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RATIO CORPORATION BALANCE SHEET December 31 ASSETS 2021 2020 Current Assets Cash $20,000 $18,000 8,000 30,000 4,000 $80,000 $10,000 $13,000 5,000 25,000 5,000 $58,000 Marketable Securities Accounts Receivable Merchandise Inventory Other Current Assets Total Current Assets Noncurrent Assets Buildings and Equipment (cost) $550,000 (210,000) $340,000 $420,000 $500,000 (200,000) $300,000 $358,000 Accumulated Depreciation Buildings and Equipment (net) TOTAL ASSETS LIABILITIES & SHAREHOLDERS EQUITY Current Liabilities Accounts Payable Wages Payable Other Payables $18,000 11,000 9,000 $38,000 $15,000 1,000 12,000 $28,000 Total Current Liabilities Noncurrent Liabilities Bonds Payable $208,000 $246,000 $160,000 $188,000 TOTAL LIABILITIES

RATIO CORPORATION BALANCE SHEET December 31 ASSETS 2021 2020 Current Assets Cash $20,000 $18,000 8,000 30,000 4,000 $80,000 $10,000 $13,000 5,000 25,000 5,000 $58,000 Marketable Securities Accounts Receivable Merchandise Inventory Other Current Assets Total Current Assets Noncurrent Assets Buildings and Equipment (cost) $550,000 (210,000) $340,000 $420,000 $500,000 (200,000) $300,000 $358,000 Accumulated Depreciation Buildings and Equipment (net) TOTAL ASSETS LIABILITIES & SHAREHOLDERS EQUITY Current Liabilities Accounts Payable Wages Payable Other Payables $18,000 11,000 9,000 $38,000 $15,000 1,000 12,000 $28,000 Total Current Liabilities Noncurrent Liabilities Bonds Payable $208,000 $246,000 $160,000 $188,000 TOTAL LIABILITIES

FINANCIAL ACCOUNTING
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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What is Ratio Corporation's Quick Ratio at 12/31/2021?

 
 

2.11
 

1.21
 

2.22
 

None of these options
RATIO CORPORATION BALANCE SHEET December 31 ASSETS 2021 2020 Current Assets $20,000 $18,000 8,000 30,000 4,000 $80,000 Cash $10,000 $13,000 5,000 25,000 5,000 $58,000 Marketable Securities Accounts Receivable Merchandise Inventory Other Current Assets Total Current Assets Noncurrent Assets Buildings and Equipment (cost) $550,000 (210,000) $340,000 $420,000 $500,000 (200,000) $300,000 $358,000 Accumulated Depreciation Buildings and Equipment (net) TOTAL ASSETS LIABILITIES & SHAREHOLDERS EQUITY Current Liabilities Accounts Payable Wages Payable Other Payables $18,000 11,000 9,000 $38,000 $15,000 1,000 12,000 $28,000 Total Current Liabilities Noncurrent Liabilities Bonds Payable $208,000 $246,000 $160,000 $188,000 TOTAL LIABILITIES
Transcribed Image Text:RATIO CORPORATION BALANCE SHEET December 31 ASSETS 2021 2020 Current Assets $20,000 $18,000 8,000 30,000 4,000 $80,000 Cash $10,000 $13,000 5,000 25,000 5,000 $58,000 Marketable Securities Accounts Receivable Merchandise Inventory Other Current Assets Total Current Assets Noncurrent Assets Buildings and Equipment (cost) $550,000 (210,000) $340,000 $420,000 $500,000 (200,000) $300,000 $358,000 Accumulated Depreciation Buildings and Equipment (net) TOTAL ASSETS LIABILITIES & SHAREHOLDERS EQUITY Current Liabilities Accounts Payable Wages Payable Other Payables $18,000 11,000 9,000 $38,000 $15,000 1,000 12,000 $28,000 Total Current Liabilities Noncurrent Liabilities Bonds Payable $208,000 $246,000 $160,000 $188,000 TOTAL LIABILITIES
Shareholders' Equity Common Stock $4,000 $70,000 100,000 $174,000 $2,000 $50,000 118,000 $170,000 APIC Retained Earnings Total Shareholders' Equity TOTAL LIAB. & SHAREHOLDERS' EQUITY $420,000 $358,000 RATIO CORPORATION INCOME STATEMENT Year End 12/31/2021 $1,000,000 (800,000) 200,000 (20,000) 180,000 (40,000) 140,000 (56,000) $84,000 Net Sales CGS Profit Margin SG&A Operating Income Interest Expense Pre-Tax Income Тах Expense @ 40% Net Income
Transcribed Image Text:Shareholders' Equity Common Stock $4,000 $70,000 100,000 $174,000 $2,000 $50,000 118,000 $170,000 APIC Retained Earnings Total Shareholders' Equity TOTAL LIAB. & SHAREHOLDERS' EQUITY $420,000 $358,000 RATIO CORPORATION INCOME STATEMENT Year End 12/31/2021 $1,000,000 (800,000) 200,000 (20,000) 180,000 (40,000) 140,000 (56,000) $84,000 Net Sales CGS Profit Margin SG&A Operating Income Interest Expense Pre-Tax Income Тах Expense @ 40% Net Income
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