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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Showing
Assets
Current Assets
Cash
Accounts receivable
Inventories
Other current assets
Long-Term Assets
Land
Buildings
Equipment
Less accumulated
depreciation
Net property, plant, and
equipment
2012 2011
Total current assets 171.0 144.0
63.6 58.5
39.6
Total Assets
55.5
45.9 42.9
6.0 3.0
66.6
62.1
109.5 91.5
119.1 99.6
(56.1) (52.5)
239.1 200.7
Goodwill
60.0
Other long-term assets
63.0
42.0
Total long-term assets 362.1 242.7
--
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
liabilities
Total liabilities
Stockholders' Equity
2012 2011
Total liabilities and
Stockholders' Equity
87.6
liabilities 144.0 132.0
10.5
39.9 36.9
6.0 12.0
73.5
9.6
239.7 168.9
22.8
239.7 168.9
---
Calculate:
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
262.5 191.1
406.5 323.1
126.6
63.6
533.1 386.7
Transcribed Image Text:Showing Assets Current Assets Cash Accounts receivable Inventories Other current assets Long-Term Assets Land Buildings Equipment Less accumulated depreciation Net property, plant, and equipment 2012 2011 Total current assets 171.0 144.0 63.6 58.5 39.6 Total Assets 55.5 45.9 42.9 6.0 3.0 66.6 62.1 109.5 91.5 119.1 99.6 (56.1) (52.5) 239.1 200.7 Goodwill 60.0 Other long-term assets 63.0 42.0 Total long-term assets 362.1 242.7 -- 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 liabilities Total liabilities Stockholders' Equity 2012 2011 Total liabilities and Stockholders' Equity 87.6 liabilities 144.0 132.0 10.5 39.9 36.9 6.0 12.0 73.5 9.6 239.7 168.9 22.8 239.7 168.9 --- Calculate: 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 22.2 262.5 191.1 406.5 323.1 126.6 63.6 533.1 386.7
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