Suppose you are analyzing a competitor of Levi's Luxury Shop and determine that Current Assets are...
Suppose you are analyzing a competitor of Levi's Luxury Shop and determine that Current Assets are cash of $2,000, accounts receivable of $3,700, and inventory of $4,100. Other assets are net fixed assets of $10,900. The firm also has Current Liabilities of accounts payable of $6,600 and long-term liabilities of 3,900. What is the quick ratio?
| 0.86 |
| 3.30 | |
| 1.48 |
| 0.67 | |
| 0.30 |
Homework Answers
Quick Assets
= Current assets – Inventory – Prepaid expenses
= Cash + Accounts receivable + Inventory) – Inventory - 0
= $2,000 + $3,700 + $4,100 - $4,100 – 0
= $5,700
Current liabilities
= Accounts payable
= $6,600
So, Quick ratio
= Quick Assets / Current liabilities
= $5,700 / $6,600
= 0.86
So, as per above calculations, option a is the correct option
Add Answer to:
Suppose you are analyzing a competitor of Levi's Luxury Shop and
determine that Current Assets are...
Gaia Vallante Gaia Vallante Assets Liabilities & Equity Current assets: Current liabilities: Cash 4,592 Accounts receivable...
Gaia Vallante Gaia Vallante Assets Liabilities & Equity Current assets: Current liabilities: Cash 4,592 Accounts receivable 2,952 1,080 3,168 7,200 1,680 4,928 11,200 Accounts payable Accruals Notes payable Total current liabilities Inventories 0 1,012. 5 5,737.5 6,750 8,250 15,000 0 0 5,400 5,400 6,600 12,000 Total current assets Net fixed assets: Long-term bonds Total debt Net plant and equipment 8,800 8,800 Common equity Common stock 2,600 1,400 Retained earnings 3,250 1,750 5,000 20,000 Total common equity 4,000 16000 Total assets...
Selected financial data regarding current assets and current liabilities for Queen's Line, a competitor in the...
Selected financial data regarding current assets and current liabilities for Queen's Line, a competitor in the cruise line industry, is provided: ($ in millions) Current assets: Cash and cash $ 410 equivalents Current investments 65 Net receivables 204 136 Inventory 145 Other current assets Total current 960 assets Current liabilities: Accounts payable Short-term debt Other current $1,032 744 869 liabilities Total current liabilities $2,645 Required: 1. Calculate the current ratio and the acid-test ratio for Queen's Line. (Enter your answers...
Selected financial data regarding current assets and current liabilities for Queen's Line, a competitor in the...
Selected financial data regarding current assets and current liabilities for Queen's Line, a competitor in the cruise line industry.is provided ($ in millions) Current assets: Cash and cash equivalents $ 429 Current investments 94 Net receivables 224 Inventory 108 Other current assets 131 Total current assets $ 986 Current liabilities: Accounts payable $1,010 Short-term debt Other current liabilities 939 Total current liabilities $2,623 674 Required: 1. Calculate the current ratio and the acid-test ratio for Queen's Line (Enter your answers...
Selected financial data regarding current assets and current liabilities for Queen's Line, a competitor in the...
Selected financial data regarding current assets and current liabilities for Queen's Line, a competitor in the cruise line industry, is provided: $ 410 65 204 136 145 ($ in millions) Current assets: Cash and cash equivalents Current investments Net receivables Inventory Other current assets Total current assets Current liabilities: Accounts payable Short-term debt Other current liabilities Total current liabilities $ 960 $1,032 744 869 $2,645 Required: 1. Calculate the current ratio and the acid-test ratio for Queen's Line. (Enter your...
Selected financial data regarding current assets and current liabilities for Queen's Line, a competitor in the...
