Please answer the questions on the screen.
Exercise 4-16.
Homework Answers
| March 28, 2015 | March 29, 2014 | March 30, 2013 | |
| Current assets | 421,955 | 387,323 | 438,374 |
| Current liabilities | 223,239 | 197,627 | 214,031 |
| Working capital (Current assets - Current liabilities) | 198,716 | 189,696 | 224,343 |
| Current Ratio (Current assets/ Current liabilities) | 1.89 | 1.96 | 2.05 |
| March 28, 2015 | March 29, 2014 | March 30, 2013 | |
| Cash and Cash equivalents | 203,162 | 157,578 | 210,562 |
| Accounts receivable | 4,896 | 5,582 | 7,126 |
| Current liabilities | 223,239 | 197,627 | 214,031 |
| Acid test ratio {(Cash and cash equivalents + Accounts receivable)/ Current liabilities} | 0.93 | 0.83 | 1.02 |
| March 28, 2015 | March 29, 2014 | March 30, 2013 | |
| Working capital | 198,716 | 189,696 | 224,343 |
| Current Ratio | 1.89:1 | 1.96:1 | 2.05:1 |
| Acid test ratio | 0.93:1 | 0.83:1 | 1.02:1 |
Kindly comment if you need further assistance.
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Please answer the questions on the screen.
Exercise 4-16.
March 28, 2015 $203,162 March 29, 2014...
Simon Company's year-end balance sheets follow. A: December 31 Assets 2015 2014 2013 Accounts receivable, het...
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For gee-whiz devices calculate the following: working capital, current ratio, and acid-test ratio. 2-29 For Gee-Whiz...
For gee-whiz devices calculate the following: working capital,
current ratio, and acid-test ratio.
2-29 For Gee-Whiz Devices calculate the following working capital, current ratio, and acid-test ratio Gee-Whiz Devices Balance Sheet Data Cash Market securities Net accounts and notes receivable Retailers inventories Prepaid expenses Accounts and notes payable (short-term) Accrued expenses $100,000 45,000 150,000 200,000 8,000 315,000 90,000
The following summarized data (amounts in millions) are taken from the September 27, 2014, and September...
The following summarized data (amounts in millions) are taken from the September 27, 2014, and September 28, 2013, comparative financial statements of Apple Inc., a manufacturer of mobile communication and media devices, personal computers, portable digital music players, and seller of a variety of related software, services, accessories, networking solutions, and third-party digital content and applications: 2014 $ 108,400 64,580 33,950 $ 26,050 2013 $ 65,370 39,690 18,530 $ 14,160 $ 9,580 16.280 5,520 930 2.170 $ 10,630 14,510 5,670...
41,940 The following summarized data (amounts in millions) are taken from the September 27, 2014, and...
41,940 The following summarized data (amounts in millions) are taken from the September 27, 2014, and September 28, 2013, comparative financial statements of Apple Inc., a manufacturer of mobile communication and media devices, personal computers, portable digital music players, and seller of a variety of related software, services, accessories, networking solutions, and third-party digital content and applications: (Amounts Expressed in Millions) For the Fiscal Years Ended September 27 and September 28, respectively: 2014 2013 Net sales $ 108,400 $ 65,370...
3. Jumpstart Corp had the following comparative current assets and current liabilities for 2015 & 2014:...
3. Jumpstart Corp had the following comparative current assets and current liabilities for 2015 & 2014: Dec. 31, 2015 Dec.31, 2014 Current assets Cash ....... $ 30,000 $ 30,000 Marketable securities ........ 40,000 10,000 Accounts receivable (net) ... 55,000 95,000 Inventory ........ 110,000 90,000 Prepaid expenses ............ 35,000 20,000 Total current assets .......... $270,000 $ 245,000 Current liabilities Accounts payable ...... $ 120,000 $ 110,000 Salaries payable 40,000 30,000 Income taxes payable ....... 20,000 15,000 Total current liabilities ...... $...
2013 2014 2015 Formula Current Ratio Quick Ratio Operating Cash Flow to Average Current Liabiliti...
