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23) Assets Current Assets Cash Accounts receivable Inventories Other current assets Long-Term Assets Land Total current assets Buildings Equipment Less accumulated depreciation Net property, plant, and i equipment Goodwill Other long-term assets Total long-term assets A).75 B).72 C).65 D).70 Luther Corporation Consolidated Balance Sheet December 31, 2006 and 2005 (in $ millions) Liabilities and 2005 Stockholders' Equity 2006 57.6 55.2 45.6 5.6 164.0 66.4 108.3 114.3 Current Liabilities 58.5 Accounts payable 234.6 60.0 63.0 357.6 Notes payable / short-term 39.6 debt Current maturities of long- 42.9 term debt 3.0 Other current liabilities 144.0 Total current liabilities 62.1 91.5 Capital lease obligations 99.6 (54.4) (52.5) Deferred taxes Long-Term Liabilities Long-term debt 200.7 Other long-term liabilities Total long-term liabilities 42.0 Total liabilities 242.7 Stockholders' Equity 2006 86.0 10.5 39.6 6.0 142.1 231.3 22.8 www 254.1 396.2 125.4 2005 73.5 9.6 36.9 12.0 132.0 168.9. 22.2 Total liabilities and i 521.6 386.7 Stockholders' Equity Total Assets 521.6 386.7 Refer to the balance sheet above. If in 2005 Luther has 12.8 million shares outstanding and these shares are trading at $22.43 per share, then using the market value of equity, the debt-equity ratio for Luther in 2005 is closest to 191.1 323.1 63.6

23) Assets Current Assets Cash Accounts receivable Inventories Other current assets Long-Term Assets Land Total current assets Buildings Equipment Less accumulated depreciation Net property, plant, and i equipment Goodwill Other long-term assets Total long-term assets A).75 B).72 C).65 D).70 Luther Corporation Consolidated Balance Sheet December 31, 2006 and 2005 (in $ millions) Liabilities and 2005 Stockholders' Equity 2006 57.6 55.2 45.6 5.6 164.0 66.4 108.3 114.3 Current Liabilities 58.5 Accounts payable 234.6 60.0 63.0 357.6 Notes payable / short-term 39.6 debt Current maturities of long- 42.9 term debt 3.0 Other current liabilities 144.0 Total current liabilities 62.1 91.5 Capital lease obligations 99.6 (54.4) (52.5) Deferred taxes Long-Term Liabilities Long-term debt 200.7 Other long-term liabilities Total long-term liabilities 42.0 Total liabilities 242.7 Stockholders' Equity 2006 86.0 10.5 39.6 6.0 142.1 231.3 22.8 www 254.1 396.2 125.4 2005 73.5 9.6 36.9 12.0 132.0 168.9. 22.2 Total liabilities and i 521.6 386.7 Stockholders' Equity Total Assets 521.6 386.7 Refer to the balance sheet above. If in 2005 Luther has 12.8 million shares outstanding and these shares are trading at $22.43 per share, then using the market value of equity, the debt-equity ratio for Luther in 2005 is closest to 191.1 323.1 63.6

Financial Accounting Intro Concepts Meth/Uses
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
Chapter4: Balance Sheet: Presenting And Analyzing Resources And Financing
Section: Chapter Questions
Problem 14E
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23) Assets Current Assets Cash Accounts receivable Inventories Other current assets Total current assets Long-Term Assets Land Buildings Equipment Less accumulated depreciation Net property, plant, and equipment Goodwill Other long-term assets Total long-term assets A).75 B).72 C).65 D).70 Luther Corporation Consolidated Balance Sheet December 31, 2006 and 2005 (in $ millions) Liabilities and 2005 Stockholders' Equity 2006 57.6 55.2 45.6 5.6 164.0 66.4 108.3 114.3 Current Liabilities 58.5 Accounts payable 234.6 60.0 63.0 357.6 Notes payable/ short-term 39.6 debt Current maturities of long- 42.9 term debt 3.0 Other current liabilities 144.0 Total current liabilities Long-Term Liabilities Long-term debt 62.1 91.5 Capital lease obligations 99.6 (54.4) (52.5) Deferred taxes 200.7 Other long-term liabilities Total long-term liabilities 42.0 Total liabilities 242.7 Stockholders' Equity 2006 86.0 10.5 39.6 6.0 142.1 231.3 22.8 - 254.1 396.2 125.4 2005 73.5 9.6 36.9 12.0 132.0 168.9 22.2 www 191.1 323.1 63.6 Total liabilities and Total Assets 521.6 386.7 Stockholders' Equity 521.6 386.7 Refer to the balance sheet above. If in 2005 Luther has 12.8 million shares outstanding and these shares are trading at $22.43 per share, then using the market value of equity, the debt-equity ratio for Luther in 2005 is closest to
Transcribed Image Text:23) Assets Current Assets Cash Accounts receivable Inventories Other current assets Total current assets Long-Term Assets Land Buildings Equipment Less accumulated depreciation Net property, plant, and equipment Goodwill Other long-term assets Total long-term assets A).75 B).72 C).65 D).70 Luther Corporation Consolidated Balance Sheet December 31, 2006 and 2005 (in $ millions) Liabilities and 2005 Stockholders' Equity 2006 57.6 55.2 45.6 5.6 164.0 66.4 108.3 114.3 Current Liabilities 58.5 Accounts payable 234.6 60.0 63.0 357.6 Notes payable/ short-term 39.6 debt Current maturities of long- 42.9 term debt 3.0 Other current liabilities 144.0 Total current liabilities Long-Term Liabilities Long-term debt 62.1 91.5 Capital lease obligations 99.6 (54.4) (52.5) Deferred taxes 200.7 Other long-term liabilities Total long-term liabilities 42.0 Total liabilities 242.7 Stockholders' Equity 2006 86.0 10.5 39.6 6.0 142.1 231.3 22.8 - 254.1 396.2 125.4 2005 73.5 9.6 36.9 12.0 132.0 168.9 22.2 www 191.1 323.1 63.6 Total liabilities and Total Assets 521.6 386.7 Stockholders' Equity 521.6 386.7 Refer to the balance sheet above. If in 2005 Luther has 12.8 million shares outstanding and these shares are trading at $22.43 per share, then using the market value of equity, the debt-equity ratio for Luther in 2005 is closest to
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