Mulder Corporation's comparative balance sheets are presented below: MULDER CORPORATION Balance Sheets December 31 2017 2016 Cash $10,300 $3,900 Accounts receivable 6,200 14,400 Inventory 11,000 8,000 Land 32,000 28,000 Buildings 74,000 74,000 Accumulated depreciation - buildings (15,000) (12,000) Total $118,500 $116,300 Accounts payable $17,370 $31,100 Common stock ($5 par) 60,000 60,000 Retained Earnings 41,130 25,200 Total $118,500 $116,300 Mulder's 2017 income statement included net sales of $140,000, cost of goods sold of $80,000 and net income of $20,000. Compute the current ratio for 2017 of Mulder Corporation.
Mulder Corporation's comparative balance sheets are presented below: MULDER CORPORATION Balance Sheets December 31 2017 2016 Cash $10,300 $3,900 Accounts receivable 6,200 14,400 Inventory 11,000 8,000 Land 32,000 28,000 Buildings 74,000 74,000 Accumulated depreciation - buildings (15,000) (12,000) Total $118,500 $116,300 Accounts payable $17,370 $31,100 Common stock ($5 par) 60,000 60,000 Retained Earnings 41,130 25,200 Total $118,500 $116,300 Mulder's 2017 income statement included net sales of $140,000, cost of goods sold of $80,000 and net income of $20,000. Compute the current ratio for 2017 of Mulder Corporation.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Mulder Corporation's comparative balance sheets are presented below:
MULDER CORPORATION
Balance Sheets
December 31
2017 2016
Cash $10,300 $3,900
Inventory 11,000 8,000
Land 32,000 28,000
Buildings 74,000 74,000
Total $118,500 $116,300
Accounts payable $17,370 $31,100
Common stock ($5 par) 60,000 60,000
Total $118,500 $116,300
Mulder's 2017 income statement included net sales of $140,000, cost of goods sold of $80,000 and net income of $20,000.
Compute the
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