The following data are provided for Cet Company: December 31 2021 2020 Cash $ 1,500,000 $ 1,000,000 Accounts receivable (net) 1,600,000 1,200,000 Inventories 2,600,000 2,200,000 Plant assets (net) 7,000,000 6,500,000 Accounts payable Income taxes payable 1,100,000 800,000 200,000 100,000 Bonds payable 10% Preferred stock, $50 par 1,400,000 1,400,000 2,000,000 2,000,000 Common stock, $10 par Paid-in capital in excess of par Retained earnings 2,400,000 1,800,000 1,600,000 1,300,000 4,000,000 3,500,000 What is Cet's current ratio for 2021?
The following data are provided for Cet Company: December 31 2021 2020 Cash $ 1,500,000 $ 1,000,000 Accounts receivable (net) 1,600,000 1,200,000 Inventories 2,600,000 2,200,000 Plant assets (net) 7,000,000 6,500,000 Accounts payable Income taxes payable 1,100,000 800,000 200,000 100,000 Bonds payable 10% Preferred stock, $50 par 1,400,000 1,400,000 2,000,000 2,000,000 Common stock, $10 par Paid-in capital in excess of par Retained earnings 2,400,000 1,800,000 1,600,000 1,300,000 4,000,000 3,500,000 What is Cet's current ratio for 2021?
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter10: Accounting For Sales And Cash Receipts
Section: Chapter Questions
Problem 3MC
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![The following data are provided for Cet Company:
December 31
2021
2020
Cash
$ 1,500,000
$ 1,000,000
Accounts receivable (net)
1,600,000
1,200,000
Inventories
2,600,000
2,200,000
Plant assets (net)
7,000,000
6,500,000
Accounts payable
Income taxes payable
1,100,000
800,000
200,000
100,000
Bonds payable
10% Preferred stock, $50 par
1,400,000
1,400,000
2,000,000
2,000,000
Common stock, $10 par
Paid-in capital in excess of par
Retained earnings
2,400,000
1,800,000
1,600,000
1,300,000
4,000,000
3,500,000
What is Cet's current ratio for 2021?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F98a825cc-9eb3-46df-8bba-91c1e0af5ccb%2F32911d02-3524-4e12-aec7-e1a9c0eca129%2F42hcb2n.png&w=3840&q=75)
Transcribed Image Text:The following data are provided for Cet Company:
December 31
2021
2020
Cash
$ 1,500,000
$ 1,000,000
Accounts receivable (net)
1,600,000
1,200,000
Inventories
2,600,000
2,200,000
Plant assets (net)
7,000,000
6,500,000
Accounts payable
Income taxes payable
1,100,000
800,000
200,000
100,000
Bonds payable
10% Preferred stock, $50 par
1,400,000
1,400,000
2,000,000
2,000,000
Common stock, $10 par
Paid-in capital in excess of par
Retained earnings
2,400,000
1,800,000
1,600,000
1,300,000
4,000,000
3,500,000
What is Cet's current ratio for 2021?
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