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Assignment
1. Financial statements for Grange Company appear below:
Grange Company Comparative Balance Sheet December 31, 20X1 and 20X0
20X1
20X0
Current assets:
Cash and marketable securities
$180,000
$160,000
Accounts receivable, net
150,000
120,000
Inventory
100,000
Prepaid expenses
40,000
50,000
Total current assets
470,000
430,000
Noncurrent assets:
Plant & equipment, net
1,390,000
1,320,000
Total assets
$1,860,000
$1,750,000
Current liabilities:
Accounts payable
$130,000
Accrued liabilities
60,000
80,000
Notes payable, short term
Total current liabilities
290,000
310,000
Noncurrent liabilities:
Bonds payable
270,000
300,000
Total liabilities
560,000
610,000
Stockholders' equity:
Preferred stock, $5 par, 5%
Common stock, $5 par
220,000
Additional paid-in capital--common stock
190,000
Retained earnings
790,000
630,000
Total stockholders' equity
1,300,000
1,140,000
Total liabilities & stockholders' equity
2.
Grange Company Income Statement For the Year Ended December 31, 20X1
Sales (all on account)
$2,400,000
Cost of goods sold
1,680,000
Gross margin
720,000
Operating expenses
280,000
Net operating income
440,000
Interest expense
30,000
Net income before taxes
410,000
Income taxes (30%)
123,000
Net income
$287,000
3. Dividends during 20X1 totaled $127,000, of which $5,000 were preferred dividends.The market price of a share of common stock on December 31, 20X1, was $100.
Required: Compute the following leverage ratios for 20X1. Round your answers to two decimal places.
A. Times-interest-earned ratio
times
B. Debt ratio
to 1
C. Debt-to-equity ratio
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