Homework Answers
1) Current ratio = Current Asset/ Current liability
==> 773000/240000
==> 3.22 times
2) Acid test ratio = (Total Current Asset - Inventory - prepaid expense)/ Current liability
==> ( 773000 - 440000 - 3000 )/240000
==> 1.375times
Or, ( Cash + Account Receivables + Short teem investment)/ Current liability
==> (52000 + 198000 + 80000)/240000
==> 1.375 times
3) Account receivables Turnover = Net credit Sales/ Average account receivable
Since, no cash sales and credit sale bifurcation is given we are assuming Total Sales = Credit sales.
Net credit sales = $1640000
Average Account receivables= (Opening Receivables+ Closing Receivables)/2
= ($80000 + $198000)/2
= $139000
Putting values in formula,
= 1640000/139000
= 11.7985 times
4) Inventory turnover ratio= Cost of goods sold/ Average Inventory
Average inventory = (opening Inventory + closing inventory)/2
=(360000+440000)/2
= 400000
Putting values in formula,
= 800000/400000
= 2 times
5) Return on Assset = Net income/ Average Total Asset
= 360000/[(1630000+1400000)/2]
= 360000/1515000
=0.2376 times
6) Profit margin on sales = Net Income/ Sales *100
= 360000/1640000*100
= 21.9512%
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E 13-18 Prior Company's condensed financial statements provide the following information PRIOR COMPANY BALANCE SHEET Cash...
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only question b please.
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Exercise 18-13 The condensed financial statements of Ness Company for the years 2019 and 2020 are presented below. Ness Company Balance Sheets December 31 (in thousands) 2020 2019 Current assets Cash and cash equivalents $300 $320 Accounts receivable (net) 450 430 Inventory 490 360 Prepaid expenses 120 150 Total current assets 1,360 1,260 Property, plant, and equipment (net) 370 360 Investments 1 10 Intangibles and other assets 580 560 Total assets $2,311 $2,190 Current liabilities $750 $870 Long-term liabilities 521...
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