Question 14 Carla Vista Automotive’s balance sheet at the end of its most recent fiscal year...

Question 14

Carla Vista Automotive’s balance sheet at the end of its most recent fiscal year shows the following information:

Carla Vista Automotive Balance Sheet as of March 31, 2017
Assets:		Liabilities and Equity:
Cash and marketable sec.	$20,000	Accounts payable and accruals	$164,000
Accounts receivable	151,000	Notes payable	29,000
Inventory	235,000
Total current assets	$406,000	Total current liabilities	$193,000
		Long-term debt	166,000
		Total liabilities	$359,000
Net plant and equipment	770,000	Common stock	312,000
Goodwill and other assets	100,000	Retained earnings	605,000
Total assets	$1,276,000	Total liabilities and equity	$1,276,000

In addition, it was reported that the firm had a net income of $169,000 on net sales of $4,350,000.

Excel Template
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What are the firm’s current ratio and quick ratio? (Round answers to 2 decimal places, e.g.15.25.)

Current Ratio			times
Quick Ratio			times

Calculate the firm’s days’ sales outstanding, total asset turnover ratio, and fixed asset turnover ratio. (Round answers to 2 decimal places, e.g.15.25. Use 365 days for calculation.)

Days Sales Outstanding			days
Total Asset Turnover			times
Fixed Asset Turnover			times

Expert Solution

jeff jeffy answered 2 years ago

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