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Refer to the Balance Sheet, what is the company's current ratio? TABLE P3.2 Balance Sheet, Cyclone Construction Co. (31 December 2012) Assets (a) Current assets 8389,927.04 16,629.39 Cash on hand and on deposit Notes receivable, current- Accounts receivable, including retainage of $265,686.39 1,222,346.26 15,867.80 Deposits and miscellaneous receivables 26,530.14 Inventory-construction material Prepaid expenses Total 8,490.68 1,679,791.31 (b) Notes receivable, non-current 12,777.97 (c) Property Buildings 5,244.50 Construction equipment 188,289.80 Motor vehicles 37,576.04 13,596.18 Office furniture and equipment Total (d) Less accumulated depreciation 244,706.52 102,722.51 141,984.01 Net property (e) Total assets 1,834,553.29 Select the correct response: 1.41 1.79 2.07 1.38 Liabilities (f) Current liabilities Accounts payable Due subcontractors Accrued expenses and taxes Equipment contracts, current Provision for income taxes Total (g) Deferred credits Income billed on jobs in progress at 31 December 19X4 Costs incurred to 31 December 19X4 on uncompleted jobs Total current liabilities Equipment contracts, non-current (h) Total liabilities Net worth (i) Common stock, 4,610 shares Retained earnings (0) Total net worth (k) Total liabilities and net worth $306,820.29 713,991.66 50,559.69 2,838.60 97,816.66 1,171,826.90 2,728,331.36 2,718,738.01 9,593.35 1,181,420.25 7,477.72 1,188,897.97 461,000.00 184,655.32 645,655.32 1,834,553.29

Refer to the Balance Sheet, what is the company's current ratio? TABLE P3.2 Balance Sheet, Cyclone Construction Co. (31 December 2012) Assets (a) Current assets 8389,927.04 16,629.39 Cash on hand and on deposit Notes receivable, current- Accounts receivable, including retainage of $265,686.39 1,222,346.26 15,867.80 Deposits and miscellaneous receivables 26,530.14 Inventory-construction material Prepaid expenses Total 8,490.68 1,679,791.31 (b) Notes receivable, non-current 12,777.97 (c) Property Buildings 5,244.50 Construction equipment 188,289.80 Motor vehicles 37,576.04 13,596.18 Office furniture and equipment Total (d) Less accumulated depreciation 244,706.52 102,722.51 141,984.01 Net property (e) Total assets 1,834,553.29 Select the correct response: 1.41 1.79 2.07 1.38 Liabilities (f) Current liabilities Accounts payable Due subcontractors Accrued expenses and taxes Equipment contracts, current Provision for income taxes Total (g) Deferred credits Income billed on jobs in progress at 31 December 19X4 Costs incurred to 31 December 19X4 on uncompleted jobs Total current liabilities Equipment contracts, non-current (h) Total liabilities Net worth (i) Common stock, 4,610 shares Retained earnings (0) Total net worth (k) Total liabilities and net worth $306,820.29 713,991.66 50,559.69 2,838.60 97,816.66 1,171,826.90 2,728,331.36 2,718,738.01 9,593.35 1,181,420.25 7,477.72 1,188,897.97 461,000.00 184,655.32 645,655.32 1,834,553.29

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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Refer to the Balance Sheet, what is the company's current ratio? TABLE P3.2 Balance Sheet, Cyclone Construction Co. (31 December 2012) Assets (a) Current assets $389,927.04 16,629.39 Cash on hand and on deposit Notes receivable, current - Accounts receivable, including retainage of $265,686.39 1,222,346.26 15,867.80 Deposits and miscellaneous receivables 26,530.14 Inventory-construction material Prepaid expenses Total 8,490.68 1,679,791.31 (b) Notes receivable, non-current 12,777.97 (c) Property Buildings 5,244.50 Construction equipment 188,289.80 Motor vehicles 37,576.04 13,596.18 Office furniture and equipment Total 244,706.52 (d) Less accumulated depreciation 102,722.51 141,984.01 Net property (e) Total assets 1,834,553.29 Select the correct response: 1.41 1.79 207 1.38 O Liabilities (f) Current liabilities Accounts payable Due subcontractors Accrued expenses and taxes Equipment contracts, current Provision for income taxes Total (g) Deferred credits Income billed on jobs in progress at 31 December 19X4 Costs incurred to 31 December 19X4 on uncompleted jobs Total current liabilities Equipment contracts, non-current (h) Total liabilities Net worth (i) Common stock, 4,610 shares Retained earnings (0) Total net worth (k) Total liabilities and net worth $306,820.29 713,991.66 50,559.69 2,838.60 97,816.66 1,171,826.90 2,728,331.36 2,718,738.01 9,593.35 1,181,420.25 7,477.72 1,188,897.97 461,000.00 184,655.32 645,655.32 1,834,553.29
Transcribed Image Text:Refer to the Balance Sheet, what is the company's current ratio? TABLE P3.2 Balance Sheet, Cyclone Construction Co. (31 December 2012) Assets (a) Current assets $389,927.04 16,629.39 Cash on hand and on deposit Notes receivable, current - Accounts receivable, including retainage of $265,686.39 1,222,346.26 15,867.80 Deposits and miscellaneous receivables 26,530.14 Inventory-construction material Prepaid expenses Total 8,490.68 1,679,791.31 (b) Notes receivable, non-current 12,777.97 (c) Property Buildings 5,244.50 Construction equipment 188,289.80 Motor vehicles 37,576.04 13,596.18 Office furniture and equipment Total 244,706.52 (d) Less accumulated depreciation 102,722.51 141,984.01 Net property (e) Total assets 1,834,553.29 Select the correct response: 1.41 1.79 207 1.38 O Liabilities (f) Current liabilities Accounts payable Due subcontractors Accrued expenses and taxes Equipment contracts, current Provision for income taxes Total (g) Deferred credits Income billed on jobs in progress at 31 December 19X4 Costs incurred to 31 December 19X4 on uncompleted jobs Total current liabilities Equipment contracts, non-current (h) Total liabilities Net worth (i) Common stock, 4,610 shares Retained earnings (0) Total net worth (k) Total liabilities and net worth $306,820.29 713,991.66 50,559.69 2,838.60 97,816.66 1,171,826.90 2,728,331.36 2,718,738.01 9,593.35 1,181,420.25 7,477.72 1,188,897.97 461,000.00 184,655.32 645,655.32 1,834,553.29
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