JUST DEW IT CORPORATION 2017 and 2018 Balance SheetsAssetsLiabilities and Owners' Equity 20172018 20172018 Current assets Current liabilities Cash$ 10,400 $ 10,450 Accounts payable$ 72,250 $ 62,750 Accounts receivable28,000 27,200 Notes payable47,000 47,750 Inventory63,900 63,100 Total $ 119,250 $ 110,500 Total $ 102,300 $ 100,750 Long-term debt$ 63,000 $ 64,700 Owners' equity Common stock and paid-in surplus$ 83,000 $ 83,000 Fixed assets Retained earnings 157,050 190,550 Net plant and equipment$ 320,000 $ 348,000 Total$ 240,050 $ 273,550 Total assets $ 422,300 $ 448,750 Total liabilities and owners' equity $ 422,300 $ 448,750 Based on the balance sheets given for Just Dew It, calculate the following financial ratios for the year 2017. a. Current ratio
Just Dew It Corporation reports the following
JUST DEW IT CORPORATION
2017 and 2018 Balance SheetsAssetsLiabilities and Owners' Equity 20172018 20172018 Current assets Current liabilities Cash$ 10,400 $ 10,450 Accounts payable$ 72,250 $ 62,750 Accounts receivable28,000 27,200 Notes payable47,000 47,750 Inventory63,900 63,100 Total
$ 119,250
$ 110,500
Total
$ 102,300
$ 100,750
Long-term debt$ 63,000 $ 64,700 Owners' equity Common stock and paid-in surplus$ 83,000 $ 83,000 Fixed assets
157,050
190,550
Net plant and equipment$ 320,000 $ 348,000 Total$ 240,050 $ 273,550 Total assets
$ 422,300
$ 448,750
Total liabilities and
owners' equity
$ 422,300
$ 448,750
| Based on the balance sheets given for Just Dew It, calculate the following financial ratios for the year 2017. |
| a. | Current ratio |
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