Homework Answers
2018
a.
Current assets = Cash + Accounts receivable + Inventory
= 63,500+89,500+71,600
= $224,600
Current liabilities = Accounts payable
= 155,600
Working capital = Current assets - Current liabilities
= 224,600-155,600
= $69,000
For 2018
Working capital - It shows there is excess of $69,000 current assets over current liabilities.
Current ratio - It shows for every $1 of current liabilities, there is $1.44 of current assets.
Quick ratio - It shows for every $1 of current liabilities, there is $0.98 of quick assets.
b.
Current ratio = Current assets/Current liabilities
= 224,600/155,600
= 1.44
c.
Quick (acid test( ratio) = ( Cash + Accounts receivable)/Current liabilities
= (63,500+89,500)/155,600
= 0.98
2019
a.
Current assets = Cash + Accounts receivable + Inventory
= 78,000+90,800+63,900
= $232,700
Current liabilities = Accounts payable
= 153,200
Working capital = Current assets - Current liabilities
= 232,700-153,200
= $79,500
b.
Current ratio = Current assets/Current liabilities
= 232,700/153,200
= 1.52
c.
Quick (acid test( ratio) = ( Cash + Accounts receivable)/Current liabilities
= (78,000+90,800)/153,200
= 1.10
For 2019
Working capital - It shows there is excess of $79,500 current assets over current liabilities.
Current ratio - It shows for every $1 of current liabilities, there is $1.52 of current assets.
Quick ratio - It shows for every $1 of current liabilities, there is $1.10 of quick assets.
Kindly comment if you need further assistance. Thanks‼!
Kindly comment if you need further assistance. Thanks‼!
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