?? The balance sheet of a Lipstick manufacturer reports the following:CashAccounts receivableInventory$431,000$639,000300,000Marketable securities $230,000Current liabilities500,000Long-term liabilities 676,000Based on the information provided, the Lipstick manufacturer's quick ratio is?

Detailed explanation:Formula: Quick Ratio = (Cash + Accounts Receivable + Marketable Securities) /…

Answered: The balance sheet of a Lipstick…

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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We are given the following information for Pettit Corporation. Sales (credit) Cash Inventory Current liabilities Asset turnover Current ratio Debt-to-assets ratio Receivables turnover $2,068,000 150,000 923,000 763,000 a. Accounts receivable b. Marketable securities c. Capital assets. d. Long-term debt $ Current assets are composed of cash, marketable securities, accounts receivable, and inventory. Calculate the following balance sheet items: LA LA LA $ $ 1.00 times 2.60 times $ 40 % 4 times 517000
Assuming that all sales were on account, calculate the following risk ratios for 2024. Risk Ratios1. Receivables turnover ratio 38.3 times2. Average collection period 9.5 days3. Inventory turnover ratio 15.1 times4. Average days in inventory 24.2 days5. Current ratio 4.0 6. Acid-test ratio ? 7. Debt to equity ratio ? %8. Times interest earned ratio ? times
Show the current ratio with formulas
What is the acid−test ratio for a merchant with the following account balances? (Round your answer to two decimal places.) Cash $20,000 Short−term investments 44,000 Net current receivables 54,000 Merchandise inventory 92,000 Total current liabilities 275,000 A. 0.76 B. 0.6 C. 0.43 D. 0.82
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Sweet Company has the following account balances: \table [[Inventory, 556,000], [Prepaid Insurance, 12,000], [Cash, 360,000], [Accounts Receivable,260,000], [Supplies, 26, 000], [Allowance for Doubtful Accounts, 36,000]] When listing Accounts Receivable, what is the cash (net) realizable value to be presented on the statement of financial position? 620,000 260,000 296,000 224,000
The following items are reported on a company's balance sheet: Cash $112,300 Marketable securities 131,400 Accounts receivable (net) 45,200 Inventory 170,000 Accounts payable 270,000. Determine the current ratio ?
A firm's balance sheet has the following data:
Perform a vertical analysis on the following information: (Round your answers to 1 decimal place. Due to rounding, the percentages may not add up to exactly 100%.) 2021 2020 Cash $530,000 $210,000 Accounts receivable 910,000 780,000 Inventory 730,000 580,000 Long-term assets 2,100,000 2,700,000 Total assets $4,270,000 $4,270,000 2021 2020 Cash Accounts receivable Inventory Long-term assets Total assets

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The balance sheet of a Lipstick manufacturer reports the following: Cash Accounts receivable Inventory $431,000 $639,000 300,000 Marketable securities $230,000 Current liabilities 500,000 Long-term liabilities 676,000 Based on the information provided, the Lipstick manufacturer's quick ratio is?