Solve from the following facts. Note: Round your answers to 2 decimal places. Current assets $ 14,000 Net sales $ 40,000 Accounts receivable $ 5,000 Total assets $ 38,000 Current liabilities $ 20,000 Net income $ 10,100 Inventory $ 4,000 Calculate Current ratio. Calculate Acid test.

Solve from the following facts. Note: Round your answers to 2 decimal places. Current assets $ 14,000 Net sales $ 40,000 Accounts receivable $ 5,000 Total assets $ 38,000 Current liabilities $ 20,000 Net income $ 10,100 Inventory $ 4,000 Calculate Current ratio. Calculate Acid test.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Fill in the Balance Sheet. (Do not round Intermediate calculations. Round your answers to 2 decimal…

A: BALANCE SHEET Balance sheet is one of the important financial statements of the Company. Balance…

Q: For all questions work to 1 decimal place and assume VAT at 19%. You must justify each answer.1.-…

A: Step 1: Make the entry of the person requesting a Credit Note for 30% of an Invoice of $1,000 plus…

Q: Solve for (A) current ratio, (B) acid test, (C) average day's collection (360), (D) asset turnover,…

A: Ratio is a mathematical relationship between two variables that are used to determine the financial…

Q: Using these data from the comparative balance sheets of Cullumber Company, perform vertical…

A: VERTICAL ANALYSIS OF BALANCE SHEET Vertical analysis is a proportional analysis of financial…

Q: Based on this financial data, calculate the Savings Ratio. Liabilities $7470 Net Worth Liquid Assets…

A: The saving ratio, expressed as a percentage, is the proportion of income saved rather than spent. It…

Q: Compute the following ratios. Note: Use a 360-day year. Do not round intermediate calculations.…

A: As per the honor code we are bound to give the answer of first three sub part only, please post the…

Q: You have 1 account: The balance owed is $625 and a $2500 credit limit. What is your…

A: Debt-to-credit ratio = Debt availed/Credit limit

Q: DIRECTIONS: Using these data from Rollaird Company's comparative balance sheets, perform a…

A: Financial statements are those statements which are prepared at the end of accounting period.…

Q: Bob's Bistro produces party-sized hoagi costs: Direct materials Direct labor Variable overhead Fixed…

A: Answer : Cost of goods manufactured : particular Amount $ Opening Work in process…

Q: Calculate the profit margin. Round to 0 decimal places. Net Income: 99,200 Net Sales: 2,542,000

A: Net Profit Margin also called net margin is the ratio of profit to sales. This ratio measures the…

Q: For each row of the Income Statement Calculate the Vertical Analysis percentage. Round to 1 place…

A: Vertical analysis: It is a method of analyzing the financial statement in which each item is shown…

Q: The following data is giv Cash Accounts receivable (net) Inventories Plant assets (net) Accounts…

A: Acid test ratio helps in indicating whether the quick assets are sufficient to meet the current…

Q: Kitty Inc. shares the following information with you and ask you to determine their ending…

A: Ending balance of Accounts Receivables = Opening Balance + Sales - Collections

Q: Tabor Company has just prepared the following comparative annual financial statements for the…

A: Total Asset Turnover Ratio :— It is calculated by dividing net sales by average total assets.…

Q: DIRECTIONS: Using these data from Rollaird Company's comparative balance sheets, perform a vertical…

A: Financial statement analysis is an accounting tool that helps us to analyze the financial statement…

Q: Using these data, determine the following: Earnings per share. Round your answer to two decimal…

A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: According to the information available in Income and Financial position statements (Image),…

A: The management uses accounting ratios for evaluating the progress in operations as compared to prior…

Q: Prepare a vertical analysis of both the balance sheets and income statements for Year 4 and Year 3.…

A: Balance Sheet is the financial statement that records all the assets, liabilities and stockholders'…

Q: ash Ccounts receivable quipment, net and tal assets Current Year $7,440 54,000 44,000 91,680…

A: Introduction:- Horizontal analysis is helps to measure of a company's financial statements over a…

Q: Complete the balance sheet and sales information using the following financial data: Total assets…

A: A ratio is the relationship between one value and another. It is an expression relating to one…

Q: tal assets turnover: 1x ays sales outstanding: 73.0 days ventory turnover ratio: 3.75x xed assets…

A: Financial ratios are calculated to determine the financial position of an entity. It is very…

Q: using the information provided extract the necessary information and compute the quick ration…

A: Financial ratios are the measures that are used by corporations, individuals, investors, and…

Q: You are doing some comparison shopping. Five stores offer the product you want at basically the same…

A: Answer) The correct option is the given question is (E) 2/15, net 30. The terms 2/15 implies that…

Q: ou have 3 accounts: Account A has a $100 balance and a $300 credit limit. Account B has a $100…

A: Debt to credit ratio is percentage utilization is credit limit. The debt to credit ratio, also known…

Q: Green Apple Company has prior year total assets of $8,500,000, current year total assets of…

A: The objective of this question is to calculate the Return on Total Assets (ROTA) for Green Apple…

Q: Given the information provided in the table below, determine the following: Assume all data is based…

A: The question is asked to compute the weekly supply for the company. We can solve this question…

Q: USING THE FOLLOWING DATA, CALCULATE THE CURRENT RATIO (X): TAKE ANSWER OUT TO ONE PLACE AFTER THE…

A: Current assets = Accounts receivable + cash + marketable securities + merchandise inventories +…

Q: Briggs Company has income from operations of $24,255, invested assets of $99,000, and sales of…

A: Return on investment is the amount of return earned from the investment.

