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- Following are the current asset and current liability sections of the balance sheets for Freedom Inc. at January 31, 2020 and 2019 (in millions): Current Assets Cash Accounts receivable Inventories Total current assets Current Liabilities Note payable Accounts payable Other accrued liabilities Total current liabilities January 31, 2020 Working capital Current ratio 6 EL EL $ 21 $ 15 January 31, 2019 01/31/2020 01/31/2019 9 18 $ 25 Required: a. Calculate the working capital and current ratio at each balance sheet date. (Enter "Working capital" in millions of dollars (1.e.. 10,000,000 should be entered as 10). Round your "Current ratio" to 2 decimal places.) $12 b. Evaluate the firm's liquidity at each balance sheet date. Based on the working capital and current ratio measures, the firm has become more liquid over the 2-year period. O Based on the working capital and current ratio measures, the firm has become less liquid over the 2-year period. c. Assume that the firm operated at a loss…What is the amount of king's claims?If current assets are $112,000 and current liabilities are $56,000, what is the current ratio?
- The following information is available for J Ltd. for the year ended 2021: Net working capital Long-term debt Total assets Fixed assets Calculate the amount of the total liabilities. $6,880 $4,970 $2,480 $460 $4,970 $8,390 $5,910 $6,990Total Debt = 800,000; Income before Income Taxes and Interest Expense = 100,000; Total Assets = 1,000,000. How much is the Debt to Total Assets Ratio?Following are the current asset and current liability sections of the balance sheets for Freedom Inc. at January 31, 2020 and 2019 (in millions): January 31, 2020 January 31, 2019 Current Assets Cash $ 11 $ 8 Accounts receivable 6 9 Inventories 7 11 Total current assets $ 24 $ 28 Current Liabilities Note payable $ 6 $ 6 Accounts payable 6 3 Other accrued liabilities 5 5 Total current liabilities $ 17 $ 14 Required:a. Calculate the working capital and current ratio at each balance sheet date. (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.)
- Which of the following will be classified as a current liability? O a. Two-year noțes payable O b. Unearned rent Oc. Bonds payable Od. Mortgage loanIf total liabilities amount to P2,196,000 which is 60% of the total assets, then _____ is the total assets of the business.Which of the following provides information about how many months of living expenses you can cover with your present level of liquid assets? OA Liquidity Ratio O B. Current Ratio OC. Savings Ratio OD. Debt-to Asset Ratio
- In its December 31, 2020, balance sheet Oakley Corporation reported as an asset, “Net notes and accounts receivable, $7,100,000.” What other disclosures are necessary?The income statement of Armenia Corporation for 2020 included the following items: Interest income P2,101,000; Salaries expense 1,650,000; Insurance expense 277,200. The following balances have been excerpted from Armenia Corporation's statements of financial position for the year ended 12/31/2019 and 12/31/2020 respectively. Accrued interest receivable P165,000 P200,200; Accrued salaries payable 92,400 195,800; Prepaid insurance 33,000 24,200; Requirement #2: The cash paid for salaries during 2020 was Choices; P1,753,400 P1,557,600 P1,845,800 P1,546,600The following data were taken from Mesa Company's balance sheet: Dec. 31, 2019 Dec. 31,2018 $518,000 Total liabilities $547,800 Total owner's equity 415,000 370,000 a. Compute the ratio of liabilities to owner's equity b. Has the creditor's risk increased or decreased from December 31, 2018, to December 31, 2019?
