MIRABEL CORPORATION Statement of Financial Position July 31, 2020 Cash.... Receivables. Inventory.. Property, plant and equipment (net).. $ 49,000 143,900 167,800 682,800 Total assets... Current liabilities. Non-current liabilities. Common shares. Retained earnings.. Total liabilities and shareholders' equity.. Calculate the current ratio (use up to two decimal places) $1,043,500 $ 131,000 450,000 250,000 212,500 $1,043,500

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Mirabel Corporation's financial statements for 2020 follow:
Sales......
Cost of goods sold.
Gross profit....
Operating expenses.
Income before taxes.
Income taxes..
Net income..
MIRABELCORPORATION
Statement of Income
For the Year Ended July 31, 2020
Cash.
Receivables.
Inventory......
MIRABEL CORPORATION
Statement of Financial Position
July 31, 2020
Property, plant and equipment (net).
Total assets.
Current liabilities.
Non-current liabilities.
Common shares.
Retained earnings..
Total liabilities and shareholders' equity.
Calculate the current ratio (use up to two decimal places)
$1,575,000
(976,500)
598,500
(236,250)
362,250
(144,900)
$217,350
49,000
143,900
167,800
682,800
$1,043,500
$ 131,000
450,000
250,000
212,500
$1,043,500
Transcribed Image Text:Mirabel Corporation's financial statements for 2020 follow: Sales...... Cost of goods sold. Gross profit.... Operating expenses. Income before taxes. Income taxes.. Net income.. MIRABELCORPORATION Statement of Income For the Year Ended July 31, 2020 Cash. Receivables. Inventory...... MIRABEL CORPORATION Statement of Financial Position July 31, 2020 Property, plant and equipment (net). Total assets. Current liabilities. Non-current liabilities. Common shares. Retained earnings.. Total liabilities and shareholders' equity. Calculate the current ratio (use up to two decimal places) $1,575,000 (976,500) 598,500 (236,250) 362,250 (144,900) $217,350 49,000 143,900 167,800 682,800 $1,043,500 $ 131,000 450,000 250,000 212,500 $1,043,500
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