Following are the current asset and current liability sections of the balance sheets for Aroundsquare Incorporated at August 31, 20 and 2022 (in millions): Current Assets Cash Marketable securities Accounts receivable Inventories Total current assets. Current Liabilities Note payable Accounts payable Other accrued liabilities Total current liabilities Working capital Current ratio August 31, 2023 08/31/2023 08/31/2022 10 18 25 $57 $ 4 14 13 $31 August 31, 2022 $8 14 11 11 $ 44 Required: Calculate the working capital and current ratio at each balance sheet date. Note: Enter "Working capital" in millions of dollars (i.e., 10,000,000 should be entered as 10). Round your "Current ratio" to 2 decimal places. $ 11 20 10 $ 41
Following are the current asset and current liability sections of the balance sheets for Aroundsquare Incorporated at August 31, 20 and 2022 (in millions): Current Assets Cash Marketable securities Accounts receivable Inventories Total current assets. Current Liabilities Note payable Accounts payable Other accrued liabilities Total current liabilities Working capital Current ratio August 31, 2023 08/31/2023 08/31/2022 10 18 25 $57 $ 4 14 13 $31 August 31, 2022 $8 14 11 11 $ 44 Required: Calculate the working capital and current ratio at each balance sheet date. Note: Enter "Working capital" in millions of dollars (i.e., 10,000,000 should be entered as 10). Round your "Current ratio" to 2 decimal places. $ 11 20 10 $ 41
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Following are the current asset and current liability sections of the balance sheets for Aroundsquare Incorporated at August 31, 2023
and 2022 (in millions):
Current Assets
Cash
Marketable securities
Accounts receivable
Inventories
Total current assets.
Current Liabilities
Note payable
Accounts payable
Other accrued liabilities
Total current liabilities.
Working capital
Current ratio
August 31, August 31,
2023
2022
08/31/2023 08/31/2022
10
18
25
$57
WA
14
13
$31
14
11
11
44
$ 11
20
20
Required:
Calculate the working capital and current ratio at each balance sheet date.
Note: Enter "Working capital" in millions of dollars (i.e., 10,000,000 should be entered as 10). Round your "Current ratio" to 2
decimal places.
10
$ 41
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