,200 |
SunRise’s 2018 Liabilities to Shareholders’ Equity ratio would be...?
Fundamental Managerial Accounting Concepts
ISBN: 978-0078025655
7th edition
Authors: Thomas Edmonds, Christopher Edmonds, Bor Yi Tsay, Philip Old