Selected financial data regarding current assets and current liabilities for Queen's Line, a competitor in the cruise line industry, is provided 96 (5 in millions) Current assets: Cash and cash equivalents $ 403 Current investments 82 Net receivables 271 Inventory Other current assets 125 Total current assets $ 977 Current liabilities: Accounts payable $1,061 Short-term debt 644 Other current liabilities 969 Total current liabilities $2,674 Required: 1. Calculate the current ratio and the acid test ratio for Queen's Line (Enter...
Sherwood, Inc., had the following current assets and current liabilities at the end of two recent...
Sherwood, Inc., had the following current assets and current liabilities at the end of two recent years: Year 2 Year 1 (in millions) (in millions) Cash and cash equivalents $4,558 $4,929 Short-term investments, at cost 9,154 3,238 10,292 Accounts and notes receivable, net 9,389 Inventories 2,856 2,856 Prepaid expenses and other current assets 952 1,056 Short-term obligations (liabilities) 381 4,042 Accounts payable and other current liabilities 9,015 8,242 a. Determine the (1) current ratio and (2) quick ratio for both...
The Young Company has the following assets and liabilities: ASSETS Cash $35,000 Accounts receivable 15,000 Inventory...
The Young Company has the following assets and liabilities: ASSETS Cash $35,000 Accounts receivable 15,000 Inventory 30,000 Equipment 50,000 LIABILITIES Current portion of long-term debt 10,000 Accounts payable 2,000 Long-term debt 25,000 Determine the quick ratio (rounded to one decimal point). 13.0 4.2 6.7 3.5
a) Determine which accounts are current assets and prepare the current assets section of the balance...
a) Determine which accounts are current assets and prepare the
current assets section of the balance sheet as of December 31,
2021, with the accounts in order of decreasing liquidity.
b) for each account that is not classified as a current asset,
indicate how it would be classified on the balance sheet.
Question 5 The December 31, 2021, adjusted trial balance of Cullumber Company includes the following accounts: Accounts receivable $13,000 Patents $3,900 Prepaid insurance 1,700 Unearned revenue 3,000 Goodwill...
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...
Assets $ Liabilities $ Current Assets Current Liabilities Cash 12,000 Accounts payable 28,500 Cash at bank...
Assets $ Liabilities $ Current Assets Current Liabilities Cash 12,000 Accounts payable 28,500 Cash at bank 7,000 Wages payable 7,000 Accounts receivable 35,000 Taxes payable 12,000 Inventory 30,500 Interest payable 15,000 Prepayments 3,300 Total current assets 87,800 Total current liabilities 62,500 Investments 25,000 Long-Term Liabilities Bank loan 335,000 Notes payable 15,000 Long-term liabilities 350,000 Property, Plant, and Equipment Total Liabilities 412,800 Land and building 156,000 Equipment 1,85,000 Less: Depreciation (63,000) 278,000 Stockholders’ Equity Intangible Assets Common stock 100,000 Goodwill 120,000...
Gaia Vallante Gaia Vallante Assets Liabilities & Equity Current assets: Current liabilities: Cash 4,592 Accounts receivable 2,952 1,080 3,168 7,200 1,680 4,928 11,200 Accounts payable Accruals Notes payable Total current liabilities Inventories 0 1,012. 5 5,737.5 6,750 8,250 15,000 0 0 5,400 5,400 6,600 12,000 Total current assets Net fixed assets: Long-term bonds Total debt Net plant and equipment 8,800 8,800 Common equity Common stock 2,600 1,400 Retained earnings 3,250 1,750 5,000 20,000 Total common equity 4,000 16000 Total assets...
Selected financial data regarding current assets and current liabilities for Queen's Line, a competitor in the cruise line industry, is provided: ($ in millions) Current assets: Cash and cash $ 410 equivalents Current investments 65 Net receivables 204 136 Inventory 145 Other current assets Total current 960 assets Current liabilities: Accounts payable Short-term debt Other current $1,032 744 869 liabilities Total current liabilities $2,645 Required: 1. Calculate the current ratio and the acid-test ratio for Queen's Line. (Enter your answers...
