Current Ratio Gungor Inc. reported the following current accounts at the end of two recent years: December 31, 2017 December 31, 2016 $3,000 $6,000 15,000 10,000 12,000 12,000 2,000 6,000 Cash Accounts receivable Inventory Accounts payable Wages payable Notes payable Required: 1. The current ratio for December 31, 2017 and for December 31, 2016, respectively are: 2. Gungor's liquidity has the 8,000 7,000 1,000 4,000 at the end of 2017 compared to the end of 2016 due to D in current liabilities, 3. The change in composition of the company's current assets at the end of 2017 compared to the end of 2016 reflects) accounts receivable and inventory. increasing by cash and
Current Ratio Gungor Inc. reported the following current accounts at the end of two recent years: December 31, 2017 December 31, 2016 $3,000 $6,000 15,000 10,000 12,000 12,000 2,000 6,000 Cash Accounts receivable Inventory Accounts payable Wages payable Notes payable Required: 1. The current ratio for December 31, 2017 and for December 31, 2016, respectively are: 2. Gungor's liquidity has the 8,000 7,000 1,000 4,000 at the end of 2017 compared to the end of 2016 due to D in current liabilities, 3. The change in composition of the company's current assets at the end of 2017 compared to the end of 2016 reflects) accounts receivable and inventory. increasing by cash and
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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PLEASE PROVIDE SOLUTION IN TEXT AND TABLE WITH INTRODUCTION OF CURRENT RATIO AND OTHERS DEFINA
Transcribed Image Text:Current Ratio
Gungor Inc. reported the following current accounts at the end of two recent years:
December 31, 2017 December 31, 2016
$3,000
$6,000
15,000
10,000
12,000
12,000
2,000
6,000
Cash
Accounts receivable
Inventory
Accounts payable
Wages payable
Notes payable
Required:
1. The current ratio for December 31, 2017 and for December 31, 2016, respectively are:
2. Gungor's liquidity has
the
8,000
7,000
1,000
4,000
at the end of 2017 compared to the end of 2016 due to
in current liabilities,
3. The change in composition of the company's current assets at the end of 2017 compared to the end of 2016 reflects)
accounts receivable and inventory.
increasing by
cash and
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