Homework Answers
Requirement a
| Quick ratio | |
| Previous year | 2.1 |
| Current year | 1.6 |
Requirement 2
The ratio Increased.
Please provide options if the above option do not work.
Working
| Quick ratio | |||||
| Numerator | / | denominator | Quick ratio | ||
| Quick assets | / | Current Liabilities | Quick ratio | ||
| Previous year | $ 924,000.00 | / | $ 440,000.00 | 2.1 | times |
| Current year | $ 752,000.00 | / | $ 470,000.00 | 1.6 | |
.
| Previous year | Current year | |
| Total current assets | $ 1,173,000.00 | $ 970,000.00 |
| Less: Inventory | $ 249,000.00 | $ 218,000.00 |
| Quick assets | $ 924,000.00 | $ 752,000.00 |
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Gmeiner Co. had the following current assets and liabilities on December 31 of two recent years:...
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Gmeiner Co. had the following current assets and liabilities on December 31 of two recent years:...
Gmeiner Co. had the following current assets and liabilities on December 31 of two recent years:
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B) Interpret the change in the quick ratio between the two balance sheet dates.
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Print Item Calculator eBook Quick Ratio Gmeiner Co. had the following current assets and liabilities on...
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Gmeiner Co. had the following current assets and liabilities on December 31 of two recent years:
A) Determine the quick ratio for December 31 of both years.
B) Interpret the change in the quick ratio between the two balance sheet dates.
Calculator Print Item eBook Gmeiner Co. had the following current assets and liabilities on December 31 of two recent years: Current Year Previous Year Current assets: $853,000 $898,000 Cash Accounts receivable 757,000 422,000 Inventory 467,000 356,000 Total current assets $2,077,000 $1,676,000 Current liabilities: Current portion of long-term debt $112,000 $99,000 Accounts payable 224,000 198,000 Accrued and other current liabilities 364,000 363,000 Total current liabilities $700,000 $660,000 a. Determine the quick ratio for December 31 of both years. If required, round...
Print Item Calculator eBook Quick Ratio Gmeiner Co. had the following current assets and liabilities on December 31 of two recent years. Current Year Previous Year Current assets: Cash $500,000 444,000 274,000 $1,218,000 $673,000 317,000 267,000 $1,257,000 Accounts receivable Inventory Total current assets Current liabilities: $83,000 $94,000 Current portion of long-term debt 189,000 165,000 Accounts payable 307,000 302,000 Accrued and other current liabilities $590,000 $550,000 Total current liabilities a. Determine the quick ratio for December 31 of both years. If...
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Sherwood, Inc., had the following current assets and current liabilities at the end of two recent years: Year 2 Year 1 (in millions) (in millions) Cash and cash equivalents $4,558 $4,929 Short-term investments, at cost 9,154 3,238 10,292 Accounts and notes receivable, net 9,389 Inventories 2,856 2,856 Prepaid expenses and other current assets 952 1,056 Short-term obligations (liabilities) 381 4,042 Accounts payable and other current liabilities 9,015 8,242 a. Determine the (1) current ratio and (2) quick ratio for both...
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