Homework Answers
1.current ratio = Current Assets / Current liabilities
Current Assets = 776800 (Total of Current Assets)
Current liabilities= 237700 (Total of Current liabilities)
current ratio = 776800 / 237700 = 3.267 Times
2.Acid Test Ratio = Current Assets - Inventories - Prepaid Expenses
Current liabilities
Acid Test Ratio = 776800 - 442700 - 3000
237700
Acid Test Ratio = 331100 / 237700 = 1.39 Times
3.Accounts Receivable Turnover Ratio = Net Credit Sales / Average Accounts Receivable
Net Credit Sales = 1646700
Average Accounts Receivable = opening Accounts Receivable + closing Accounts Receivable / 2
= 79300+199900 / 2
= 139600
Accounts Receivable Turnover Ratio = 1646700 / 139600
= 11.79 Times
4.Inventory Turnover Ratio = Cost of goods sold / Average Inventory
Cost of goods sold = 796300
Average Inventory = opening Inventory + Closing Inventory / 2
Average Inventory = 359900 + 442700 /2
Average Inventory = 802600 /2
Average Inventory= 401300
Inventory Turnover Ratio = 796300 / 401300
Inventory Turnover Ratio = 1.98 Times
5. Return on assets = Net Income / Average total assets
Net Income = 373800
Average total assets = opening total assets + closing total assets/ 2
Average total assets = 1627200 + 1391000 / 2
Average total assets = 1509100
Return on assets = 373800 / 1509100
Return on assets = 24.76 %
6.Profit Margin on sales = Net Sales -Cost of goods sold / Net Sales
Net Sales = 1646700
Cost of goods sold = 796300
Profit Margin on sales = 1646700 - 796300 / 1646700
Profit Margin on sales = 51.64 %
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