The following data were taken from the balance sheet of the Sandy Koufax Company at the end of the two recent fiscal years: Current Year Previous Year Cash $ 480,000 $ 392,000 Marketable Securities 576,000 411,600 Accounts and notes receivable 384,000 316,400 Inventories 408,000 333,200 Prepaid expenses 552,000 506,800 Total current assets $2,400,000 $1,960,000 Accounts and notes payable (short-term) 600,000 525,000 Accrued liabilities 200,000 175,000 Total current liabilities $800,000 $700,000 a) Determine for each year (1) the working capital, (2) the current ratio, and (3) the quick ratio. Round ratios to one decimal place.

The following data were taken from the balance sheet of the Sandy Koufax Company at the end of the two recent fiscal years: Current Year Previous Year Cash $ 480,000 $ 392,000 Marketable Securities 576,000 411,600 Accounts and notes receivable 384,000 316,400 Inventories 408,000 333,200 Prepaid expenses 552,000 506,800 Total current assets $2,400,000 $1,960,000 Accounts and notes payable (short-term) 600,000 525,000 Accrued liabilities 200,000 175,000 Total current liabilities $800,000 $700,000 a) Determine for each year (1) the working capital, (2) the current ratio, and (3) the quick ratio. Round ratios to one decimal place.

Name: Problem 1:The following data were taken from the balance sheet of the
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Description: Problem 1:The following data were taken from the balance sheet of the Sandy Koufax Company at the end of thetwo recent fiscal years:Current YearPrevious YearCash$ 480,000$ 392,000Marketable Securities576,000411,600Accounts and notes receivable384,00

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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