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Calculate the current ratio. (Do NOT enter your answer as a percentage (i.e., do not move the decimal two places to the right). Enter it as a proportion rounded to the nearest hundredth.)

Calculate the current ratio. (Do NOT enter your answer as a percentage (i.e., do not move the decimal two places to the right). Enter it as a proportion rounded to the nearest hundredth.)

Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Fcon&ex ternal_browser=0&launchUrl=https%253A%252F%252Fblackboard.waketech.edu%252Fwebapps%252Fportal% December 31, 2019 and 2020 2020 2019 Assets Current assets: Cash $12,800 17,300 9,300 24,800 $64,200 $ $ 9,800 13,300 14,800 10,800 Accounts receivable Merchandise inventory Prepaid expenses Total current assets Plant and equipment: Building (net) Land $15,300 $11, 800 14,300 $29,600 $93,800 9,800 $ 21, 600 $ 70,300 Total plant and equipment Total assets Liabilities Current liabilities: Accounts payable Salaries payable Total current liabilities $13,800 7,800 $21,600 $ 13, 600 $ 7,800 5,800 Long-term liabilities: Mortgage note payable Total liabilities 22,700 21, 400 $44,300 $35, 000 Stockholders' Equity $21,800 27,700 $49,500 $ 35,300 $93,800 $ 70, 300 Common stock $ 21, 800 Retained earnings 13,500 Total stockholders' equity Total liabilities and stockholders' equity Calculate the current ratio. (Do NOT enter your answer as a percentage (i.e., do not move the decimal two places to the right). Enter it as a proportion rounded to the nearest hundredth.) 2020 2019 Current ratio
Transcribed Image Text:Fcon&ex ternal_browser=0&launchUrl=https%253A%252F%252Fblackboard.waketech.edu%252Fwebapps%252Fportal% December 31, 2019 and 2020 2020 2019 Assets Current assets: Cash $12,800 17,300 9,300 24,800 $64,200 $ $ 9,800 13,300 14,800 10,800 Accounts receivable Merchandise inventory Prepaid expenses Total current assets Plant and equipment: Building (net) Land $15,300 $11, 800 14,300 $29,600 $93,800 9,800 $ 21, 600 $ 70,300 Total plant and equipment Total assets Liabilities Current liabilities: Accounts payable Salaries payable Total current liabilities $13,800 7,800 $21,600 $ 13, 600 $ 7,800 5,800 Long-term liabilities: Mortgage note payable Total liabilities 22,700 21, 400 $44,300 $35, 000 Stockholders' Equity $21,800 27,700 $49,500 $ 35,300 $93,800 $ 70, 300 Common stock $ 21, 800 Retained earnings 13,500 Total stockholders' equity Total liabilities and stockholders' equity Calculate the current ratio. (Do NOT enter your answer as a percentage (i.e., do not move the decimal two places to the right). Enter it as a proportion rounded to the nearest hundredth.) 2020 2019 Current ratio
LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2019 and 2020 2020 2019 Gross sales $20,600 $16,200 Sales returns and allowances 800 100 Net sales $19,800 11,600 $ 8,200 $16,100 8,600 $ 7,500 Cost of merchandise (goods) sold Gross profit Operating expenses: Depreciation Selling and administrative Research Miscellaneous Total operating expenses Income before interest and taxes Interest expense 860 680 3,400 2,800 710 580 520 380 sa $5,490 $ 2,710 $ 4,440 $ 3,060 720 580 Income before taxes $ 1,990 $2,480 992 Provision for taxes 796 Net income $ 1,194 $ 1,488 LOGIC COMPANY Comparative Balance Sheet December 31, 2019 and 2020 2020 2019 Assets Current assets: Cash Accounts receivable Merchandise inventory Prepaid expenses Total current assets Plant and equipment: Building (net) $12,800 17,300 9,300 24,800 $64, 200 $ 48, 700 $ 9,800 13,300 14,800 10,800 $15,300 14,300 $11, 800 9,800 Land acer Σ %24 %24
Transcribed Image Text:LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2019 and 2020 2020 2019 Gross sales $20,600 $16,200 Sales returns and allowances 800 100 Net sales $19,800 11,600 $ 8,200 $16,100 8,600 $ 7,500 Cost of merchandise (goods) sold Gross profit Operating expenses: Depreciation Selling and administrative Research Miscellaneous Total operating expenses Income before interest and taxes Interest expense 860 680 3,400 2,800 710 580 520 380 sa $5,490 $ 2,710 $ 4,440 $ 3,060 720 580 Income before taxes $ 1,990 $2,480 992 Provision for taxes 796 Net income $ 1,194 $ 1,488 LOGIC COMPANY Comparative Balance Sheet December 31, 2019 and 2020 2020 2019 Assets Current assets: Cash Accounts receivable Merchandise inventory Prepaid expenses Total current assets Plant and equipment: Building (net) $12,800 17,300 9,300 24,800 $64, 200 $ 48, 700 $ 9,800 13,300 14,800 10,800 $15,300 14,300 $11, 800 9,800 Land acer Σ %24 %24
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