Answer this general Accounting Question A firm's balance sheet has the following data:Cash on handMarket securitiesNet accounts and notes receivableRetailers' inventoriesPrepaid expenses$530,000$33,000$142,000$620,000$59,500Accounts and notes payable (short term) $815,000Accumulated liabilities$138,000The firm's current ratio and acid-test ratio are closest to what values?

To calculate the current ratio and the acid-test (quick) ratio, we need to determine the firm's…

Answered: A firm's balance sheet has the…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 3MC: The following is selected financial data from Block Industries: How much does Block Industries have...

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The firm's current ration and acid- test ratio??
A firm's balance sheet has the following data:
The most recent balance sheet of Raconteurs, Inc., (in millions) is found here. Calculate Raconteurs’ current ration and acid-test (quick) ratio. Benchmark ratios for the current and acid-test (quick) ratio are 1.49 and 1.22 respectively. What can you say about the liquidity of Raconteur’s operations based on these two ratios?
We are given the following information for Pettit Corporation. Sales (credit) Cash Inventory Current liabilities Asset turnover Current ratio Debt-to-assets ratio Receivables turnover $2,068,000 150,000 923,000 763,000 a. Accounts receivable b. Marketable securities c. Capital assets. d. Long-term debt $ Current assets are composed of cash, marketable securities, accounts receivable, and inventory. Calculate the following balance sheet items: LA LA LA $ $ 1.00 times 2.60 times $ 40 % 4 times 517000
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We are given the following information for Pettit Corporation. Sales (credit) Cash Inventory Current liabilities. Asset turnover Current ratio Debt-to-assets ratio Receivables turnover $4,344,000 229,000 873,000 773,000 a. Accounts receivable b. Marketable securities c. Capital assets d. Long-term debt $ $ Current assets are composed of cash, marketable securities, accounts receivable, and inventory. Calculate the following balance sheet items: ta ta ta 1.45 times 2.80 times $ $ 50 % 8 times
Sharpshooter Productions needs help checking the accuracy of their balance sheet. The firm reports the following: Entry Cash and marketable securities Accounts payable Common stock Retained Earnings Accounts Receivable Value Entry Value $201,250.00 Goodwill and other assets $89,330.00 $82,800.00 Net fixed assets $458,110.00 $100,000.00 Notes payable $66,075.00 $532,460.00 Long-term debt ????? $276,870.00 Inventory $123,225.00 What is the long-term debt for Sharpshooter for the financials to be correct? Submit Answer format: Currency: Round to: 2 decimal places. Show Hint
The following items are reported on a company's balance sheet: $212,700 90,200 252,800 196,700 278,400 Cash Marketable securities Accounts receivable Inventory Accounts payable Determine the (a) current ratio, and (b) quick ratio. Round your answers to one decimal place. a. Current ratio b. Quick ratio
Ratio Analysis Presented below are summary financial data from Porter's annual report: Amounts in millions Balance Sheet Cash and Cash Equivalents Marketable Securities Accounts Receivable (net) Total Current Assets Total Assets Current Liabilities Long-Term Debt- Shareholders' Equity Income Statement Interest Expense Net Income Before Taxes b. Quick ratio $1,850 19,100 9,367 39,088 123,078 38,450 7,279 68,278 Calculate the following ratios: (Round to 2 decimal points) a. Times-interest-earned ratio c. Current ratio 400 14,007
om/ilm/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocat- Current Position Analysis The following items are reported on a company's balance sheet: Cash $248,600 Marketable securities 194,200 Accounts receivable (net) 197,000 Inventory 137,100 Accounts payable 457,000 Determine (a) the current ratio and (b) the quick ratio. Round to one decimal place. a. Current ratio b. Quick ratio Check My Work Email Ins All work saved. %23
Current Position Analysis The following items are reported on a company's balance sheet: Cash $354,100 Marketable securities 276,700 Accounts receivable (net) 297,400 Inventory 178,500 Accounts payable 357,000 Determine (a) the current ratio and (b) the quick ratio. Round to one decimal place.
You are evaluating the balance sheet for Goodman's Bees Corporation. From the balance sheet you find the following balances: cash and marketable securities = $400000, Accounts receivable = $1200000, Inventory = $2100000, Accrued wages and taxes = $500000, accounts payable = $800,000, and notes payable = $600000. Calculate Goodman Bees' net working captaL

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