The following data were taken from the comparative balance sheet of Osborn Sisters Company for the years ended December 31, 20Y9 and December 31, 20Y8: Dec. 31, 20Y9 Dec. 31, 20Y8 Cash $360,800 $273,600 Temporary investments 385,000 299,700 Accounts and notes receivable (net) 354,200 326,700 Inventories 495,000 405,000 Prepaid expenses 355,000 135,000 Total current assets $1,950,000 $1,440,000 Accounts payable $290,000 $315,000 Accrued liabilities 210,000 135,000 Total current liabilities $500,000 $450,000 a. Determine for each year (1) the working capital, (2) the current ratio, and (3) the quick ratio. Round ratios to one decimal place. 20Y9 20Y8 Working capital $fill in the blank 1 $fill in the blank 2 Current ratio fill in the blank 3 fill in the blank 4 Quick ratio fill in the blank 5 fill in the blank 6
The following data were taken from the comparative balance sheet of Osborn Sisters Company for the years ended December 31, 20Y9 and December 31, 20Y8: Dec. 31, 20Y9 Dec. 31, 20Y8 Cash $360,800 $273,600 Temporary investments 385,000 299,700 Accounts and notes receivable (net) 354,200 326,700 Inventories 495,000 405,000 Prepaid expenses 355,000 135,000 Total current assets $1,950,000 $1,440,000 Accounts payable $290,000 $315,000 Accrued liabilities 210,000 135,000 Total current liabilities $500,000 $450,000 a. Determine for each year (1) the working capital, (2) the current ratio, and (3) the quick ratio. Round ratios to one decimal place. 20Y9 20Y8 Working capital $fill in the blank 1 $fill in the blank 2 Current ratio fill in the blank 3 fill in the blank 4 Quick ratio fill in the blank 5 fill in the blank 6
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The following data were taken from the comparative balance sheet of Osborn Sisters Company for the years ended December 31, 20Y9 and December 31, 20Y8:
| Dec. 31, 20Y9 | Dec. 31, 20Y8 | |||||
| Cash | $360,800 | $273,600 | ||||
| Temporary investments | 385,000 | 299,700 | ||||
| Accounts and notes receivable (net) | 354,200 | 326,700 | ||||
| Inventories | 495,000 | 405,000 | ||||
| Prepaid expenses | 355,000 | 135,000 | ||||
| Total current assets | $1,950,000 | $1,440,000 | ||||
| Accounts payable | $290,000 | $315,000 | ||||
| Accrued liabilities | 210,000 | 135,000 | ||||
| Total current liabilities | $500,000 | $450,000 |
a. Determine for each year (1) the
| 20Y9 | 20Y8 | |||
| Working capital | $fill in the blank 1 | $fill in the blank 2 | ||
| Current ratio | fill in the blank 3 | fill in the blank 4 | ||
| Quick ratio | fill in the blank 5 | fill in the blank 6 |
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