Burt's TVs has current liabilities of $24.2 million. Cash makes up 33 percent of the current assets and accounts receivable make up another 13 percent of current assets. Burt's current ratio = 1.03 times. What is the value of inventory listed on the firm's balance sheet?

Burt's TVs has current liabilities of $24.2 million. Cash makes up 33 percent of the current assets and accounts receivable make up another 13 percent of current assets. Burt's current ratio = 1.03 times. What is the value of inventory listed on the firm's balance sheet?

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 6MCQ

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Question

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What is the value of inventory listed on the firm's balance sheet?

Burt's TVs has current liabilities of $24.2
million. Cash makes up 33 percent of the
current assets and accounts receivable
make up another 13 percent of current
assets. Burt's current ratio = 1.03 times.
What is the value of inventory listed on
the firm's balance sheet?

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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