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QUESTION

Following is the balance sheet of Vernon Company for Year 3: VERNON COMPANY Balance sheet As

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

                                                   VERNON COMPANY                                                       Balance sheet

Assets

Cash                                                                $14,700

Marketable securities                                       8,420

Accounts receivable                                        12,740

Inventory                                                            11,050

Property and equipment                               167,500

Accumulated depreciation                           (12,700)

Total assets                                                  $201,710

Liabilities and Stockholders’ Equity

Accounts payable                                             $8,780

Current notes payable                                        3,240

Mortgage payable                                               4,650

Bonds payable                                                   22,020

Common stock                                                113,700

Retained earnings                                             49,320

Total liabilities and stockholders’ equity  $201,710

The average number of common stock shares outstanding during Year 3 was 860 shares. Net income for the year was $16,000. RequiredCompute each of the following: (Round your answer to 2 decimal places. For percentages, 0.2345 should be entered as 23.45.)

a.  Current ratio

b.  Earnings per share            per-share

c.  Quick (acid test) ratio

d. Return on investment         %

e.  Return on equity                  %

f.   Debt to equity ratio

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