Puck Enterprises Consolidated Income Statements (millions of dollars except per share data) December 31 2026 2025 2024 Revenues $19,233 $17,927 $16,115 Costs and expenses: Cost of retail sales, buying, and occupancy $14,164 $13,129 $11,751 Selling, publicity, and administration 3,175 2,978 2,801 Depreciation 498 459 410 Interest expense, net 446 437 398 Taxes other than income taxes 343 313 283 Total costs and expenses $18,626 $17,316 $15,643 Earnings before income taxes $607 $611 $472 Provision for income taxes 232 228 171 Net earnings $375 $383 $301 Puck Enterprises Consolidated Balance Sheet (Millions of dollars) December 31, 2026 2025 Assets Current assets: Cash and cash equivalents $321 $117 Accounts receivable 1,536 1,514 Merchandise inventories 2,497 2,618 Other 157 165 Total current assets $4,511 $4,414 Property and equipment: Land $1,120 $998 Buildings and improvements 4,753 4,342 Fixtures and equipment 2,162 2,197 Construction-in-progress 248 223 Accumulated depreciation (2,336) (2,197) Net property and equipment $5,947 $5,563 Other 320 360 Total assets $10,778 $10,337 Liabilities and Stockholders’ Equity Current liabilities: Notes payable $200 $23 Accounts payable 1,654 1,596 Accrued liabilities 903 849 Income taxes payable 145 125 Current portion of long-term debt 173 371 Total current liabilities $3,075 $2,964 Long-term debt 4,279 4,330 Deferred income taxes and other 536 450 Loan to ESOP (217) (267) Total liabilities $7,673 $7,477 Stockholders' equity: Preferred stock $368 $374 Common stock 72 71 Additional paid-in capital - common 73 58 Retained earnings 2,592 2,357 Total stockholders' equity $3,105 $2,860 Total liabilities and stockholders' equity $10,778 $10,337 Required: 1. Compute the four short-term liquidity ratios for 2025 and 2026 assuming operating cash flows are $281 million and $500 million, respectively. Round your answers to two decimal places. 2026 2025 Current ratio fill in the blank 1 of 8 1.47 fill in the blank 2 of 8 1.49 Quick ratio fill in the blank 3 of 8 0.60 fill in the blank 4 of 8 0.55 Cash ratio fill in the blank 5 of 8 0.10 fill in the blank 6 of 8 0.04 Operating cash flow ratio fill in the blank 7 of 8 fill in the blank 8 of 8

Puck Enterprises Consolidated Income Statements (millions of dollars except per share data) December 31 2026 2025 2024 Revenues $19,233 $17,927 $16,115 Costs and expenses: Cost of retail sales, buying, and occupancy $14,164 $13,129 $11,751 Selling, publicity, and administration 3,175 2,978 2,801 Depreciation 498 459 410 Interest expense, net 446 437 398 Taxes other than income taxes 343 313 283 Total costs and expenses $18,626 $17,316 $15,643 Earnings before income taxes $607 $611 $472 Provision for income taxes 232 228 171 Net earnings $375 $383 $301 Puck Enterprises Consolidated Balance Sheet (Millions of dollars) December 31, 2026 2025 Assets Current assets: Cash and cash equivalents $321 $117 Accounts receivable 1,536 1,514 Merchandise inventories 2,497 2,618 Other 157 165 Total current assets $4,511 $4,414 Property and equipment: Land $1,120 $998 Buildings and improvements 4,753 4,342 Fixtures and equipment 2,162 2,197 Construction-in-progress 248 223 Accumulated depreciation (2,336) (2,197) Net property and equipment $5,947 $5,563 Other 320 360 Total assets $10,778 $10,337 Liabilities and Stockholders’ Equity Current liabilities: Notes payable $200 $23 Accounts payable 1,654 1,596 Accrued liabilities 903 849 Income taxes payable 145 125 Current portion of long-term debt 173 371 Total current liabilities $3,075 $2,964 Long-term debt 4,279 4,330 Deferred income taxes and other 536 450 Loan to ESOP (217) (267) Total liabilities $7,673 $7,477 Stockholders' equity: Preferred stock $368 $374 Common stock 72 71 Additional paid-in capital - common 73 58 Retained earnings 2,592 2,357 Total stockholders' equity $3,105 $2,860 Total liabilities and stockholders' equity $10,778 $10,337 Required: 1. Compute the four short-term liquidity ratios for 2025 and 2026 assuming operating cash flows are $281 million and $500 million, respectively. Round your answers to two decimal places. 2026 2025 Current ratio fill in the blank 1 of 8 1.47 fill in the blank 2 of 8 1.49 Quick ratio fill in the blank 3 of 8 0.60 fill in the blank 4 of 8 0.55 Cash ratio fill in the blank 5 of 8 0.10 fill in the blank 6 of 8 0.04 Operating cash flow ratio fill in the blank 7 of 8 fill in the blank 8 of 8

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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