jraghubir50
19.10.2021 •
Business
Ratio of Liabilities to Stockholders' Equity and Times Interest Earned The following data were taken from the financial statements of Hunter Inc. for December 31 of two recent years: Current Year Previous Year Accounts payable $170,000 $270,000 Current maturities of serial bonds payable 360,000 360,000 Serial bonds payable, 10% 1,880,000 2,240,000 Common stock, $1 par value 100,000 120,000 Paid-in capital in excess of par 1,060,000 1,070,000 Retained earnings 3,660,000 2,910,000 The income before income tax expense was $784,000 and $686,000 for the current and previous years, respectively.
a. Determine the ratio of liabilities to stockholders' equity at the end of each year.
b. Determine the times interest earned ratio for both years. Round to one decimal place. Current year fill in the blank 3 Previous year fill in the blank 4
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Ответ:
Equivalent units for materials in beginning work process is 6,940 units Equivalent units for conversion in ending work process is 6,800 units
Explanation:
Beginning work process:
Equivalent units for materials = 6,100 + (1,400 × 60%) = 6,940units Cost per equivalent unit for materials = ($7,800 + $102,700) ÷ 6,940 = 15.92
Ending work process:
Equivalent units for conversion = 6,100 + (1400 × 50%) = 6,800 units
Cost per equivalent unit for materials = ($9,100 + $184,000) ÷ 6800 = 28.40
Cost of ending work in process = (1,400 × 60%) × 15.92219 +(1400 × 50%) × 28.39706
= 33,253(Rounded off)