Question

The condensed balance sheet and income statement for Marjoram Company are presented below. MARJORAM COMPANY Balance Sheet At

1 0
Add a comment Improve this question Transcribed image text
✔ Recommended Answer
Answer #1

Current ratio = Current assets / Current liabilities

Current assets = Cash + Notes receivables + accounts receivable + inventory

Current assets = $19000 + $35000 + $48400 + $70600 = $173000

Current liabilities = $108400

Now, putting these values in the current ratio formula, we get,

Current ratio = $173000 / $108400 = 1.5959 or 1.6

Add a comment
Know the answer?
Add Answer to:
The condensed balance sheet and income statement for Marjoram Company are presented below. MARJORAM COMPANY Balance...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Similar Homework Help Questions
  • ESSAY. Write your answer in the space provided or on a separate sheet of paper. Use...

    ESSAY. Write your answer in the space provided or on a separate sheet of paper. Use this information to answer the following questions: The condensed balance sheet and income statement for Marjoram Company are presented below Marjoram Company Balance Sheet At December 31, 2018 Cash Nontrade receivable due August 15, 2019 Accounts receivable (net) Merchandise inventory Property, plant, and equipment (net) Intangible assets Total Assets $ 19,000 35,000 48,400 70,600 250,000 12.400 $435.400 Current liabilities 11% Bonds payable, long term...

  • Condensed balance sheet and income statement data for Pharoah Company are presented as follows. 21,000 Pharoah...

    Condensed balance sheet and income statement data for Pharoah Company are presented as follows. 21,000 Pharoah Company Balance Sheets December 31 Assets Cash Receivables (net) Other current assets Long-term investments Property, plant, and equipment (net) Total assets Liabilities and Stockholders' Equity Current liabilities Long-term liabilities Common stock Retained earnings Total liabilities and stockholders' equity 2022 $ 29,000 70,000 91,000 62,400 515,000 $ 767,400 2021 $ 56,000 72,600 59,700 4 2400 678 $ 76,000 81,500 333,000 276,900 $ 767,400 $ 68,000...

  • The balance sheet and income statement for Covid19 Bhd is presented below. BALANCE SHEET (000) Cash...

    The balance sheet and income statement for Covid19 Bhd is presented below. BALANCE SHEET (000) Cash $   500 Accounts receivable 1,500 Inventories                                                  500 Current assets 2,500 Net fixed assets                                        5,000 Total Assets $ 7,500 Accounts payable                                     1,200 Bank note                                                    300 Total current liabilities 1,500 Long term debt 4,000 Common stock                                            300 Retained earnings                                     1,700 Total liabilities and owner's equity $ 7,500 INCOME STATEMENT (000) Net sales                                                 $ 8,500 Cost of goods sold                                   (3,400) Gross profit 5,100 Operating expenses                                 (2,900) Net...

  • Condensed balance sheet and income statement data for Jergan Corporation are presented here. JERGAN CORPORATION Balance...

    Condensed balance sheet and income statement data for Jergan Corporation are presented here. JERGAN CORPORATION Balance Sheets December 31 2022 2021 2020 Cash $ 30,000 $ 20,000 $ 18,000 Accounts receivable (net) 50,000 45,000 48,000 Other current assets 90,000 95,000 64,000 Investments 55,000 70,000 45,000 Plant and equipment (net) 500,000 370,000 358,000 $725,000 $600,000 $533,000 Current liabilities $ 85,000 $ 80,000 $ 70,000 Long-term debt 145,000 85,000 50,000 Common stock, $10 par 320,000 310,000 300,000 Retained earnings 175,000 125,000 113,000...

  • Condensed balance sheet and income statement data for Jergan Corporation are presented here. JERGAN CORPORATION Balance...

    Condensed balance sheet and income statement data for Jergan Corporation are presented here. JERGAN CORPORATION Balance Sheets December 31 2022 2021 2020 Cash $ 30,000 $ 20,000 $ 18,000 Accounts receivable (net) 50,000 45,000 48,000 Other current assets 90,000 95,000 64,000 Investments 55,000 70,000 45,000 Plant and equipment (net) 500,000 370,000 358,000 $725,000 $600,000 $533,000 Current liabilities $ 85,000 $ 80,000 $ 70,000 Long-term debt 145,000 85,000 50,000 Common stock, $10 par 320,000 310,000 300,000 Retained earnings 175,000 125,000 113,000...