2013 2014 2015 Formula Current Ratio Quick Ratio Operating Cash Flow to Average Current Liabilities Days Accounts Receivable 1 Low ST liquidity risk high Low ST liquidity risk 0.4 Low ST liquidity risk Current Assets/ Current Liabilities (Cash+ShortTermInvestments+AccountsReceivable Current Liabilities Operating Cash Flow/0.5(Current Liabilities-2Year) 365/Accounts Receivable Turnover Ratio Accounts Receivable Turnover-Sales 0.5(Accounts Receivable-2Year) 565 Inventory lurnover Ratio Inventory Turnover Ratio Costs of Goods Sold'0.5(Inventory-2Year) 365/Accounts Payable Tumover Ratio Accounts Payable Turnover-Purchase 0.5(Accounts Payable-2Year) Purchase-Cost of Goods Sold+Ending Inventory-Beginning Inventory Days...
Presented below are the comparative balance sheets of Big Apple, Inc., at December 31, 2014, and...
Presented below are the comparative balance sheets of Big Apple, Inc., at December 31, 2014, and 2013. Sales for the year ended December 31, 2014, totaled $890,000. Net income during 2014 was $74,000. 2014 2013 Current Assets $380,000 $352,000 (Note: Cash balances in 2014 & 2013 were $45,000 and $49,000 respectively. Accounts receivable balances in 2014 and 2013 were $134,000 and $106,000 respectively. Inventory balances in 2014 and 2013 were $201,000 and $197,000 respectively). Total Assets $624,000 $580,000 Current Liabilities...
2013 2014 2015 Formula Current Ratio Quick Ratio Operating Cash Flow to Average Current Liabilities Days...
2013 2014 2015 Formula Current Ratio Quick Ratio Operating Cash Flow to Average Current Liabilities Days Accounts Receivable 1 Low ST liquidity risk high Low ST liquidity risk 0.4 Low ST liquidity risk Current Assets/ Current Liabilities (Cash+ShortTermInvestments+AccountsReceivable Current Liabilities Operating Cash Flow/0.5(Current Liabilities-2Year) 365/Accounts Receivable Turnover Ratio Accounts Receivable Turnover-Sales 0.5(Accounts Receivable-2Year) 565 Inventory lurnover Ratio Inventory Turnover Ratio Costs of Goods Sold'0.5(Inventory-2Year) 365/Accounts Payable Tumover Ratio Accounts Payable Turnover-Purchase 0.5(Accounts Payable-2Year) Purchase-Cost of Goods Sold+Ending Inventory-Beginning Inventory Days...
Brief Exercise 24-8 Answer each of the questions in the following unrelated situations. (a) The current...
Brief Exercise 24-8
Answer each of the questions in the following unrelated
situations.
(a) The current ratio of a company is 5:1 and its
acid-test ratio is 1:1. If the inventories and prepaid items amount
to $507,000, what is the amount of current liabilities?
Current Liabilities
$
(b) A company had an average inventory last year
of $203,000 and its inventory turnover was 5. If sales volume and
unit cost remain the same this year as last and inventory turnover...
Brief Exercise 24-8 Answer each of the questions in the following unrelated situations. (a) The current...
Brief Exercise 24-8
Answer each of the questions in the following unrelated
situations.
(a) The current ratio of a company is 6:1 and its
acid-test ratio is 1:1. If the inventories and prepaid items amount
to $481,000, what is the amount of current liabilities?
Current Liabilities
$
(b) A company had an average inventory last year
of $185,000 and its inventory turnover was 6. If sales volume and
unit cost remain the same this year as last and inventory turnover...
Simon Company's year-end balance sheets follow. A: December 31 Assets 2015 2014 2013 Accounts receivable, het Merchandise inventory Prepaid expenses Plant assets, net $ 38,382 $ 43,106 $ 45,805 111,244 77.745 59.887 134.38 104.768 149 1997 11.2 4041 h.786 312540 275 418 Total assets $637,792 $549.821 $ 449.200 $157,222 $ 91,991 $ 60,480 Liabilities and Equity Accounts payable Long-term notes payable secured by mortgages on plant assets Common stock 510 par value Retained earnings 118.706 162.500 199,364 128.988 162.500 166,342...
For gee-whiz devices calculate the following: working capital,
current ratio, and acid-test ratio.
