Quick ratioAdieu Company reported the following current assets and currentliabilities for two recent years:Dec. 31, 20Y4 Dec. 31, 20Y3Cash$1,050$1,070Temporary investments1,1001,500Accounts receivable850930Inventory2,3002,500Accounts p le2,500a. Compute the quick ratio on December 31 for each year. Roundto one decimal place.20Y420Y3Quick Ratiob. Is the quick ratio improving or declining?

Solution a: 20Y4 20Y3 Quick Assets $3,000.00 $3,500.00 Current Liablities $2,000.00…

Answered: Adieu Company reported the following…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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How to calculate Net Operating Asset from this balance sheet for fiscal year-end 2015 .
Item Prior year Current year Accounts payable 8,109.00 7,758.00 Accounts receivable 6,059.00 6,782.00 Accruals 1,036.00 1,609.00 Cash ??? ??? Common Stock 11,891.00 11,189.00 COGS 12,683.00 18,018.00 Current portion long-term debt 4,980.00 4,993.00 Depreciation expense 2,500 2,813.00 Interest expense 733 417 Inventories 4,192.00 4,777.00 Long-term debt 13,329.00 13,523.00 Net fixed assets 50,636.00 54,376.00 Notes payable 4,329.00 9,999.00 Operating expenses (excl. depr.) 13,977 18,172 Retained earnings 28,278.00 29,801.00 Sales 35,119 47,221.00 Taxes 2,084 2,775 What is the firm's total change in cash from the prior year to the current year?
BALANCE SHEET AT END OF YEAR (Figures in $ millions) Assets 2021 2022 Liabilities and Shareholders' Equity 2021 2022 Current assets $ 102 $ 200 Current liabilities $ 74 $ 96 Net fixed assets 920 1,020 Long-term debt 660 870 INCOME STATEMENT, 2022 (Figures in $ millions) Revenue $ 2,010 Cost of goods sold 1,090 Depreciation 410 Interest expense 252 g. Net fixed assets increased from $920 million to $1,020 million during 2022. What must have been South Sea’s gross investment in fixed assets during 2022?........... (M1)
Item Prior year Current year Accounts payable 8,194.00 7,893.00 Accounts receivable 6,066.00 6,786.00 Accruals 977.00 1,572.00 Cash ??? ??? Common Stock 11,869.00 12,264.00 COGS 12,616.00 18,108.00 Current portion long-term debt 5,038.00 5,064.00 Depreciation expense 2,500 2,825.00 Interest expense 733 417 Inventories 4,145.00 4,778.00 Long-term debt 13,680.00 14,055.00 Net fixed assets 50,966.00 54,551.00 Notes payable 4,331.00 9,956.00 Operating expenses (excl. depr.) 13,977 18,172 Retained earnings 28,104.00 29,983.00 Sales 35,119 45,456.00 Taxes 2,084 2,775 What is the firm's net income in the current year? . .
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Q4 Corporation financial statements at December 31 (in millions) ASSETS Cash LIABILITIES Accounts payable Notes payable Accrued wages Accrued taxes Total current liabilities 20X9 S10 5. 3. 2. 20X8 20X9 $5 10 15 20X8 $ 8 5. 2. 3. $ 4 Accounts receivable Inventory 12 Total current assets Long-term debt Common stock Retained carnings Total Net fixed assets 40 40 20 10 20 10 15 20 Total Sales $95, Cost of goods sold $50, Selling, general, and administrative expenses S15. Depreciation $3,Interest $2, Taxes $10 (a) Prepare a flow of funds statement for 20X9 for the Corporation (b) Prepare a cash flow statement using the indircct method for Corporation.
Item Prior year Current year Accounts payable 8,109.00 7,758.00 Accounts receivable 6,059.00 6,782.00 Accruals 1,036.00 1,609.00 Cash ??? ??? Common Stock 11,891.00 11,189.00 COGS 12,683.00 18,018.00 Current portion long-term debt 4,980.00 4,993.00 Depreciation expense 2,500 2,813.00 Interest expense 733 417 Inventories 4,192.00 4,777.00 Long-term debt 13,329.00 13,523.00 Net fixed assets 50,636.00 54,376.00 Notes payable 4,329.00 9,999.00 Operating expenses (excl. depr.) 13,977 18,172 Retained earnings 28,278.00 29,801.00 Sales 35,119 47,221.00 Taxes 2,084 2,775 What is the firm's cash flow from investing?
