Homework Answers
While the balance sheet has been completed, the last part of the question, which requires calculation of current ratio is not done.
______
The current ratio is calculated as below:
Current Ratio = Total Current Assets/Total Current Liabilities
Using the values arrived at in the balance sheet in the above formula for current ratio, we get,
Current Ratio = 77,200/60,800 = 1.27 times
____
Analysis:
The above ratio indicates that the company's total current assets is just sufficient to pay off its short term obligations (current liabilities). Company's current ratio cannot be considered healthy as a current ratio of 2:1 is generally preferable.
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Where is uncomplete？ The following information applies to the questions displayed below) Cougar Plastics Company has...
Where is uncomplete？
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[The following information applies to the questions displayed below Cougar Plastics Company has been operating for...
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Jaguar Plastics Company has been operating for three years. At December 31 of last year, the...
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Jaguar Plastics Company has been operating for three years. At December 31 of last year, the...
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Where is uncomplete？
The following information applies to the questions displayed below) Cougar Plastics Company has been operating for three years. At December 31 of last year, the accounting records reflected the following: $13,000 3,600 5100 47000 0,000 90000 51800 Cash $ 28,000 Accounts payable 2,800 Accrued liabilities payable 4,200 Notes payable (short-term) 31000 Notes payable (long-term) 3,000 Common stock 42.000 Additional paid-in capital Accounts receivable Notes recelvable (long-term Equipment Factory building Intangibles 106.000 Retained earnings 3,500 During the current...
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