Cricket Training Company has a current ratio of 0.80 to 1, based on current assets of $6.64 million and current liabilities of $8.30 million. 1. How, if at all, will a $880,000 cash purchase of inventory affect the current ratio? 2. How, if at all, will a $880,000 purchase of inventory on account affect the current ratio? Complete this question by entering your answers in the tabs below. Required 1 Required 2 6000

Cricket Training Company has a current ratio of 0.80 to 1, based on current assets of $6.64 million and current liabilities of $8.30 million. 1. How, if at all, will a $880,000 cash purchase of inventory affect the current ratio? 2. How, if at all, will a $880,000 purchase of inventory on account affect the current ratio? Complete this question by entering your answers in the tabs below. Required 1 Required 2 6000

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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Complete the following table for the requested ratios and account balgces." 2010 $ 5,200 2011 $ ???? « 2014 $1,700 $3,000 - 2012e 2013e 2015e e Cash $ 5,800 - $4,200 Accounts receivable 1,600 - 100 € ???? 4,200 7,600 2,200 Inventory 2,800 • 7,300 € 8,400 9,900 ???? 8,700 Prepayments 300 2,000 8,500 ???? 8,100 2,600 Total current assets $9,900 $???? $???? $???? $???? $16,500 Accounts payable $1,800 $8,500 $5,800 $4,700 $8,900 • $????4 Accrued liabilities 2,000 2,000 € 3,400 « 5,700 • 1,600 4,000 Wages payable 1,500 5,200 2,200 5,600 9,100 7,900 Total current liabilities $5,300 $15,700 $11,400 $16,000 $19,600 ????4 Current ratio ???? 1.07 ???? 1.76 1.09€ ???? Quick ratio ???? 0.48€ 1.31€ ???? ???? 0.26
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