Selected financial data regarding current assets and current liabilities for Queen's Line, a competitor in the cruise line industry.is provided ($ in millions) Current assets: Cash and cash equivalents $ 429 Current investments 94 Net receivables 224 Inventory 108 Other current assets 131 Total current assets $ 986 Current liabilities: Accounts payable $1,010 Short-term debt Other current liabilities 939 Total current liabilities $2,623 674 Required: 1. Calculate the current ratio and the acid-test ratio for Queen's Line (Enter your answers...
Selected financial data regarding current assets and current liabilities for Queen's Line, a competitor in the cruise line industry, is provided: $ 410 65 204 136 145 ($ in millions) Current assets: Cash and cash equivalents Current investments Net receivables Inventory Other current assets Total current assets Current liabilities: Accounts payable Short-term debt Other current liabilities Total current liabilities $ 960 $1,032 744 869 $2,645 Required: 1. Calculate the current ratio and the acid-test ratio for Queen's Line. (Enter your...
Selected financial data regarding current assets and current liabilities for Queen's Line, a competitor in the cruise line industry, is provided 96 (5 in millions) Current assets: Cash and cash equivalents $ 403 Current investments 82 Net receivables 271 Inventory Other current assets 125 Total current assets $ 977 Current liabilities: Accounts payable $1,061 Short-term debt 644 Other current liabilities 969 Total current liabilities $2,674 Required: 1. Calculate the current ratio and the acid test ratio for Queen's Line (Enter...
Sherwood, Inc., had the following current assets and current liabilities at the end of two recent years: Year 2 Year 1 (in millions) (in millions) Cash and cash equivalents $4,558 $4,929 Short-term investments, at cost 9,154 3,238 10,292 Accounts and notes receivable, net 9,389 Inventories 2,856 2,856 Prepaid expenses and other current assets 952 1,056 Short-term obligations (liabilities) 381 4,042 Accounts payable and other current liabilities 9,015 8,242 a. Determine the (1) current ratio and (2) quick ratio for both...
a) Determine which accounts are current assets and prepare the
current assets section of the balance sheet as of December 31,
2021, with the accounts in order of decreasing liquidity.
b) for each account that is not classified as a current asset,
indicate how it would be classified on the balance sheet.
Question 5 The December 31, 2021, adjusted trial balance of Cullumber Company includes the following accounts: Accounts receivable $13,000 Patents $3,900 Prepaid insurance 1,700 Unearned revenue 3,000 Goodwill...
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...
Most questions answered within 3 hours.
-
The nanograms per microliter of a drug still presents n a
patient's bloodstream 1 hour after...
asked 16 minutes ago -
For the first ten questions, you'll use the following data. It
will be repeated for your...
asked 9 minutes ago -
The days required for
a business to receive inventory, sell the inventory, and collect
cash from...
asked 15 minutes ago -
1. A DEAE column chromatography of IgG enriched was used. What
if you prepared a column...
asked 22 minutes ago -
Description: Merge two or more text files
provided by the user into a new text file...
asked 43 minutes ago -
1) A 2.00 kg ball of is placed on a spring with spring constant
? =...
asked 44 minutes ago -
Calculate the force required to produce 15 N⋅m torque at an
angle of 30∘ from a...
asked 49 minutes ago -
1) Solid lead acetate is slowly added to 50.0 mL of a 0.0486 M
potassium hydroxide...
asked 45 minutes ago -
Self-awareness is one of the components of emotional
intelligence (EI).
True/False
asked 54 minutes ago -
Erosion costs. Fat Tire Bicycle Company currently sells 40,000
bicycles per year. The current bike is...
asked 59 minutes ago -
Homework #5 - Elevator Simulation - Doubly Linked List
The program needs to use a doubly...
asked 1 hour ago -
Changes occur constantly in all aspects of life; the changing
perceptions of women you have explored...
asked 1 hour ago