Gmeiner Co. had the following current assets and liabilities on December 31 of two recent years:
A) Determine the quick ratio for December 31 of both years.
B) Interpret the change in the quick ratio between the two balance sheet dates.
Homework Answers
| Particulars | CY | PY |
| Cash | 486,000.00 | 500,000.00 |
| Accounts Receivable | 210,000.00 | 200,000.00 |
| Quick Assets | 696,000.00 | 700,000.00 |
| Current Liabilities | 580,000.00 | 500,000.00 |
| Quick Ratio = Current Assets/current Liab | 1.20 | 1.40 |
| Quick Ratio has fallen due to increase in current Liabilities as there are more accrued liab, Portion of LTD becoming current ahs rose and so as Accounts Payable | ||
Add Answer to:
Gmeiner Co. had the following current assets and liabilities on December 31 of two recent years:...
Gmeiner Co. had the following current assets and liabilities on December 31 of two recent years:...
Gmeiner Co. had the following current assets and liabilities on December 31 of two recent years: Current Year Previous Year Current assets: Cash $399,000 $628,000 Accounts receivable 353,000 296,000 Inventory 218,000 249,000 Total current assets $970,000 $1,173,000 Current liabilities: Current portion of long-term debt $75,000 $66,000 Accounts payable 150,000 132,000 Accrued and other current liabilities 245,000 242,000 Total current liabilities $470,000 $440,000 a. Determine the quick ratio for December 31 of both years. If required, round your answers to one...
Quick Ratio Gmeiner Co. had the following current assets and liabilities on December 31 of two recent years: Curren...
Quick Ratio Gmeiner Co. had the following current assets and liabilities on December 31 of two recent years: Current Year Previous Year / 336,000 Current assets: Cash $615,000 $598,000 Accounts receivable 545,000 282,000 Inventory 238,000 Total current assets $1,496,000 $1,118,000 Current liabilities: Current portion of long-term debt $93,000 $83,000 Accounts payable 186,000 165,000 Accrued and other current liabilities 301,000 302,000 Total current liabilities $580,000 $550,000 a. Determine the quick ratio for December 31 of both years. If required, round your...
Current Year Gmeiner Co. had the following current assets and liabilities on December 31 of two...
Current Year Gmeiner Co. had the following current assets and liabilities on December 31 of two recent years: Previous Year Current assets: Cash $646,000 $673,000 Accounts receivable 572,000 317,000 Inventory 353,000 267,000 Total current assets $1,571,000 $1,257,000 Current liabilities: Current portion of long-term debt $93,000 $83,000 Accounts payable 186,000 165,000 Accrued and other current liabilities 301,000 302,000 Total current liabilities $580,000 $550,000 a. Determine the quick ratio for December 31 of both years. If required, round your answers to one...
Calculator Print Item eBook Gmeiner Co. had the following current assets and liabilities on December 31...
Calculator Print Item eBook Gmeiner Co. had the following current assets and liabilities on December 31 of two recent years: Current Year Previous Year Current assets: $853,000 $898,000 Cash Accounts receivable 757,000 422,000 Inventory 467,000 356,000 Total current assets $2,077,000 $1,676,000 Current liabilities: Current portion of long-term debt $112,000 $99,000 Accounts payable 224,000 198,000 Accrued and other current liabilities 364,000 363,000 Total current liabilities $700,000 $660,000 a. Determine the quick ratio for December 31 of both years. If required, round...
Quick Ratio Gmeiner Co. had the following current assets and liabilities on December 31 of two...
Quick Ratio Gmeiner Co. had the following current assets and liabilities on December 31 of two recent years: Current Year Previous Year Current assets: Cash $517,000 $736,000 Accounts receivable 459,000 347,000 Inventory 283,000 292,000 Total current assets $1,259,000 $1,375,000 Current liabilities: Current portion of long-term debt $98,000 $86,000 Accounts payable 195,000 171,000 Accrued and other current liabilities 317,000 313,000 Total current liabilities $610,000 $570,000 a. Determine the quick ratio for December 31 of both years. If required, round your answers...
