The following items are taken from the financial statements of Tracy Company for 2014: Instructions
(a) Calculate the net income.
(b) Calculate the retained earnings balance that would appear on a balance sheet at December 31, 2014
(c) Prepare a classified balance sheet for Tracy Company at December 31, 2014 assuming the note payable is a long-term liability.
(d) Compute the current ratio, debt to assets ratio, and earnings per share value. The average number of shares outstanding for 2014 was 10,000.

Question

The following items are taken from the financial statements of Tracy Company for 2014:  Instructions
(a) Calculate the net income.
(b) Calculate the retained earnings balance that would appear on a balance sheet at December 31, 2014
(c) Prepare a classified balance sheet for Tracy Company at December 31, 2014 assuming the note payable is a long-term liability.
(d) Compute the current ratio, debt to assets ratio, and earnings per share value. The average number of shares outstanding for 2014 was 10,000.

Quizplus · Accepted Answer

The Answer of The following items are taken from the financial statements of Tracy Company for 2014:  Instructions
(a) Calculate the net income.
(b) Calculate the retained earnings balance that would appear on a balance sheet at December 31, 2014
(c) Prepare a classified balance sheet for Tracy Company at December 31, 2014 assuming the note payable is a long-term liability.
(d) Compute the current ratio, debt to assets ratio, and earnings per share value. The average number of shares outstanding for 2014 was 10,000.

The Following Items Are Taken from the Financial Statements of Tracy