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The following data were taken from the balance sheet of Albertini Company at the end of two recent fiscal years:   Current Year   Previous Year Current assets:             Cash $372,400     $285,500     Marketable securities 425,900     326,400     Accounts and notes receivable (net) 531,700     408,100     Inventories 343,200     210,600     Prepaid expenses 146,800     89,400     Total current assets $1,820,000     $1,320,000   Current liabilities:             Accounts and notes payable (short-term) $404,000     $352,000     Accrued liabilities 296,000     248,000     Total current liabilities $700,000     $600,000   a.  Determine for each year (1) the working capital, (2) the current ratio, and (3) the quick ratio. Round ratios to one decimal place.       Current Year       Previous Year 1.  Working capital $fill in the blank 1 $fill in the blank 2 2.  Current ratio fill in the blank 3 fill in the blank 4 3.  Quick ratio fill in the blank 5 fill in the blank 6

The following data were taken from the balance sheet of Albertini Company at the end of two recent fiscal years:   Current Year   Previous Year Current assets:             Cash $372,400     $285,500     Marketable securities 425,900     326,400     Accounts and notes receivable (net) 531,700     408,100     Inventories 343,200     210,600     Prepaid expenses 146,800     89,400     Total current assets $1,820,000     $1,320,000   Current liabilities:             Accounts and notes payable (short-term) $404,000     $352,000     Accrued liabilities 296,000     248,000     Total current liabilities $700,000     $600,000   a.  Determine for each year (1) the working capital, (2) the current ratio, and (3) the quick ratio. Round ratios to one decimal place.       Current Year       Previous Year 1.  Working capital $fill in the blank 1 $fill in the blank 2 2.  Current ratio fill in the blank 3 fill in the blank 4 3.  Quick ratio fill in the blank 5 fill in the blank 6

FINANCIAL ACCOUNTING
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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  1. The following data were taken from the balance sheet of Albertini Company at the end of two recent fiscal years:

      Current Year   Previous Year
    Current assets:          
      Cash $372,400     $285,500  
      Marketable securities 425,900     326,400  
      Accounts and notes receivable (net) 531,700     408,100  
      Inventories 343,200     210,600  
      Prepaid expenses 146,800     89,400  
      Total current assets $1,820,000     $1,320,000  
    Current liabilities:          
      Accounts and notes payable (short-term) $404,000     $352,000  
      Accrued liabilities 296,000     248,000  
      Total current liabilities $700,000     $600,000  

    a.  Determine for each year (1) the working capital, (2) the current ratio, and (3) the quick ratio. Round ratios to one decimal place.

          Current Year       Previous Year
    1.  Working capital $fill in the blank 1 $fill in the blank 2
    2.  Current ratio fill in the blank 3 fill in the blank 4
    3.  Quick ratio fill in the blank 5 fill in the blank 6
 
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