Sage Company has been operating for several years, and on December 31, 2020, presented the following balance she Cash Receivables Inventory Plant assets (net) (a) (b) The net income for 2020 was $24,800. Assume that total assets are the same in 2019 and 2020. (a) Compute each of the following ratios. (Round answers to 2 decimal places, e.g. 1.59 or 45.87%.) (c) (d) SAGE COMPANY BALANCE SHEET DECEMBER 31, 2020 $42,200 Accounts payable 78,100 Mortgage payable 103,900 218,000 $442,200 Current ratio Acid-test ratio Debt to assets ratio Common stock ($1 par) Retained earnings Return on assets % $86,100 137,200 160,000 58,900 $442,200 %
Sage Company has been operating for several years, and on December 31, 2020, presented the following balance she Cash Receivables Inventory Plant assets (net) (a) (b) The net income for 2020 was $24,800. Assume that total assets are the same in 2019 and 2020. (a) Compute each of the following ratios. (Round answers to 2 decimal places, e.g. 1.59 or 45.87%.) (c) (d) SAGE COMPANY BALANCE SHEET DECEMBER 31, 2020 $42,200 Accounts payable 78,100 Mortgage payable 103,900 218,000 $442,200 Current ratio Acid-test ratio Debt to assets ratio Common stock ($1 par) Retained earnings Return on assets % $86,100 137,200 160,000 58,900 $442,200 %
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter9: Long-term Liabilities
Section: Chapter Questions
Problem 89E: Ratio Analysis Rising Stars Academy provided the following information on its 2019 balance sheet and...
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