Homework Answers
Solution:
Answer- Option with "1.97" is the correct option.
Explaination:
Current Ratio of Current Year = Total Current Assets / Total Current Liabilites
= $118,000 / $60,000
=1.97
Therefore, option with 1.97 is the correct option.
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13.
Current Year Prior Year Cash $25,000 $17.000 $26,000 $35.000 Accounts receivable, net $65,000 $60,000 Inventory...
Current Year Prior Year $25.000 $17.000 Cash $26.000 $35.000 Accounts receivable, net 565.000 560.000 Inventory $2,000...
Current Year Prior Year $25.000 $17.000 Cash $26.000 $35.000 Accounts receivable, net 565.000 560.000 Inventory $2,000 $1.000 Prepaid expenses $118.000 5113 000 Total current assets $162.750 $187.750 Total long-term assets Total current liabilities $60,000 $90,000 Total long-term liabilities $22.000 $78,000 Common stock, no par. $40,000 $40,000 2,500 shares, market value $96 per share Retained earnings $ 158,750 $92.750 The following information is for Thomas Corporation for the past two years. The current year's current ratio is: O 1.26 7.40 3.42...
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CRUZ, INC Comparative Balance Sheets December 31, 2017 2017 2016 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Furniture Accum. depreciation-Furniture Total assets Liabilities and Equitv Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long-term) Total liabilities Equity Common stock, $5 par value Retained earnings Total liabilities and equity $ 89,000 22,100 46,900 88,000 4,000 161,000 113,300 38,200 80,000 4,900 212,100 98,800 (15,300) (8,600) $295,600 $265,700 $ 13,900 19,600 4,600 2,600 26,800 69,000...
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Simon Company's year-end balance sheets follow. At December 3 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net 2013 $ 30,048 $ 36,542 $ 36,960 89,72663,94849,777 107,283 82,862 55,155 9,406 277,301250,712 231,184 10,067 4,024 Total assets $514,425 $443,470 $ 377,100 Liabilities and Equity Accounts payable Long-term notes payable secured by $128,092 $ 73,448 $ 50,773 mortgages on plant assets Common stock, $10 par valuee Retained earnings 98,646100,978 82,506 162,500 162,500162,500 125,187 106,544 81,321 Total liabilities and equity...
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Current Year Prior Year $25.000 $17.000 Cash $26.000 $35.000 Accounts receivable, net 565.000 560.000 Inventory $2,000 $1.000 Prepaid expenses $118.000 5113 000 Total current assets $162.750 $187.750 Total long-term assets Total current liabilities $60,000 $90,000 Total long-term liabilities $22.000 $78,000 Common stock, no par. $40,000 $40,000 2,500 shares, market value $96 per share Retained earnings $ 158,750 $92.750 The following information is for Thomas Corporation for the past two years. The current year's current ratio is: O 1.26 7.40 3.42...
Assets 2017 2018 2018 Current assets Cash Accounts receivable Inventory $ 24,236 14,348 27,892 $ 26,000 17,100 29.000 $ 72,100 Liabilities and Owners' Equity 2017 Current liabilities Accounts payable $ 25,084 Notes payable 19,000 Other 13,471 $ 29,000 12,700 18,300 Total $ 66,476 Total $ 57,555 $ 60,000 $ 87,698 Long-term debt $ 88,000 S 45.000 Owners' equity Common stock and paid-in surplus Accumulated retained earnings $ 45,000 219,616 244,302 Fixed assets Net plant and equipment $343,695 $364 900 Total...
Assets 2017 2018 Current assets Cash Accounts receivable Inventory JUST DEW IT CORPORATION 2017 and 2018 Balance Sheets Liabilities and Owners' Equity 2018 2017 Current liabilities $ 15,120 Accounts payable $ 61,600 25,200 Notes payable 14,400 89,040 $ 7,400 23,400 76,200 $ 62,160 18,240 Total $ 107,000 $ 129,360 Total $ 76,000 $ 80,400 $ 48,000 $ 36,000 Long-term debt Owners' equity Common stock and paid-in surplus Retained earnings $ 60,000 216,000 $ 60,000 303,600 Net plant and equipment $293,000...
Z0X3 20X4 Cash $ 13,450 $ 95,000 $ 15,680 $ 95,000 $ 29,720 Accounts Receivable $ 22,400 Total Current Assets: S 162,B50 S 1B5,400 $61,850 $ 85,000 $65,000 Equipment $58,000 Building 270,000 S 270,000 Total Net Fixed Assets: S 344,B50 S 368,000 Accounts Payable $ 12,400 $ 14,800 $40,000 $B.000 $ 40,000 Short Term Loan Accrued Expense Payable $8,500 Total Current Liabilities $ 60,900 $62,800 $ 85,000 $ 85,000 Mortgage Long Term Loan Total Lang Term Liabilities $ 60,000 $...
Comparative Balance Sheet This Year Last Year Assets Current assets: Cash and cash equivalents Accounts receivable Inventory Prepaid expense:s $61,000 $ 40,00e 530,000 860,00e 5,000 1,629,000 1,435,000 3,170,000 2,600,00e 755,000 2,360,000 1,845,000 110,000 170,000 $4,263,000 $3,560,006e 710,000 848, 000 10,000 Total current assets Property, plant, and equipment Less accumulated depreciation 810,00e Net property, plant, and equipment Long-term investments Loans to subsidiaries Total assets 60,000 214,000 Liabilities and Stockholders' Equity Current liabilities: Accounts payable Accrued liabilities Income taxes payable $ 970,000...
2018 2017 Cash Short-term Investments Net Accounts Receivables Merchandise Inventory Total Assets 60,000 $ 53,000 30,000 0 146,000 132,000 277,000 252,000 495,000 535,000 265,000 202,000 44,000 56,000 170,000 178,000 48,000 44,000 Total Current Liabilities Long-term Note Payable Income from Operations Interest Expense Compute the following ratios for 2018 and 2017, and evaluate the company's ability to pay its current liabilities and total liabilities: a. Current ratio d. Debt ratio b. Cash ratio e. Debt to equity ratio c. Acid-test ratio
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CRUZ, INC Comparative Balance Sheets December 31, 2017 2017 2016 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Furniture Accum. depreciation-Furniture Total assets Liabilities and Equitv Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long-term) Total liabilities Equity Common stock, $5 par value Retained earnings Total liabilities and equity $ 89,000 22,100 46,900 88,000 4,000 161,000 113,300 38,200 80,000 4,900 212,100 98,800 (15,300) (8,600) $295,600 $265,700 $ 13,900 19,600 4,600 2,600 26,800 69,000...
Simon Company's year-end balance sheets follow. At December 3 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net 2013 $ 30,048 $ 36,542 $ 36,960 89,72663,94849,777 107,283 82,862 55,155 9,406 277,301250,712 231,184 10,067 4,024 Total assets $514,425 $443,470 $ 377,100 Liabilities and Equity Accounts payable Long-term notes payable secured by $128,092 $ 73,448 $ 50,773 mortgages on plant assets Common stock, $10 par valuee Retained earnings 98,646100,978 82,506 162,500 162,500162,500 125,187 106,544 81,321 Total liabilities and equity...
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