Quick Ratio Gmeiner Co. had the following current assets and liabilities on December 31 of two...
Quick Ratio Gmeiner Co. had the following current assets and liabilities on December 31 of two recent years: Current Year Previous Year Current assets: Cash $563,000 $524,000 Accounts receivable 499,000 246,000 Inventory 308,000 208,000 Total current assets $1,370,000 $978,000 Current liabilities: Current portion of long-term debt $94,000 $83,000 Accounts payable 189,000 165,000 Accrued and other current liabilities 307,000 302,000 Total current liabilities $590,000 $550,000 a. Determine the quick ratio for December 31 of both years. If required, round your answers...
Print Item Calculator eBook Quick Ratio Gmeiner Co. had the following current assets and liabilities on...
Print Item Calculator eBook Quick Ratio Gmeiner Co. had the following current assets and liabilities on December 31 of two recent years. Current Year Previous Year Current assets: Cash $500,000 444,000 274,000 $1,218,000 $673,000 317,000 267,000 $1,257,000 Accounts receivable Inventory Total current assets Current liabilities: $83,000 $94,000 Current portion of long-term debt 189,000 165,000 Accounts payable 307,000 302,000 Accrued and other current liabilities $590,000 $550,000 Total current liabilities a. Determine the quick ratio for December 31 of both years. If...
Nabors Company reported the following current assets and liabilities for December 31 for two recent years:...
Nabors Company reported the following current assets and liabilities for December 31 for two recent years: Dec. 31, Current Year Dec. 31, Previous Year Cash Temporary investments $1,210 2,640 $1,170 2,630 Accounts receivable 2,200 1,790 Inventory 1,980 1,940 Accounts payable Required: 5,500 4,300 a. Compute the quick ratio on December 31 of both years. If required, round your answers to one decimal place. Quick Ratio December 31, current year December 31, previous year b. Is the quick ratio improving or...
Accrued Product Warranty Parker Manufacturing Co. warrants its products for one year. The estimated product warranty...
Accrued Product Warranty Parker Manufacturing Co. warrants its products for one year. The estimated product warranty is 5% of sales. Assume that sales were $346,000 for January. In February, a customer received warranty repairs requiring $305 of parts and $90 of labor. For a compound transaction, if an amount box does not require an entry, leave it blank. a. Journalize the adjusting entry required at January 31, the end of the first month of the current fiscal year, to record...
Quick Ratio Nabors Company reported the following current assets and liabilities for December 31 for two...
Quick Ratio Nabors Company reported the following current assets and liabilities for December 31 for two recent years: Dec. 31, Current Year Dec. 31, Previous Year Cash $1,520 $1,700 Temporary investments 3,310 3,810 Accounts receivable 6,210 2,590 Inventory 2,480 2,430 Accounts payable 6,900 5,400 Required: a. Compute the quick ratio on December 31 of both years. If required, round your answers to one decimal place. Quick Ratio December 31, current year December 31, previous year b. Is the quick ratio...
Gmeiner Co. had the following current assets and liabilities on December 31 of two recent years: Current Year Previous Year Current assets: Cash $399,000 $628,000 Accounts receivable 353,000 296,000 Inventory 218,000 249,000 Total current assets $970,000 $1,173,000 Current liabilities: Current portion of long-term debt $75,000 $66,000 Accounts payable 150,000 132,000 Accrued and other current liabilities 245,000 242,000 Total current liabilities $470,000 $440,000 a. Determine the quick ratio for December 31 of both years. If required, round your answers to one...
Quick Ratio Gmeiner Co. had the following current assets and liabilities on December 31 of two recent years: Current Year Previous Year / 336,000 Current assets: Cash $615,000 $598,000 Accounts receivable 545,000 282,000 Inventory 238,000 Total current assets $1,496,000 $1,118,000 Current liabilities: Current portion of long-term debt $93,000 $83,000 Accounts payable 186,000 165,000 Accrued and other current liabilities 301,000 302,000 Total current liabilities $580,000 $550,000 a. Determine the quick ratio for December 31 of both years. If required, round your...