  • Condensed balance sheet and income statement data for Jergan Corporation are presented here. Jergan Corporation Balance...

    Condensed balance sheet and income statement data for Jergan Corporation are presented here. Jergan Corporation Balance Sheets December 31 2020 2019 2018 Cash $ 30,100 $ 17,500 $ 18,100 Accounts receivable (net) 49,000 45,400 47,100 Other current assets 89,500 95,400 64,400 Investments 54,400 70,300 45,700 Plant and equipment (net) 499,200 370,100 357,100 $722,200 $598,700 $532,400 Current liabilities $84,400 $80,300 $69,100 Long-term debt 144,500 86,000 50,100 Common stock, $10 par 321,000 317,000 297,000 Retained earnings 172,300 115,400 116,200 $722,200 $598,700 $532,400...

  • Condensed balance sheet and income statement data for Jergan Corporation are presented here. Jergan Corporation Balance...

    Condensed balance sheet and income statement data for Jergan Corporation are presented here. Jergan Corporation Balance Sheets December 31 2019 2020 2018 $29,100 $17,400 $17,800 Cash Accounts receivable (net) 50,000 44,700 47,500 Other current assets 90,100 95,700 63,500 Investments 70,600 44,000 54,500 Plant and equipment (net) 500,500 370,700 358,200 $724,200 $599,100 $531,000 Current liabilities $85,000 $80,500 $69,100 144,900 Long-term debt 84,200 49,500 Common stock, $10 par 342,000 311,000 299,000 Retained earnings 152,300 123,400 113,400 $724,200 $599,100 $531,000 Jergan Corporation Income...

  • Problem 13-03A (Essay) Condensed balance sheet and income statement data for Jergan Corporation are presented here,...

    Problem 13-03A (Essay) Condensed balance sheet and income statement data for Jergan Corporation are presented here, JERGAN CORPORATION Balance Sheets December 31 2022 2021 Cash $ 30,000 $ 20,000 Accounts receivable (net) 50,000 45,000 Other current assets 90,000 95,000 Investments 55,000 70,000 Plant and equipment (net) 500,000 370,000 $725,000 $600,000 Current liabilities $ 85,000 $ 80,000 Long-term debt 145,000 85,000 Common stock, $10 par 320,000 310,000 Retained earnings 175,000 125,000 $725,000 $600,000 2020 $ 18,000 48,000 64,000 45,000 358,000 $533,000...

  • lalizing In consumer electronics. A condensed income statement and balance sheet for the Bargain Deal, Inc.,...

    lalizing In consumer electronics. A condensed income statement and balance sheet for the Bargain Deal, Inc., is a leading retailer spec fiscal year ended January 30, 2016, are shown below. 1, Inc Balance Sheet At January 30, 2016 Assets Current assetS1 Cash and cash equivalents Short-term investments Accounts receivable, net Merchandise inventories Other current assets 2,136 1,321 1,242 5,067 424 10,190 3, 713 Total current assetB Long-term assets Total assets $13,903 Liabilities and Shareholder Equity Current liabilities Accounts payable 5,250...

  • Condensed balance sheet and income statement data for Novak Corporation are presented here. NOVAK CORPORATION Balance...

    Condensed balance sheet and income statement data for Novak Corporation are presented here. NOVAK CORPORATION Balance Sheets December 31 2022 2021 Cash $ 32,000 $ 22,000 Accounts receivable (net) 52,000 47,000 Other current assets 93,000 98,000 Investments 58,000 73,000 Plant and equipment (net) 500,000 370,000 $735,000 $610,000 2020 $ 20,000 50,000 67,000 48,000 358,000 $543,000 Current liabilities Long-term debt Common stock, $10 par Retained earnings $ 87,000 148,000 323,000 177,000 $735,000 $ 82,000 88,000 313,000 127,000 $610,000 $ 72,000 53,000...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT