Guinther & Sons, Inc., a retailer of men's clothing, earned a net profit of $77,000 for...
Guinther & Sons, Inc., a retailer of men's clothing, earned
a net profit of $77,000 for 2017. The balance sheet for Guinther
& Sons includes the following items:
| Cash | $29,000 | Accounts receivable | $39,000 | |
| Inventory | 79,000 | Prepaid insurance | 3,000 | |
| Land | 90,000 | Accounts payable | 21,000 | |
| Taxes payable | 29,000 | Capital stock | 50,000 | |
| Retained earnings | 97,000 | Long-term notes payable | 43,000 |
Read the information for Guinther & Sons, Inc. Calculate the
current ratio for Guinther & Sons.
Homework Answers
Current ratio = Current asset/Current liabilities
| Cash | 29000 |
| Account receivable | 39000 |
| Inventory | 79000 |
| Prepaid insurance | 3000 |
| Total Current assets | 150000 |
| Account payable | 21000 |
| Taxes payable | 29000 |
| Total Current liabilities | 50000 |
Current ratio = 150000/50000 = 3:1
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Guinther & Sons, Inc., a retailer of men's clothing, earned
a net profit of $77,000 for...
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