ABC Manufacturing Inc. comparative balance sheet at December 3120X420X3CashAccounts ReceivableInventoryPrepaid ExpensesEquipmentAccumulated Depreciation - equipmentTotal AssetsAccount PayableInterest PayableIncome taxes payableDividends PayableLong-term Notes PayableCommon sharesRetained EarningsTotal Liabilities & Shareholders' EquityAdditional Information:$ 4,500 $ 4,300$ 72,000$ 6,500$110,000$140,000$ 1,020$100,000$(42,000)$209,820The equity ratio at December 20X4 was:$ 1,550$ 98,000$(50,000)$236,050$ 15,330$510$ 10,800$ 1,800$ 50,000$130,000$ 27,610$236,0501. Operating expenses include depreciation expense of $10,0002. Accounts Payable related to the purchase of inventory3. Equipment that cost $8,000 was sold at a loss of $2,0004. New equipment was purchased during the year for $6,0005. Dividends declared and paid in 20X4 totaled $2,0006. Common shares were sold for $10,000 cash7. Interest payable in 20X4 was $500 greater than interest payable in 20X3$ 9,900$10$ 9,500$ 3,800$ 65,000$120,000$ 1,610$209,820 ABC Manufacturing Inc.Income StatementYear Ended December 31, 20X4SaleCost of goods soldGross ProfitOperating ExpensesLoss on Sale of equipmentProfit from OperationsOther expensesInterest ExpenseProfit before Income TaxIncome Tax ExpenseProfit$40,000$ 2,000$200,000$120,000$ 80,000$ 42,000$ 38,000$ 2,000$ 36,000$ 8,000$ 28,000

Answer-The equity ratio is a financial metric that is used to measure the proportion of equity in…

Answered: The equity ratio at December 20X4 was:

Business

Accounting

The equity ratio at December 20X4 was:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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