* CengageNOwv2 | Online teach xM HBO MaxG GrammarlykeAssignment/takeAssignmentMain.do?invoker3&takeAssignmentSessionLocator=&inprogress3falseO eBookSix Measures of Solvency or ProfitabilityThe following data were taken from the financial statements of Loveseth Inc. for the current fiscal year.$3,040,000Property, plant, and equipment (net)Liabilities:Current liabilities$1,200,000Note payable, 6%, due in 15 years1,600,000Total liabilities$2,800,000Stockholders' equity:Preferred $10 stock, $100 par (no change during year)$800,000Common stock, $10 par (no change during year)1,600,000Retained earnings:Balance, beginning of year$1,072,000Net income928,000$2,000,000Preferred dividends$80,000Common dividends320,000400,000Balance, end of year1,600,000Total stockholders' equity$4,000,000Sales$17,920,000Interest expense$96,000Assuming that total assets were $6,000,000 at the beginning of the current fiscal year, determine the following: Round your answa. Ratio of fixed assets to long-term liabilities1.9b. Ratio of liabilities to stockholders' equity0.7Check My WorkAll work saved.Email InstructorSaveMacBook Air M HBO MaxCengageNOWv2 | Online teach xkeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=еВookCommon stock, $10 par (no change during year)Retained earnings:Balance, beginning of year$1,072,000Net income928,000$2,000,000Preferred dividends$80,000Common dividends320,000400,000Balance, end of year1,Total stockholders' equity$4,Sales$17,5Interest expenseAssuming that total assets were $6,000,000 at the beginning of the current fiscal year, determine ta. Ratio of fixed assets to long-term liabilities1.9b. Ratio of liabilities to stockholders' equity0.7C. Asset turnover2.8d. Return on total assets14.5X %e. Return on stockholders' equityf. Return on common stockholders' equity53X %FeedbackT Check My Worka. Divide property, plant, and equipment (net) by long-term liabilities.b. Divide total liabilities by total stockholders'equity.c. Divide sales by average total assets. Average total assets = (Beainnina total assets + EndinCheck My Work

Return on stockholders’ equity =Net income/Average shareholder's equity

a. Ratio of fixed assets to long-term liabilities 1.9 b. Ratio of liabilities to stockholders' equity 0.7 C. Asset turnover 2.8 V d. Return on total assets 14.5 X % e. Return on stockholders' equity % f. Return on common stockholders' equity 53 X %

a. Ratio of fixed assets to long-term liabilities 1.9 b. Ratio of liabilities to stockholders' equity 0.7 C. Asset turnover 2.8 V d. Return on total assets 14.5 X % e. Return on stockholders' equity % f. Return on common stockholders' equity 53 X %

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter3: Setting Up A New Company

Section: Chapter Questions

Problem 3.4C

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