Homework Answers
| a. Current Ratio | ||||||
| Current Assets | / | Current Liabilities | = | Current Ratio | ||
| 154,000.00 | / | 24,000.00 | = | 6.42 | :1 | |
| b. Acid Test Ratio | ||||||
| Current Assets -Inventories | / | Current Liabilities | = | Acid Test Ratio | ||
| (154,000 - 45,000) | / | 24,000.00 | = | 4.54 | :1 | |
| c. Debt to equity ratio | ||||||
| Total liabilities | / | Stockholders’ equity | = | Debt to equity ratio | ||
| 114,000.00 | / | 146,000.00 | = | 0.78 | :1 | |
Explanation
| Current assets | |
| Cash | 55,000.00 |
| Accounts receivable | 39,000.00 |
| Inventories | 45,000.00 |
| Prepaid insurance | 15,000.00 |
| 154,000.00 | |
| Current Liabilities | |
| Interest Payable | 12,000.00 |
| Accounts payable | 2,000.00 |
| Short term Note payable (100,000/10) | 10,000.00 |
| 24,000.00 | |
| Total Liabilities | |
| Current Liabilities | 24,000.00 |
| Long term Note payable (100,000 -10,000) | 90,000.00 |
| 114,000.00 | |
| Stockholders’ equity | |
| Common stock | 70,000.00 |
| Retained Earnings | 76,000.00 |
| 146,000.00 |
Add Answer to:
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balance for Culver City Lighting, Inc.
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b. Calculate the acid-test ratio.
c. Calculate the debt to equity ratio.
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balance for Culver City Lighting, Inc.
a. Calculate the current ratio.
b. Calculate the acid-test ratio.
c. Calculate the debt to equity ratio.
The following is a December 31, 2021, post-closing trial balance for Culver City Lighting, Inc. Account Title Cash Accounts receivable Inventory Prepaid insurance Equipment Accumulated depreciation Patent (net) Accounts payable Interest payable Notes payable (due in 10 years) Common stock Retained earnings Totals Debits Credits $ 65,000...
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Cash Accounts receivable Inventory $1,290 3,195 6,200 Prepaid expenses Accounts payable Other current liabilities $ 700 5,600 900 Use the above information on current assets and current liabilities to compute the acid-test ratio. Acid-Test Ratio Choose Denominator: Choose Numerator: Acid-Test Ratio Acid-test ratio 0 to 1
Cash Accounts receivable Inventory $1,420 2,696 5,600 Prepaid expenses Accounts payable Other current liabilities $ 500 4,300 600 Use the above information on current assets and current liabilities to compute the acid-test ratio. Choose Numerator: Acid-Test Ratio Choose Denominator: = Acid-Test Ratio Acid-test ratio to 1 mm
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ct Assignment i Saved The following is a December 31, 2021, post-closing trial balance for Culver City ! Account Title Cash Accounts receivable Inventory Prepaid insurance Equipment Accumulated depreciation Patent (net) Accounts payable Interest payable Notes payable (due in 10 years) Common stock Retained earnings Totals Debits Credits $ 57,0001 41,000 47,000 17,000 120,000 $ 36,000 42,000 13,000 3,000 120,000 72,000 80,000 $324,000 $324,000 a. Calculate the current ratio. b. Calculate the acid-test ratio. c. Calculate the debt to equity...
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