Brock Company's financial information is listed below. Assume that all balance sheet amounts represent both average and ending balance figures and that all sales were on credit.What is the current ratio? Round your answer to two decimal places. AssetsCash and short-term investments$44,726Accounts receivable (net)31,527Inventory31,498Property, plant, and equipment280,405Total assets$388,156Liabilities and Stockholders' EquityCurrent liabilities$68,954Long-term liabilities93,106Common stock, $10 par53,990Retained earnings172,106Total liabilities and stockholders' equity$388,156Income StatementSales$96,733Cost of goods sold43,530Gross margin$53,203Operating expenses26,313Net income$26,890Number of shares of common stock5,399Market price of common stock$27

Name: Brock Company's financial information is listed below. Assume that all
Uploaded: 2022-11-18T00:26:54.000Z
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Description: Brock Company's financial information is listed below. Assume that all balance sheet amounts represent both average and ending balance figures and that all sales were on credit.What is the current ratio? Round your answer to two decimal places. Asset

Current Ratio = Current AssetsCurrent Liabilities

Answered: Brock Company's financial information…

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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Brock Company's financial information is listed below. Assume that all balance sheet amounts represent both average and ending balance figures and that all sales were on credit.

What is the current ratio? Round your answer to two decimal places.

Assets
Cash and short-term investments
$44,726
Accounts receivable (net)
31,527
Inventory
31,498
Property, plant, and equipment
280,405
Total assets
$388,156
Liabilities and Stockholders' Equity
Current liabilities
$68,954
Long-term liabilities
93,106
Common stock, $10 par
53,990
Retained earnings
172,106
Total liabilities and stockholders' equity
$388,156
Income Statement
Sales
$96,733
Cost of goods sold
43,530
Gross margin
$53,203
Operating expenses
26,313
Net income
$26,890
Number of shares of common stock
5,399
Market price of common stock
$27

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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