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30 Sep 2019
What do you mean by the Serial Bonds?
What do you mean by the Serial Bonds?
Keith LeannonLv2
1 Jan 2019
Related questions
| Accounts payable | $350,000 | $297,500 | ||
| Current maturities of serial bonds payable | 240,000 | 280,000 | ||
| Serial bonds payable, 10%, issued 2009, due 2019 | 1,150,000 | 1,310,000 | ||
| Common stock, $1 par value | 80,000 | 100,000 | ||
| Paid-in capital in excess of par | 780,000 | 780,000 | ||
| Retained earnings | 2,660,000 | 2,400,000 |
The income before income tax was $364,800 and $320,500 for the current and previous years, respectively.
a. Determine the ratio of liabilities to stockholders' equity at the end of each year. Round to one decimal place.
| Current year | |
| Previous year |
b. Determine the number of times the bond interest charges are earned during the year for both years. Round to one decimal place.
| Current year | |
| Previous year |
