Assets Current Assets Cash Accounts receivable Inventories Other current assets Long-Term Assets Land Buildings Equipment Less accumulated depreciation Net property, plant, and equipment Total current assets 171.0 144.0 Goodwill Other long-term assets 2012 2011 Total Assets 63.6 58.5 Calculate: 55.5 39.6 45.9 42.9 6.0 3.0 66.6 62.1 60.0 63.0 42.0 Total long-term assets 362.1 242.7 109.5 91.5 119.1 99.6 (56.1) (52.5) 239.1 200.7 -- 533.1 386.7 Liabilities and Stockholders' Equity Current Liabilities Accounts payable Notes payable/ short-term debt Current maturities of long-term debt Other current liabilities Total current Long-Term Liabilities Long-term debt Capital lease obligations Total Debt Deferred taxes Other long-term liabilities Total long-term 2012 2011 Total liabilities Stockholders' Equity 87.6 liabilities 144.0 132.0 Total liabilities and Stockholders' Equity 10.5 39.9 36.9 6.0 12.0 73.5 9.6 239.7 168.9 22.8 239.7 168.9 --- liabilities 262.5 191.1 406.5 323.1 126.6 63.6 a) Luther's current ratio for 2012 b) Luther's quick ratio for 2011 c) What was the change in Luther's quick ratio from 2011 to 2012 22.2 533.1 386.7

Assets Current Assets Cash Accounts receivable Inventories Other current assets Long-Term Assets Land Buildings Equipment Less accumulated depreciation Net property, plant, and equipment Total current assets 171.0 144.0 Goodwill Other long-term assets 2012 2011 Total Assets 63.6 58.5 Calculate: 55.5 39.6 45.9 42.9 6.0 3.0 66.6 62.1 60.0 63.0 42.0 Total long-term assets 362.1 242.7 109.5 91.5 119.1 99.6 (56.1) (52.5) 239.1 200.7 -- 533.1 386.7 Liabilities and Stockholders' Equity Current Liabilities Accounts payable Notes payable/ short-term debt Current maturities of long-term debt Other current liabilities Total current Long-Term Liabilities Long-term debt Capital lease obligations Total Debt Deferred taxes Other long-term liabilities Total long-term 2012 2011 Total liabilities Stockholders' Equity 87.6 liabilities 144.0 132.0 Total liabilities and Stockholders' Equity 10.5 39.9 36.9 6.0 12.0 73.5 9.6 239.7 168.9 22.8 239.7 168.9 --- liabilities 262.5 191.1 406.5 323.1 126.6 63.6 a) Luther's current ratio for 2012 b) Luther's quick ratio for 2011 c) What was the change in Luther's quick ratio from 2011 to 2012 22.2 533.1 386.7

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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