Using the information below, what is the current ratio for Raynee? (current assets/current liabilities)
The following information pertains to Raynee Company. Assume that all balance sheet amounts represent both average and ending balance figures. Assume that all sales were on credit.
Assets
Cash and short-term investments 50,000
Accounts receivable (net) 39,000
Inventory 23,000
Property, plant, and equipment 308,000
Total assets 420,000
Liability and Stockholders’ Equity
Current liabilities 75,000
Long-term liabilities 120,000
Stockholders’ equity – common 225,000
Total Liabilities and Stockholders’ Equity 420,000
Income Statement
Sales 145,000
Cost of goods sold 71,000
Gross profit 74,000
Operating Expenses 40,000
Net Income 34,000
Number of shares of common stock 10,000
Market price of common stock $18
Dividends per share .40
a |
1.49 |
|
b |
1.37 |
|
c |
1.68 |
|
d |
1.98 |
Current ratio=Current assets/Current liabilities
=(Cash and short term investments+AR+inventory)/Current liabilities
=(50,000+39000+23000)/75000
=112000/75000
=1.49(Approx)
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