Solved

Trooper Corporation Reports the Following Amounts in Their 2017 Financial

Question 181

Essay

Trooper Corporation reports the following amounts in their 2017 financial statements:  At December 31,2017 For the Year 2017 Total assets $2,000,000 Total liabilities 1,310,000 Total stockholders’ equity ? Interest expense $25,000 Income tax expense 130,000 Net income 150,000\begin{array}{lc}& \underline{\text { At December 31,2017}}& \underline{\text { For the Year 2017}}\\\text { Total assets } & \$ 2,000,000 \\\text { Total liabilities } & 1,310,000 \\\text { Total stockholders' equity } & ?\\\text { Interest expense } && \$ 25,000 \\\text { Income tax expense } && 130,000 \\\text { Net income }& & 150,000\end{array} Instructions
(a) Compute the December 31 2017 balance in stockholders' equity.
(b) Compute the debt to assets ratio at December 31 2017.
(c) Compute times interest earned for 2017.

Correct Answer:

verifed

Verified

View Answer

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents