Question: The following are the year-end balances of Salter Corporation for 2006 and 2007:
|
|
31-Dec-07
|
31-Dec-06
|
|
Cash
|
$65,000
|
$45,000
|
|
Accounts Receivable
|
80,000
|
50,000
|
|
Inventory
|
55,000
|
25,000
|
|
Property, Plant, and Equip
|
500,000
|
400,000
|
|
Total assets
|
$700,000
|
$520,000
|
|
|
|
|
|
Accounts Payable
|
75,000
|
60,000
|
|
Bonds Payable (due in 2010)
|
100,000
|
100,000
|
|
Capital Stock
|
300,000
|
200,000
|
|
Retained Earnings
|
225,000
|
160,000
|
|
Total liabilities & Equity
|
$700,000
|
$520,000
|
Needed: If income for 2007 was dollar150,000, provide the following data of December 31, 2007: [Do not forget the articulation of statements discussed during Week 2 and 3- including retained earnings].
[A] Dividends declared (2007 only) = $____
[B] Debt ratio (2007 only) = ______
[C] Current ratio (2007 only) = ______
[D] Debt-to-equity ratio (2007 only)= _____