Question
In: Accounting
The following items are reported on a company's balance sheet: Cash $247,900 Marketable securities 88,000 Accounts...
The following items are reported on a company's balance sheet:
| Cash | $247,900 |
| Marketable securities | 88,000 |
| Accounts receivable | 261,900 |
| Inventory | 192,700 |
| Accounts payable | 278,100 |
Round your answers to two decimal places.
a.
Determine the current ratio.
b.
Determine the quick ratio.
Solutions
Expert Solution
Answer:-
a)- Current Ratio=Current Assets/ Current Liabilities
=$247900+88000+261900+192700/$278100
= $790500/$278100
=2.84 times
b) Acid-test (Quick ratio):- Current assets-Inventory-Prepaid expenses/Current Liabilities
=$790500-$192700/$278100
=$597800/$278100 =2.15 times
ekkarill92 answered 3 years agoRelated Solutions
The following items are reported on a company's balance sheet: Cash $292,600 Marketable securities 93,000 Accounts...
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Marketable securities
93,000
Accounts receivable
251,700
Inventory
178,500
Accounts payable
318,800
Determine the (a) current ratio, and (b) quick ratio. Round your
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Accounts payable
700,000
Marketable securities
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1,300,000
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2,000,000
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4,000,000
Current Assets
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5,400,000
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6,000,000
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20,000,000
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20,000,000
The firm estimates sales will increase from $40 million
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4) Common-Size Balance Sheet 2016 Cash and marketable securities $ 550 1.7 % Accounts receivable 5,990...
4)
Common-Size Balance Sheet
2016
Cash and marketable securities
$
550
1.7
%
Accounts receivable
5,990
18.1
Inventory
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28.8
Total current assets
$
16,070
48.6
%
Net property, plant, and equipment
16,980
51.4
Total assets
$
33,050
100.0
%
Accounts payable
$
7,210
21.8
%
Short-term notes
6,790
20.5
Total current liabilities
$
14,000
42.4
%
Long-term liabilities
6,950
21.0
Total liabilities
$
20,950
63.4
%
Total common shareholders’ equity
12,100
36.6
Total liabilities and shareholders’ equity
$
33,050...
The balance sheet accounts listed below are the only items on the company's balance sheet for...
The balance sheet accounts listed below are the only items on
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each year.
Item
2017
2018
Accounts payable
550
230
Accounts receivable
510
?
Accruals
1,000
1,100
Cash
300
550
Common Stock
2,000
2,250
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4,000
4,600
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200
350
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170
190
Inventory
3,000
3,250
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1,500
1,650
Net fixed...
For the FY 2018, Dorchester Company's balance sheet included the following current items: cash $51,000, accounts...
For the FY 2018, Dorchester Company's balance sheet included the
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$138,000, inventories $91,000, prepaid expenses $21,000, accounts
payable $72,000, and accrued expenses $68,000. Use this information
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Marketable Securities 0
Accounts Receivables 2,000
Inventory 140
Fixed Assets ( net ) 2,000
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=====
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For the year ended 12/31/10 ABC CORP generated Sales of $12,000
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The current asset section of the Excalibur Tire Company’s balance sheet consists of cash, marketable securities,...
The current asset section of the Excalibur Tire Company’s
balance sheet consists of cash, marketable securities, accounts
receivable, and inventories. The December 31, 2018, balance sheet
revealed the following:
Inventories
$
990,000
Total assets
$
3,500,000
Current ratio
2.10
Acid-test ratio
1.20
Debt to equity ratio
1.8
Required:
Determine the following 2018 balance sheet items:
current assets and long term assets
The current asset section of the Excalibur Tire Company’s balance sheet consists of cash, marketable securities,...
The current asset section of the Excalibur Tire Company’s
balance sheet consists of cash, marketable securities, accounts
receivable, and inventory. The December 31, 2021, balance sheet
revealed the following:
Inventory
$
910,000
Total assets
$
3,000,000
Current ratio
2.60
Acid-test ratio
1.30
Debt to equity ratio
1.5
Required:
Determine the following 2021 balance sheet items:
current assets:
shareholders' equity:
long-term assets:
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please show work for better understanding
The current asset section of the Excalibur Tire Company’s balance sheet consists of cash, marketable securities,...
The current asset section of the Excalibur Tire Company’s
balance sheet consists of cash, marketable securities, accounts
receivable, and inventory. The December 31, 2021, balance sheet
revealed the following: Inventory $ 1,000,000 Total assets $
4,000,000 Current ratio 2.20 Acid-test ratio 1.40 Debt to equity
ratio 1.5 Determine the following 2021 balance sheet items:
a. Current Assets?
b. Shareholder's Equity?
c. Long-term assets?
d. Long-term liabilities?
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