Summit Industries has the following balances: ⚫ Cash: $22,000 ⚫ ⚫ Marketable Securities: $15,000 Accounts Receivable: $45,000 Inventory: $55,000 • Prepaid Expenses: $8,000 Current Liabilities: $65,000 Calculate Summit Industries' acid-test ratio.
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- Cotuit Company has a current ratio of 5.9 and an acid-test ratio of 5.4. The company's current assets consist of cash, marketable securities, accounts receivable, and inventories. Inventory equals $14,000. Cotuit Company's current liabilities must be _. a. $12,400 b. $60,000 c. $28,000 d. $216,000The following data apply to the next six problems. Consider Fisher & Company's financial data as follows (unit: millions of dollars except ratio figures):Cash and marketable securities $100Fixed assets $280Sales $1,200Net income $358Inventory $180Current ratio 3.2Average collection period 45 daysAverage common equity $500Find Fisher's accounts receivable.(a) $147.95 (b) $127.65(c) $225.78 (d) $290.45ABC has the following current assets: cash, $102 million; receivables, $94 million; inventory, $182 million; other current assets, $18 million. ABC also has the following liabilities: accounts payable, $98 million; long-term debt, $23 million. Based on these amounts, what is the acid-test ratio ? Numeric Response:?????????
- Calculating the Current Ratio and the Quick (or Acid-Test) Ratio Hannah Company has current assets equal to $3,800,000. Of these, $1,200,000 is cash, $1,800,000 is accounts receivable, $500,000 is inventory, and the remainder is marketable securities. Current liabilities total $2,073,000. Required: Note: Round answers to two decimal places. 1. Calculate the current ratio.fill in the blank 1 2. Calculate the quick ratio (acid-test ratio).fill in the blank 2Cotuit company's current liabilities must beSheridan Industries has the following current assets and liabilities on the company's balance sheet: Cash $14080: Accounts Receivable $5600 Inventory $53000: Prepaid Rent $2900 Accounts Payable $19000 and Unearned Revenue $5000. The company's acid-test ratio would be O 101:1 O 122:1 0 032:1 Ⓒ 0.27:1
- The following data apply to the next six problems. Consider Fisher & Company's financial data as follows (unit: millions of dollars except ratio figures):Cash and marketable securities $100Fixed assets $280Sales $1,200Net income $358Inventory $180Current ratio 3.2Average collection period 45 daysAverage common equity $500 Calculate the amount of current assets.(a) $223 (b) $248(c) $280 (d) $428Calculating the Current Ratio and the Quick (or Acid-Test) Ratio Hannah Company has current assets equal to $3,800,000. Of these, $1,200,000 is cash, $1,800,000 is accounts receivable, $500,000 is inventory, and the remainder is marketable securities. Current liabilities total $1,942,000. Required: Note: Round answers to two decimal places. 1. Calculate the current ratio. 2. Calculate the quick ratio (acid-test ratio).We are given the following information for the Pettit Corporation. Sales (credit) Cash Inventory Current liabilities Asset turnover Current ratio Debt-to-assets ratio Receivables turnover $ 2,880,000 188,000 890,000 811,000 1.35 times 2.30 times a. Accounts receivable b. Marketable securities c. Fixed assets d. Long-term debt 40 % 5 times Current assets are composed of cash, marketable securities, accounts receivable, and inventory. Lienser Fraktala TAMARA TANT RISHI TRITATE FAST JET PARETSTRANS I nemal osted or annemangen MANENBER HAGPAINT MANSION LARPURCO Calculate the following balance sheet items. (Do not round intermediate calculations. Round your final answers to the nearest whole number.)
- Cotuit Company has a current ratio of 5.9 and an acid-test ratio of 5.4. The company's current assets consist of cash, marketable securities, accounts receivable, and inventories. Inventory equals $14,000. Cotuit Company's current liabilities must be _. a. $12,400 b. $60,000 c. $28,000 d. $216,000. Need help to get solution for this financial accounting problemCalculating the Current Ratio and the Quick (or Acid-Test) Ratio LoLo Lemon Company has current assets equal to $500,000. Of these, $300,000 is cash, $75,000 is accounts receivable, $125,000 is inventory, and the remainder is marketable securities. Current liabilities total $425,000. Required: Note: Round answers to two decimal places. 1 Esiculate the current ratio. 2. Calculate the quick ratio (acid-test ratio).Cotuit liabilities must be