The following items are taken from the financial statements of Smith Company for 2020: Accounts payable &
The following items are taken from the financial statements of Smith Company for 2020:
Accounts payable $18,500
Accounts receivable 8,000
Accumulated depreciation-equipment 4,800
Bonds payable 18,000
Cash 24,000
Short-term Investment 10,000
Common stock 25,000
Cost of goods sold 27,000
Depreciation expense 4,800
Dividends 5,300
Equipment 44,000
Interest expense 2,500
Patents 7,500
Retained earnings, January 1 16,000
Salaries and wages expense 5,200
Sales revenue 50,500
Supplies 4,500
compute current ration (rounded in two decimal places).
Homework Answers
Current ratio = 2.51
Working
| Current assets | ||
| Cash | $ 24,000.00 | |
| Accounts receivable (Net) | $ 8,000.00 | |
| Short term investment | $ 10,000.00 | |
| Supplies | $ 4,500.00 | |
| Total current assets | $ 46,500.00 | |
| Current liabilities | ||
| Accounts payable | $ 18,500.00 | |
| Total current liabilities | $ 18,500.00 | |
| Current ratio (Current assets/ Current liabilities) | 2.51 |
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The following items are taken from the financial statements of
Smith Company for 2020:
Accounts
payable &
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