Excerpts from Candle Corporation's most recent balance sheet (in thousands of dollars) appear below:
Year 2 | Year 1 | |||||
Current assets: | ||||||
Cash | $ | 194 | $ | 100 | ||
Accounts receivable, net | 224 | 224 | ||||
Inventory | 174 | 164 | ||||
Prepaid expenses | 124 | 124 | ||||
Total current assets | $ | 716 | $ | 612 | ||
Current liabilities: | ||||||
Accounts payable | $ | 234 | $ | 214 | ||
Accrued liabilities | 64 | 64 | ||||
Notes payable, short term | 124 | 114 | ||||
Total current liabilities | $ | 422 | $ | 392 | ||
Sales on account during the year totaled $1,370 thousand. Cost of goods sold was $970 thousand.
Required:
Compute the following for Year 2:
a. Working capital. (Enter your answer in thousands of dollars, i.e., 100,000 should be entered as 100.)
b. Current ratio. (Round your answer to 2 decimal places.)
c. Acid-test (quick) ratio. (Round your answer to 2 decimal places.)
d. Accounts receivable turnover. (Round your answer to 2 decimal places.)
e. Average collection period. (Use 365 days in a year. Round your intermediate calculations to 2 decimals places and your final answer to 1 decimal place.)
f. Inventory turnover. (Round your answer to 2 decimal places.)
g. Average sale period. (Use 365 days in a year. Round your intermediate calculations to 2 decimals places and your final answer to 1 decimal place.)
Excerpts from Candle Corporation's most recent balance sheet (in thousands of dollars) appear below: Year 2...
Excerpts from Candle Corporation's most recent balance sheet (in thousands of dollars) appear below: Year 2 Year 1 Current assets: Cash $ 184 $ 100 Accounts receivable, net 214 214 Inventory 164 154 Prepaid expenses 114 114 Total current assets $ 676 $ 582 Current liabilities: Accounts payable $ 224 $ 204 Accrued liabilities 54 54 Notes payable, short term 114 104 Total current liabilities $ 392 $ 362 Sales on account during the year totaled $1,320 thousand. Cost of...
Excerpts from Candle Corporation's most recent balance sheet (in thousands of dollars) appear below: Year 2 Year 1 Current assets: Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Current liabilities: Accounts payable Accrued liabilities Notes payable, short term Total current liabilities $164 194 144 94 $596 $100 194 134 94 $522 $204 $184 34 34 94 84 $332 $302 Sales on account during the year totaled $1,220 thousand. Cost of goods sold was $820 thousand. Required: Compute the...
Excerpts from Candle Corporation's most recent balance sheet (in thousands of dollars) appear below: Year 2 Year 1 Current assets: Cash $ 168 $ 100 Accounts receivable, net 198 198 Inventory 148 138 Prepaid expenses 98 98 Total current assets $ 612 $ 534 Current liabilities: Accounts payable $ 208 $ 188 Accrued liabilities 38 38 Notes payable, short term 98 88 Total current liabilities $ 344 $ 314 Sales on account during the year totaled $1,240 thousand. Cost of...
Hyrkas Corporation's most recent balance sheet and income statement appear below: Balance Sheet December 31, Year 2 and Year 1 (in thousands of dollars) Year 2 Year 1 Assets Current assets: Cash $ 235 $ 360 Accounts receivable, net 390 410 Inventory 360 330 Prepaid expenses 20 20 Total current assets 1,005 1,120 Plant and equipment, net 1,270 1,420 Total assets $ 2,275 $ 2,540 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 330 $ 360 Accrued liabilities 50...
Hyrkas Corporation's most recent balance sheet and income statement appear below: Balance Sheet December 31, Year 2 and Year 1 (in thousands of dollars) Year 2 Year 1 Assets Current assets: Cash $ 235 $ 360 Accounts receivable, net 390 410 Inventory 360 330 Prepaid expenses 20 20 Total current assets 1,005 1,120 Plant and equipment, net 1,270 1,420 Total assets $ 2,275 $ 2,540 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 330 $ 360 Accrued liabilities 50...
Hyrkas Corporation's most recent balance sheet and income statement appear below: Balance Sheet December 31, Year 2 and Year 1 (in thousands of dollars) Year 2 Year 1 Assets $ 340 390 310 Current assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Plant and equipment, net Total assets $ 225 370 340 20 955 1,210 $2,165 1.060 1,340 $2,400 $ 310 50 $ 340 50 40 400 300 Liabilities and stockholders' Equity Current liabilities Accounts payable Accrued...
Hyrkas Corporation's most recent balance sheet and income statement appear below: Balance Sheet December 31, Year 2 and Year 1 (in thousands of dollars) Year 2 Year 1 Assets Current assets: Cash $ 170 $ 230 Accounts receivable, net 260 280 Inventory 230 200 Prepaid expenses 20 20 Total current assets 680 730 Plant and equipment, net 880 900 Total assets $ 1,560 $ 1,630 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 200 $ 230 Accrued liabilities 50...
Hyrkas Corporation's most recent balance sheet and income statement appear below: Balance Sheet December 31, Year 2 and Year 1 (in thousands of dollars) Year 2 Year 1 Assets Current assets: Cash $ 170 $ 230 Accounts receivable, net 260 280 Inventory 230 200 Prepaid expenses 20 20 Total current assets 680 730 Plant and equipment, net 880 900 Total assets $ 1,560 $ 1,630 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 200 $ 230 Accrued liabilities 50...
Hyrkas Corporation's most recent balance sheet and income statement appear below: Balance Sheet December 31, Year 2 and Year 1 (in thousands of dollars) Year 2 Year 1 Assets Current assets: Cash $ 205 $ 300 Accounts receivable, net 330 350 Inventory 300 270 Prepaid expenses 20 20 Total current assets 855 940 Plant and equipment, net 1,090 1,180 Total assets $ 1,945 $ 2,120 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 270 $ 300 Accrued liabilities 50...
Hyrkas Corporation's most recent balance sheet and income statement appear below: Balance Sheet December 31, Year 2 and Year 1 (in thousands of dollars) Year 2 Year 1 Assets Current assets: Cash $ 180 $ 250 Accounts receivable, net 280 300 Inventory 250 220 Prepaid expenses 20 20 Total current assets 730 790 Plant and equipment, net 940 980 Total assets $ 1,670 $ 1,770 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 220 $ 250 Accrued liabilities 50...