Current Year Gmeiner Co. had the following current assets and liabilities on December 31 of two recent years: Previous Year Current assets: Cash $646,000 $673,000 Accounts receivable 572,000 317,000 Inventory 353,000 267,000 Total current assets $1,571,000 $1,257,000 Current liabilities: Current portion of long-term debt $93,000 $83,000 Accounts payable 186,000 165,000 Accrued and other current liabilities 301,000 302,000 Total current liabilities $580,000 $550,000 a. Determine the quick ratio for December 31 of both years. If required, round your answers to one...
Calculator Print Item eBook Gmeiner Co. had the following current assets and liabilities on December 31 of two recent years: Current Year Previous Year Current assets: $853,000 $898,000 Cash Accounts receivable 757,000 422,000 Inventory 467,000 356,000 Total current assets $2,077,000 $1,676,000 Current liabilities: Current portion of long-term debt $112,000 $99,000 Accounts payable 224,000 198,000 Accrued and other current liabilities 364,000 363,000 Total current liabilities $700,000 $660,000 a. Determine the quick ratio for December 31 of both years. If required, round...
Print Item Calculator eBook Quick Ratio Gmeiner Co. had the following current assets and liabilities on December 31 of two recent years. Current Year Previous Year Current assets: Cash $500,000 444,000 274,000 $1,218,000 $673,000 317,000 267,000 $1,257,000 Accounts receivable Inventory Total current assets Current liabilities: $83,000 $94,000 Current portion of long-term debt 189,000 165,000 Accounts payable 307,000 302,000 Accrued and other current liabilities $590,000 $550,000 Total current liabilities a. Determine the quick ratio for December 31 of both years. If...
Nabors Company reported the following current assets and liabilities for December 31 for two recent years: Dec. 31, Current Year Dec. 31, Previous Year Cash Temporary investments $1,210 2,640 $1,170 2,630 Accounts receivable 2,200 1,790 Inventory 1,980 1,940 Accounts payable Required: 5,500 4,300 a. Compute the quick ratio on December 31 of both years. If required, round your answers to one decimal place. Quick Ratio December 31, current year December 31, previous year b. Is the quick ratio improving or...
Quick Ratio Nabors Company reported the following current assets and liabilities for December 31 for two recent years: Dec. 31, Current Year Dec. 31, Previous Year Cash $1,520 $1,700 Temporary investments 3,310 3,810 Accounts receivable 6,210 2,590 Inventory 2,480 2,430 Accounts payable 6,900 5,400 Required: a. Compute the quick ratio on December 31 of both years. If required, round your answers to one decimal place. Quick Ratio December 31, current year December 31, previous year b. Is the quick ratio...
Most questions answered within 3 hours.
-
A grammar is a 4-tuple G, G = (Ν, Σ, Π, Σ, S) where, Ν is...
asked 32 minutes ago -
In this part, calculate the present values. Use the Excel PV
function to compute the present...
asked 31 minutes ago -
Part 1. Primitive Types, Sorting, Recursion for
Homework.java
a) Implement the static method initializeArray that receives...
asked 1 hour ago -
Using C++, build a sorter that can rank a sequence of numbers in
a descending order....
asked 1 hour ago -
Derive ground state term symbols. Use notation 2S(1/2) for state
2S1/2
a) d5
b) f3
c)...
asked 1 hour ago -
A sample of size 31 will be drawn from a population with mean 39
and standard...
asked 2 hours ago -
What is the effect on the P-value when a test is changed from a
two-tailed hypothesis...
asked 2 hours ago -
I wish to estimate µ, the mean of a population. After I collect
and an-
alyze...
asked 3 hours ago -
At a local university, you poll a group of 115 students and find
that 37 of...
asked 2 hours ago -
Gladstone company tracks the number of units purchased and sold
throughout each accounting period but applies...
asked 2 hours ago -
When determining if a molecule's configuration is E or Z, what
determines the higher priority groups?
asked 2 hours ago -
13. What is the amount
of conversion cost transferred to finished goods? (Round
your intermediate calculations...
asked 2 hours ago