The following data were taken from the balance sheet of Nilo Company at the end of two recent fiscal years: Chapter 17 Assignment assignment take frame ar Previous Year Current assets: Cash $431,700 $322,400 Marketable securities 499,800 362,700 Accounts and notes receivable (net) 204,500 120,900 Inventories 937,200 642,900 Prepaid expenses 482,800 411,100 Total current assets $2,556,000 $1,860,000 Current liabilities: Accounts and notes payable (short-term) $411,800 $434,000 Accrued liabilities Total current liabilities 298,200 $710,000 186,000 $620,000 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 2. Current ratio 3. Quick ratio
The following data were taken from the balance sheet of Nilo Company at the end of two recent fiscal years: Chapter 17 Assignment assignment take frame ar Previous Year Current assets: Cash $431,700 $322,400 Marketable securities 499,800 362,700 Accounts and notes receivable (net) 204,500 120,900 Inventories 937,200 642,900 Prepaid expenses 482,800 411,100 Total current assets $2,556,000 $1,860,000 Current liabilities: Accounts and notes payable (short-term) $411,800 $434,000 Accrued liabilities Total current liabilities 298,200 $710,000 186,000 $620,000 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 2. Current ratio 3. Quick ratio
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:The following data were taken from the balance sheet of Nilo Company at the end of two recent fiscal years:
Chapter 17 Assignment assignment take frame ar
Previous Year
Current assets:
Cash
$431,700
$322,400
Marketable securities
499,800
362,700
Accounts and notes receivable (net)
204,500
120,900
Inventories
937,200
642,900
Prepaid expenses
482,800
411,100
Total current assets
$2,556,000
$1,860,000
Current liabilities:
Accounts and notes payable
(short-term)
Accrued liabilities
Total current liabilities
$411,800
$434,000
298,200
$710,000
186,000
$620,000
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
2. Current ratio
3. Quick ratio
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