2-29 For Gee-Whiz Devices calculate the following working capital, current ratio, and acid-test ratio Gee-Whiz Devices Balance Sheet Data Cash Market securities Net accounts and notes receivable Retailers inventories Prepaid expenses Accounts and notes payable (short-term) Accrued expenses $100,000 45,000 150,000 200,000 8,000 315,000 90,000
The following summarized data (amounts in millions) are taken from the September 27, 2014, and September 28, 2013, comparative financial statements of Apple Inc., a manufacturer of mobile communication and media devices, personal computers, portable digital music players, and seller of a variety of related software, services, accessories, networking solutions, and third-party digital content and applications: 2014 $ 108,400 64,580 33,950 $ 26,050 2013 $ 65,370 39,690 18,530 $ 14,160 $ 9,580 16.280 5,520 930 2.170 $ 10,630 14,510 5,670...
41,940 The following summarized data (amounts in millions) are taken from the September 27, 2014, and September 28, 2013, comparative financial statements of Apple Inc., a manufacturer of mobile communication and media devices, personal computers, portable digital music players, and seller of a variety of related software, services, accessories, networking solutions, and third-party digital content and applications: (Amounts Expressed in Millions) For the Fiscal Years Ended September 27 and September 28, respectively: 2014 2013 Net sales $ 108,400 $ 65,370...
3. Jumpstart Corp had the following comparative current assets and current liabilities for 2015 & 2014: Dec. 31, 2015 Dec.31, 2014 Current assets Cash ....... $ 30,000 $ 30,000 Marketable securities ........ 40,000 10,000 Accounts receivable (net) ... 55,000 95,000 Inventory ........ 110,000 90,000 Prepaid expenses ............ 35,000 20,000 Total current assets .......... $270,000 $ 245,000 Current liabilities Accounts payable ...... $ 120,000 $ 110,000 Salaries payable 40,000 30,000 Income taxes payable ....... 20,000 15,000 Total current liabilities ...... $...
2013 2014 2015 Formula Current Ratio Quick Ratio Operating Cash Flow to Average Current Liabilities Days Accounts Receivable 1 Low ST liquidity risk high Low ST liquidity risk 0.4 Low ST liquidity risk Current Assets/ Current Liabilities (Cash+ShortTermInvestments+AccountsReceivable Current Liabilities Operating Cash Flow/0.5(Current Liabilities-2Year) 365/Accounts Receivable Turnover Ratio Accounts Receivable Turnover-Sales 0.5(Accounts Receivable-2Year) 565 Inventory lurnover Ratio Inventory Turnover Ratio Costs of Goods Sold'0.5(Inventory-2Year) 365/Accounts Payable Tumover Ratio Accounts Payable Turnover-Purchase 0.5(Accounts Payable-2Year) Purchase-Cost of Goods Sold+Ending Inventory-Beginning Inventory Days...
2013 2014 2015 Formula Current Ratio Quick Ratio Operating Cash Flow to Average Current Liabilities Days Accounts Receivable 1 Low ST liquidity risk high Low ST liquidity risk 0.4 Low ST liquidity risk Current Assets/ Current Liabilities (Cash+ShortTermInvestments+AccountsReceivable Current Liabilities Operating Cash Flow/0.5(Current Liabilities-2Year) 365/Accounts Receivable Turnover Ratio Accounts Receivable Turnover-Sales 0.5(Accounts Receivable-2Year) 565 Inventory lurnover Ratio Inventory Turnover Ratio Costs of Goods Sold'0.5(Inventory-2Year) 365/Accounts Payable Tumover Ratio Accounts Payable Turnover-Purchase 0.5(Accounts Payable-2Year) Purchase-Cost of Goods Sold+Ending Inventory-Beginning Inventory Days...
Brief Exercise 24-8
Answer each of the questions in the following unrelated
situations.
(a) The current ratio of a company is 5:1 and its
acid-test ratio is 1:1. If the inventories and prepaid items amount
to $507,000, what is the amount of current liabilities?
Current Liabilities
$
(b) A company had an average inventory last year
of $203,000 and its inventory turnover was 5. If sales volume and
unit cost remain the same this year as last and inventory turnover...
Brief Exercise 24-8
Answer each of the questions in the following unrelated
situations.
(a) The current ratio of a company is 6:1 and its
acid-test ratio is 1:1. If the inventories and prepaid items amount
to $481,000, what is the amount of current liabilities?
Current Liabilities
$
(b) A company had an average inventory last year
of $185,000 and its inventory turnover was 6. If sales volume and
unit cost remain the same this year as last and inventory turnover...
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