Freiman Corporation's most recent balance sheet and income statement appear below:Balance SheetDecember 31, Year 2 and Year 1(in thousands of dollars) Year 2Year 1Assets Current assets: Cash$166? $126? Accounts receivable, net 235? 255? Inventory 126? 136? Prepaid expenses 43? 43? Total current assets 570? 560? Plant and equipment, net 730? 730? Total assets$1300? $1290? Liabilities and Stockholders' Equity Current liabilities: Accounts payable$136? $156? Accrued liabilities 93? 93? Notes payable, short term 63? 73? Total current liabilities 292? 322? Bonds payable 289? 299? Total liabilities 581? 621? Stockholders'
equity: Common stock, $2 par value 106? 106? Additional paid-in capital 215? 215? Retained earnings 398? 348? Total stockholders' equity 719? 669? Total liabilities & stockholders' equity$1300? $1290? Income StatementFor the Year Ended December 31, Year 2(in thousands of dollars)Sales (all on account)$1430? Cost of goods sold 840? Gross margin 590? Selling and administrative expenses 374? Net operating income 216? Interest expense 41? Net income before taxes 175? Income taxes (30%) 53? Net income$122? The current ratio at the end of Year 2 is closest to:
A. 1.07
B. 0.48
C. 1.95
D. 0.47
Answer: C
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Indicate whether the following error would cause the adjusted trial balance totals to be unequal. If the error would cause the adjusted trial balance totals to be unequal, indicate whether the debit or credit total is higher and by how much. The entry for $975 of supplies used during the period was journalized as a debit to Supplies Expense for $795 and credit to Supplies for $975
Georgia works for a firm that takes title to merchandise, but does not deliver the merchandise, grant credit, provide marketing information, store inventory, or plan ahead for customers' future needs. Georgia's operation is which type of wholesaler?
A. General-merchandise wholesaler B. Specialty-line wholesaler C. Limited-service wholesaler D. Limited-line wholesaler E. Rack jobber
Heye Inc. has provided the following data concerning one of the products in its standard cost system. Variable manufacturing overhead is applied to products on the basis of direct labor-hours.?InputsStandard Quantity or Hours per Unitof OutputStandard Price or Rate?Direct materials 6.7 grams $7.80 per gram?Direct labor0.20 hours$19.00 per hour?Variable manufacturing overhead0.20 hours $8.30 per hourThe company has reported the following actual results for the product for August:?Actual output6,300 units?Raw materials purchased48,100 grams?Actual price of raw materials$7.00 per gram ?Raw materials used in production42,200 grams?Actual direct labor-hours1,350 hours?Actual direct labor rate$20.10 per hour?Actual variable overhead rate$9.00 per
hourRequired:a. Compute the materials price variance for August.b. Compute the materials quantity variance for August.c. Compute the labor rate variance for August.d. Compute the labor efficiency variance for August.e. Compute the variable overhead rate variance for August.f. Compute the variable overhead efficiency variance for August. What will be an ideal response?
Employers with 10 or more employees must annually file the Employer Information Report, EEO-1.
Answer the following statement true (T) or false (F)