The following data were taken from the balance sheet of Albertini Company at the end of two recent fiscal years:### Current Assets:- **Cash:** - Current Year: $418,000 - Previous Year: $345,600- **Marketable Securities:** - Current Year: $484,000 - Previous Year: $388,800- **Accounts and Notes Receivable (net):** - Current Year: $198,000 - Previous Year: $129,600- **Inventories:** - Current Year: $290,000 - Previous Year: $87,800- **Prepaid Expenses:** - Current Year: $149,600 - Previous Year: $56,200- **Total Current Assets:** - Current Year: $1,540,000 - Previous Year: $1,008,000### Current Liabilities:- **Accounts and Notes Payable (short-term):** - Current Year: $319,000 - Previous Year: $336,000- **Accrued Liabilities:** - Current Year: $231,000 - Previous Year: $144,000- **Total Current Liabilities:** - Current Year: $550,000 - Previous Year: $480,000### Tasks:a. Determine for each year (1) the **working capital**, (2) the **current ratio**, and (3) the **quick ratio**. **Round ratios to one decimal place.**1. **Working Capital** - Current Year: - Previous Year: 2. **Current Ratio** - Current Year: - Previous Year: 3. **Quick Ratio** - Current Year: - Previous Year: b. The liquidity of Albertini has _______ from the preceding year to the current year. The working capital, current ratio, and quick ratio have all _______. Most of these changes are the result of an _______ in current assets relative to current liabilities.Note: The blank spaces are provided for students to fill in the calculated values and analysis based on the given data.

Current Year Previous Year Current assets: Cash $418.000 $345.600 Marketable securities 484.000 388.800 Accounts and notes receivable (net) 198,000 129,600 Inventories 290,400 87.800 Prepaid expenses 149.600 56.200 Total current assets $1.540.000 $1.008.000 Current liabilities: Accounts and notes payable (short-term) $319.000 $336.000 Accrued liabilities 231.000 144,000 Total current liabilities $550.000 $480.000 . Determine for each year (1) the working capital, (2) the current ratio, and (3) the quick ratio. Round ratios to one decimal place. Current Year Previous Year -- Working capital E. Current ratio . Quick ratio - The liquidity of Albertini has - from the preceding year to the current year. The working capital, current ratio, and quick ratio have all . Most of these changes are the result of an in current assets relative to current liabilities.

Current Year Previous Year Current assets: Cash $418.000 $345.600 Marketable securities 484.000 388.800 Accounts and notes receivable (net) 198,000 129,600 Inventories 290,400 87.800 Prepaid expenses 149.600 56.200 Total current assets $1.540.000 $1.008.000 Current liabilities: Accounts and notes payable (short-term) $319.000 $336.000 Accrued liabilities 231.000 144,000 Total current liabilities $550.000 $480.000 . Determine for each year (1) the working capital, (2) the current ratio, and (3) the quick ratio. Round ratios to one decimal place. Current Year Previous Year -- Working capital E. Current ratio . Quick ratio - The liquidity of Albertini has - from the preceding year to the current year. The working capital, current ratio, and quick ratio have all . Most of these changes are the result of an in current assets relative to current liabilities.

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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