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Use the following information from XYZ Corporation's balance sheet: ⚫ Cash = $9,000 Marketable securities = $4,200 • Accounts receivable = $6,800 • Inventory = $15,200 • • Property and equipment = $60,000 Accumulated depreciation = ($5,500) • Total assets = $89,700 Liabilities and Stockholders' Equity: • Accounts payable = $5,300 • Notes payable (current) = $3,200 • Mortgage payable (long-term) = $4,800 • Bonds payable (long-term) = $27,500 • Common stock ($50 par) = $22,000 • Paid-in capital in excess of par = $10,500 • Retained earnings = $16,400 • Total liabilities and stockholders' equity = $89,700 What is the current ratio?

Use the following information from XYZ Corporation's balance sheet: ⚫ Cash = $9,000 Marketable securities = $4,200 • Accounts receivable = $6,800 • Inventory = $15,200 • • Property and equipment = $60,000 Accumulated depreciation = ($5,500) • Total assets = $89,700 Liabilities and Stockholders' Equity: • Accounts payable = $5,300 • Notes payable (current) = $3,200 • Mortgage payable (long-term) = $4,800 • Bonds payable (long-term) = $27,500 • Common stock ($50 par) = $22,000 • Paid-in capital in excess of par = $10,500 • Retained earnings = $16,400 • Total liabilities and stockholders' equity = $89,700 What is the current ratio?

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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What is the current ratio?

Use the following information from XYZ Corporation's balance sheet: ⚫ Cash = $9,000 Marketable securities = $4,200 • Accounts receivable = $6,800 • Inventory = $15,200 • • Property and equipment = $60,000 Accumulated depreciation = ($5,500) • Total assets = $89,700 Liabilities and Stockholders' Equity: • Accounts payable = $5,300 • Notes payable (current) = $3,200 • Mortgage payable (long-term) = $4,800 • Bonds payable (long-term) = $27,500 • Common stock ($50 par) = $22,000 • Paid-in capital in excess of par = $10,500 • Retained earnings = $16,400 • Total liabilities and stockholders' equity = $89,700 What is the current ratio?
Transcribed Image Text:Use the following information from XYZ Corporation's balance sheet: ⚫ Cash = $9,000 Marketable securities = $4,200 • Accounts receivable = $6,800 • Inventory = $15,200 • • Property and equipment = $60,000 Accumulated depreciation = ($5,500) • Total assets = $89,700 Liabilities and Stockholders' Equity: • Accounts payable = $5,300 • Notes payable (current) = $3,200 • Mortgage payable (long-term) = $4,800 • Bonds payable (long-term) = $27,500 • Common stock ($50 par) = $22,000 • Paid-in capital in excess of par = $10,500 • Retained earnings = $16,400 • Total liabilities and stockholders' equity = $89,700 What is the current ratio?
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