Figure 16-2.
Financial statements for Grange Company appear below:
Dividends during 2014 totaled $127,000, of which $5,000 were preferred dividends.
The market price of a share of common stock on December 31, 2014, was $100.
-Refer to Figure 16-2.
Required: Compute the following liquidity ratios for 2014:
Definitions:
Judgment Pro Rata
A legal principle where the amount awarded or decided in judgment is distributed proportionally among creditors or claimants based on the size of their claims.
Personal Property
Assets or belongings that are not attached to or part of real estate; movable property.
Chattel
Tangible personal property that is movable as opposed to real property or real estate.
Patent
A legal right granted by a government to an inventor, giving exclusive rights to the patented process, design, or invention for a certain period.
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