A condensed balance sheet for Bradford Corporation prepared

A condensed balance sheet for Bradford Corporation prepared at the end of the year appears as follows.

Can someone please help me with this, I am really stuck on trying to figure it out.

Assets Liabilities & Stockholders\' Equity Cash Accounts receivable Inventory Prepaid expenses Plant & equipment (net) Other assets Total $ 107,000 Notes payable (due in 6 months)49,000 122,000 330,000 300,000 416,000 120,000 Accounts payable 270,000 Long-term liabilities 60,000 570,000 90,000 Capital stock, $5 par Retained earnings $ 1,217,000 Total $ 1,217,000 During the year, the company earned a gross profit of $1,116,000 on sales of $2,950,000 Accounts receivable, inventory, and plant assets remained almost constant in amount throughout the year so year-end figures may be used rather than averages a. Compute the current ratio. (Round your answer to 2 decimal place.) b. Compute the quick ratio. (Round your answer to 2 decimal place.) c. Compute the working capital d. Compute the debt ratio. (Round percentage answers to nearest whole percent. i.e. 0.1234 as 12%.) e. Compute the accounts receivable turnover (all sales were on credit). (Round to 2 decimal places.) f. Compute the inventory turnover. (Round your answer to 2 decimal places.) g. Compute the book value per share of capital stock. (Round your answer to 2 decimal places.) a.l Current ratio b. Quick ratio c. Working capital d. Debt ratio e. Accounts receivable turnover f. Inventory turnover g. Book value per share of capital stock to 1 to 1 times times

Solution

a Current Ratio Current Assets / Current Liabilities              3.26 Working : Current Assets Cash       107,000 Account receivable       120,000 Inventory       270,000 Prepaid Expenses          60,000 Total       557,000 Current Liabilities Note payable          49,000 Accounts payable       122,000 Total       171,000 b Quick Ratio Current Assets (-) Inventory (-) Prepaid expenses/ Current Liabilities              1.33 Working : Current Assets Cash       107,000 Account receivable       120,000 Inventory       270,000 Prepaid Expenses          60,000 Total       557,000 Less : Inventory       270,000 Prepaid Expenses          60,000 Total       227,000 Current Liabilities Note payable          49,000 Accounts payable       122,000 Total       171,000 c Working Capital Current Assets (-) Current Liabilities       386,000 D Debt Ratio Total Liabilities (Debts)/ Total assets 41% Total assets    1,217,000 Total Liabilities Note payable          49,000 Accounts payable       122,000 Long term liabilities       330,000 Total       501,000 e Account Receivable turnover Ratio Credit sales / Average account receivable            24.58 Account Receivable       120,000 Credit sales    2,950,000 f Inventory turnover Sales/Inventory            10.93 Inventory       270,000 Sales    2,950,000 g Book Value per share capital stock Total equity share capital/No. of shares            11.93 Total equity share capital Capital Stock       300,000 Retained Earnings       416,000 Total       716,000 No. of shares          60,000 (300000/5)