Homework Answers
| Solution: | ||
| 1. Current Ratio= Current Assets/ Current Liabilities | ||
| Current Assets | 2020 | 2019 |
| Cash | 70000 | 64000 |
| Debts- Short Term | 53000 | 39000 |
| Accounts Receivable | 108000 | 90000 |
| Inventory | 229000 | 162000 |
| Prepaid Expense | 30000 | 25000 |
| Total Current Assets | 492020 | 382019 |
| Current Liabilities | ||
| Notes Payable | 172000 | 102000 |
| Accounts Payable | 65000 | 51000 |
| Accrued Liabilities | 41000 | 41000 |
| Total Current Liabilities | 278000 | 194000 |
| Current Ratio | 1.769856 | 1.96917 |
| Increase/Decrease | -10.12% | In 2020 in comparison to 2019 |
| 2. Accounts Receivable Turnover Ratio= Net Credit Sales/ Average Account Receivabe | ||
| 2020 | 2019 | |
| Accounts receivables Beginning | 90000 | 90000 |
| Accounts receivables End | 108000 | 90000 |
| Average accounts receivable | 99000 | 90000 |
| Turnover (All on credit) | 890000 | 786000 |
| Accounts receivable Turnover Ratio | 8.989899 | 8.733333 |
| Increase/Decrease | 2.94% | In 2020 in comparison to 2019 |
| 3. Inventory Turnover= Cost of goods sold / Average Inventory | ||
| 2020 | 2019 | |
| Inventory Beginning | 162000 | 116000 |
| Inventory End | 229000 | 162000 |
| Average Inventory | 195500 | 139000 |
| Cost of goods sold | 641000 | 575000 |
| Inventory Turnover Ratio | 3.278772 | 4.136691 |
| Increase/Decrease | -20.74% | In 2020 in comparison to 2019 |
| 4. Profit margin= Gross Income/ Sales | ||
| 2020 | 2019 | |
| Net Profit | 55000 | 52000 |
| Sales | 890000 | 786000 |
| Profit Margin Ratio | 0.061798 | 0.066158 |
| Increase/Decrease | -6.59% | In 2020 in comparison to 2019 |
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