Q: Suppose these selected condensed data are taken from recent balance sheets of Bob Evans Farms (in…

A: The current ratio measures the organization's ability to meet the short-term liabilities due within…

Q: Given the pro forma income statement and balance sheet below, find EFN. INCOME STATEMENT: Sales,…

A: EFN(External Financing Needed)=Total assets-Total liabilities=Total assets-(Debt + Equity)

Q: Complete the following table by calculating the missing amounts (indicated as A- E). Round to two…

A: Amount Excluding VAT VAT Amount Amount Including VAT R1304.04 R1499.65 - R1304.04 = R195.61…

Q: Prepare a horizontal analysis of both the balance sheet and income statement. Complete this question…

A: HORIZONTAL ANALYSIS OF BALNCE SHEET Horizontal analysis is used to review of a Companies…

Q: Perform a vertical analysis on the following information. (Round your answers to 1 decimal place.)…

A: VERTICAL ANALYSIS OF THE BALANCE SHEETVertical analysis is a proportional analysis of financial…

Question

Solve from the following facts.

Note: Round your answers to 2 decimal places.

Current assets	$ 14,000	Net sales	$ 40,000
Accounts receivable	$ 5,000	Total assets	$ 38,000
Current liabilities	$ 20,000	Net income	$ 10,100
Inventory	$ 4,000

Calculate Current ratio.
Calculate Acid test.

Definition Definition Money that the business will be receiving from its clients who have utilized the credit provided to buy its goods and services. The credit period typically lasts for a short term, lasting from a few days, a few months, to a year.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1: Introduction:

VIEW

Step 2: Calculations:

VIEW

Solution

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Calculate the quick assets (in $) and acid test ratio for the given company. Round ratios to the nearest hundredth. Company CurrentAssets CurrentLiabilities Cash MarketableSecurities AccountsReceivable QuickAssets Acid TestRatio a personal electronics retail store $14,640 $19,600 $2,790 0 $4,430 $ :1
Complete the following partial comparative balance sheet by filling in the total current assets and percent column; assume no plant and equipment. (Round your answers to the nearest hundredth percent.) Amount Percent Amount Percent Assets Current assets: Cash $9,000 $8,000 Accounts receivable 5,000 7,500 Merchandise inventory 12,000 6,900 Prepaid expenses 7,000 8,000 Total current assets
COMPANY B Balance Sheets December 31, Year 2 and Year 1 Year 2 Year 1 Assets Current assets: Cash Accounts receivable Inventory Investments Long-term assets: Land $ 217,600 58,000 85,000 3,000 $ 110,000 82,000 70,000 1,000 380,000 690,000 (328,000) $1,105,600 380,000 570,000 (168,000) $1,045,000 Equipment Less: Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings $ 89,000 $4 5,000 7,000 75,000 11,000 4,000 120,000 240,000 600,000 284,600 $1,105,600 $1,045,000 600,000 115,000 Total liabilities and stockholders' equity Additional information for Year 2: 1. Net income is $169,600. 2. Sales on account are $1,183,000. 3. Cost of goods sold is $953,250. Required: 1. Calculate the following profitability ratios for Year 2: (Round vour answers to 1 decimal place.)
Refer to the 10-K for Abercrombie & Fitch. Required: 1. What does the company report for the following accounts for the most current fiscal year: Enter your answer in thousands. a. Cash b. Short-term investments (or marketable securities) c. Accounts receivable d. Inventory e. Other current assets f. Accounts payable g. Other current liabilities h. Cash flow from operations A A AA A A 好 2. The company projects the following to occur in the next fiscal year: • Accounts payable will decrease by 25%. • Other current liabilities are expected to increase by 33%. • Cash flow from operations is expected to decrease by 32%. Assume all other items remain unchanged from the prior year. Provide the next year's forecasted balances for the following accounts and cash flow from operations.
Suppose that on the statement for a money market account, the initial balance was $7744.70, the statement was for 34 days, the final balance was $7770.84, and there were no deposits or withdrawals. Calculate the APY. Give your answer in percent to 2 decimal places.
pls. provide complete solution / explanation.
Saved e Quiz: Accounting for Current Liabi... A Required information Knowledge Check 01 The records of Pippins, Incorporated, included the following information: Net sales 475,000 Gross margin Interest expense Income tax expense Net income 000'0 000'0 Compute the times interest earned ratio, rounded to the nearest decimal. O 4.8 O 6.4 O7.4 O 20.0 *********** II F3 F5 F6 F8 F4 #3
Hi! Please answer thank you! The second picture is the second part of the question
Please help
Please answer both a and b thx
Use the table for the questions below. Consider the following balance sheets: PharmPic DosageDoc Reported Dec. 31, 2020 2021 2020 2021 Assets Cash 224,224 200,400 301,540 230,876 Accounts Receivable 129,000 118,125 130,316 110,345 Inventories 154,890 171,147 184,717 186,000 Total Current Assets 508,114 489,672 616,573 527,221 Net Property Plant & Equipt. 421,162 431,795 456,462 460,000 Patents and Trademarks 212,770 210,110 201,348 199,990 Total Assets 1,142,046 1,131,577 1,274,383 1,187,211 Liabilities and Stockholders' Equity: Short Term Borrowings (Bank) 257,000 264,023 302,453 270,000 Accounts Payable 212,900 209,000 267,004 225,000 Current Portion of LTD (Interest Bearing Debt) 39,532 29,081 32,611 46,048 Total Current Liabilities 509,432 502,104 602,068…
Calculate the horizontal analysis, vertical analysis Y3 and Y2. All need to be expressed as percentages.