Current assets: Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Total current liabilities The current ratio at the end of Year 2 is closest to: Multiple Choice O Sales on account in Year 2 amounted to $1,510 and the cost of goods sold was $900. O O 0.56 1.32 0.62 Year 2 1.27 $ 102 124 206 52 484 $368 Year 1 $ 132 134 196 52 514 $ 350

Current assets: Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Total current liabilities The current ratio at the end of Year 2 is closest to: Multiple Choice O Sales on account in Year 2 amounted to $1,510 and the cost of goods sold was $900. O O 0.56 1.32 0.62 Year 2 1.27 $ 102 124 206 52 484 $368 Year 1 $ 132 134 196 52 514 $ 350

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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Following is an incomplete current-year income statement. Determine Net Sales, Cost of goods sold and Net Income. Additional information follows: Return on total assets is 16% (average total assets is $62,500). Inventory turnover is 5 (average inventory is $7,800). Accounts receivable turnover is 8 (average accounts receivable is $7,700). Income Statement Net Sales Cost of goods sold Selling, general, and administrative expenses 8800 Income tax expenses 3800 Net Income
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Subject: acounting