Sherwood, Inc., had the following current assets and current liabilities at the end of two recent years: Year 2(in millions) Year 1(in millions) Cash and cash equivalents $4,165 $4,528 Short-term investments, at cost 2,958 8,408 Accounts and notes receivable, net 9,404 8,624 Inventories 1,771 787 Prepaid expenses and other current assets 590 291 Short-term obligations (liabilities) 315 3,342 Accounts payable and other current liabilities 7,453 6,813 a. Determine the (1) current ratio and (2) quick ratio for both years. Round to one decimal place. Year 2 Year 1 Current ratio fill in the blank 1 fill in the blank 2 Quick ratio fill in the blank 3 fill in the blank 4
Best Buy Co., Inc.Balance SheetAt January 30, 2016($ in millions)AssetsCurrent assets:Cash and cash equivalents $ 1,976Short-term investments 1,305Accounts receivable, net 1,162Merchandise inventories 5,051Other current assets 392Total current assets 9,886Long-term assets 3,633Total assets $13,519Liabilities and Shareholders’ EquityCurrent liabilities:Accounts payable $ 4,450Other current liabilities 2,475Total current liabilities 6,925Long-term liabilities 2,216Shareholders’ equity 4,378Total liabilities and shareholders’ equity $13,519Best Buy Co., Inc.Income StatementFor the Year Ended January 30, 2016($ in millions)Revenues $ 39,528 Costs and expenses 38,153Operating income 1,375 Other income (expense)* (65)Income before income taxes 1,310 Income tax expense 503Net income $ 807*Includes $80 of interest expense.Liquidity and solvency ratios for the industry are as follows:Industry AverageCurrent ratio 1.23Acid-test ratio 0.60Debt to equity 0.70Times interest earned 5.66…
Accounting Item Prior year Current year Accounts payable 8,191.00 7,813.00 Accounts receivable 6,005.00 6,798.00 Accruals 1,036.00 1,622.00 Cash ??? ??? Common Stock 10,961.00 12,712.00 COGS 12,797.00 18,122.00 Current portion long-term debt 4,914.00 5,086.00 Depreciation expense 2,500 2,842.00 Interest expense 733 417 Inventories 4,175.00 4,807.00 Long-term debt 13,319.00 14,034.00 Net fixed assets 51,854.00 54,984.00 Notes payable 4,372.00 9,863.00 Operating expenses (excl. depr.) 13,977 18,172 Retained earnings 28,779.00 29,650.00 Sales 35,119 47,875.00 Taxes 2,084 2,775 What is the firm's cash flow from operations,financing and investing?
View Policies Current Attempt in Progress The comparative statement of financial position for Sunland Corporation shows the following noncash current asset and liability accounts at March 31: 2021 2020 Accounts receivable $65,000 $42,000 Inventory 80,000 63,500 Accounts payable 35,000 44,000 Dividends payable 1,400 2,400 Sunland's statement of income reported the following selected information for the year ended March31, 2021: net income was $270,000, depreciation expense was $65,000, and a loss on the disposal of land was $15,000. Sunland uses a perpetual inventory system. Calculate net cash provided (used) by operating activities using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) SUNLAND CORPORATION Statement of Cash Flows (Partial) Operating activities Adjustments to reconcile net income to

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Adieu Company reported the following current assets and current liabilities for two recent years: Dec. 31, 20Y4 Dec. 31, 20Y3 Cash $1,050 $1,070