Question 12:
Stent Co. had total assets of $ 760,000, capital stock of $ 150,000, and retained earnings of $ 215,000. What was
Stent ' s debt-to-equity ratio? Question 13:
Mirr, Inc. was incorporated on January 1, year 1, with proceeds from the issuance of $ 750,000 in stock and
borrowed funds of $ 110,000. During the first year of operations, revenues from sales and consulting
amounted to $ 82,000, and operating costs and expenses totaled $ 64,000. On December 15, Mirr declared a
$ 3,000 cash dividend, payable to stockholders on January 15, year 2. No additional activities affected
owners’ equity in year 1. Mirr’ s liabilities increased to $ 120,000 by December 31, year 1. On Mirr’ s December
31, year 1 balance sheet, total assets should be reported at Question 14: What is Kline ' s average collection period for its accounts receivable? Question 15:
Which of the following should be disclosed in a summary of significant accounting policies?
Question 16: What was the inventory turnover for 2005?