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3. At the end of the next two years, Lee Delivery Company reported the following amounts on its statements of financial Current assets Non-current assets Total assets Short-term notes payable Long-term notes payable Total liabilities Shareholders' equity December 31, December 31, Year 3 Year 2 $ 56,000 42,000 $ 51,000 77,000 128,000 44,000 24,000 98,000 27,000 21,000 48,000 50,000 68,000 60,000 3-a. Compute the company's current ratio for Years 1, 2, and 3. (Round the final answers to 2 decimal places.)

3. At the end of the next two years, Lee Delivery Company reported the following amounts on its statements of financial Current assets Non-current assets Total assets Short-term notes payable Long-term notes payable Total liabilities Shareholders' equity December 31, December 31, Year 3 Year 2 $ 56,000 42,000 $ 51,000 77,000 128,000 44,000 24,000 98,000 27,000 21,000 48,000 50,000 68,000 60,000 3-a. Compute the company's current ratio for Years 1, 2, and 3. (Round the final answers to 2 decimal places.)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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3. At the end of the next two years, Lee Delivery Company reported the following amounts on its statements of financial position: December 31, December 31, Year 3 Year 2 $ 51,000 $ 56,000 42,000 77,000 128,000 44,000 24,000 68,000 60,000 Current assets Non-current assets Total assets Short-term notes payable Long-term notes payable Total liabilities Shareholders' equity 3-a. Compute the company's current ratio for Years 1, 2, and 3. (Round the final answers to 2 decimal places.) Current ratio Year 1 98,000 27,000 21,000 48,000 50,000 Year 2 Year 3
Transcribed Image Text:3. At the end of the next two years, Lee Delivery Company reported the following amounts on its statements of financial position: December 31, December 31, Year 3 Year 2 $ 51,000 $ 56,000 42,000 77,000 128,000 44,000 24,000 68,000 60,000 Current assets Non-current assets Total assets Short-term notes payable Long-term notes payable Total liabilities Shareholders' equity 3-a. Compute the company's current ratio for Years 1, 2, and 3. (Round the final answers to 2 decimal places.) Current ratio Year 1 98,000 27,000 21,000 48,000 50,000 Year 2 Year 3
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