Following is the balance sheet of Corbin Company for Year 3:

The average number of common stock shares outstanding during Year 3 was 880 shares. Net income for the year was $15,800.

Required Compute each of the following: (Round your answers to 2 decimal places.)

a. Current ratio

b. Earnings per share

c. Quick (acid-test) ratio

d. Return on investment

e. Return on equity

f. Debt to equity ratio
 

Transcribed Image Text:

CORBIN COMPANY Balance sheet Assets $ 15,000 7,500 12,620 11,350 166,500 (12,200) $200,770 Cash Marketable securities Accounts receivable Inventory Property and equipment Accumulated depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Current notes payable Mortgage payable Bonds payable $ 8,270 3,280 4,200 21,120 113,200 50,700 $200,770 Common stock Retained earnings Total liabilities and stockholders' equity CORBIN COMPANY Balance sheet Assets $ 15,000 7,500 12,620 11,350 166,500 (12,200) $200,770 Cash Marketable securities Accounts receivable Inventory Property and equipment Accumulated depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Current notes payable Mortgage payable Bonds payable $ 8,270 3,280 4,200 21,120 113,200 50,700 $200,770 Common stock Retained earnings Total liabilities and stockholders' equity

Answer rating: 100% (QA)

a current ratio current assets current liabilities ... View the full answer