Required information [The following information applies to the questions displayed below.] The comparative financial statements for Chinook Company are below: Income statement Sales revenue Cost of goods sold Gross profit Operating expenses and interest expense Pretax income Income tax Net income Balance sheet Cash Accounts receivable (net) Inventory Property and equipment (net) Total assets Current liabilities (no interest) Long-term liabilities (interest rate: 10%) Common stock ($5 par value, 6,000 shares outstanding) Retained earnings Total liabilities and stockholders' equity Year 2 Current ratio change $ 190,000 112,000 78,000 56,000 22,000 8,000 $ 14,000 $ 4,000 14,000 40,000 45,000 $ 103,000 $ 16,000 45,000 30,000 12,000 $ 103,000 2. By what amount did the current ratio change from Year 1 to Year 2? Note: Round your intermediate calculations and final answer to 2 decimal places. Year 1 $ 167,000 100,000 67,000 53,000 14,000 4,000 $ 10,000 $7,000 18,000 34,000 38,000 $ 97,000 $ 17,000 45,000 30,000 5,000 $ 97,000

Required information [The following information applies to the questions displayed below.] The comparative financial statements for Chinook Company are below: Income statement Sales revenue Cost of goods sold Gross profit Operating expenses and interest expense Pretax income Income tax Net income Balance sheet Cash Accounts receivable (net) Inventory Property and equipment (net) Total assets Current liabilities (no interest) Long-term liabilities (interest rate: 10%) Common stock ($5 par value, 6,000 shares outstanding) Retained earnings Total liabilities and stockholders' equity Year 2 Current ratio change $ 190,000 112,000 78,000 56,000 22,000 8,000 $ 14,000 $ 4,000 14,000 40,000 45,000 $ 103,000 $ 16,000 45,000 30,000 12,000 $ 103,000 2. By what amount did the current ratio change from Year 1 to Year 2? Note: Round your intermediate calculations and final answer to 2 decimal places. Year 1 $ 167,000 100,000 67,000 53,000 14,000 4,000 $ 10,000 $7,000 18,000 34,000 38,000 $ 97,000 $ 17,000 45,000 30,000 5,000 $ 97,000

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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