Question

Presented below is information available for Sunland Company. Current Assets Cash $ 3700 Short-term investments 57300...

Presented below is information available for Sunland Company. Current Assets Cash $ 3700 Short-term investments 57300 Accounts receivable 57000 Inventory 120000 Prepaid expenses 31000 Total current assets $ 269000 Total current liabilities are $50000. The acid-test ratio for Sunland is: 1.22 to 1, 5.38 to 1, 4.76 to 1, 2.36 to 1

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Q1. ALPHA Company reported the following year-end information: Cash $ 52,000 Short-term investments 12,000 Accounts receivable...
Q1. ALPHA Company reported the following year-end information: Cash $ 52,000 Short-term investments 12,000 Accounts receivable 54,000 Inventory 325,000 Prepaid expenses 17,500 Accounts payable 106,500 Other current payables 25,000 Instructions: 1- Explain the purpose of the acid-test ratio. 2- Calculate the acid-test ratio for ALPHA Company.
Pritchett Co. reported the following year-end data: Cash $ 20,000 Short-term investments $ 8,400 Accounts receivable...
Pritchett Co. reported the following year-end data: Cash $ 20,000 Short-term investments $ 8,400 Accounts receivable (current) $ 14,800 Inventory $ 17,600 Other current assets $ 6,700 Total current liabilities $ 27,000 Compute the (a) current ratio and (b) acid-test ratio. Compute the acid-test ratio. Compute the current ratio. Current Ratio Choose Numerator: / Choose Denominator: = Current Ratio / = Current ratio / = to 1 Acid-Test Ratio Choose Numerator: / Choose Denominator: = Acid-Test Ratio + + /...
Problem 13-2A The comparative statements of Sunland Company are presented here. SUNLAND COMPANY Income Statements For...
Problem 13-2A The comparative statements of Sunland Company are presented here. SUNLAND COMPANY Income Statements For the Years Ended December 31 2017 2016 Net sales $1,894,040 $1,754,000 Cost of goods sold 1,062,040 1,009,500 Gross profit 832,000 744,500 Selling and administrative expenses 503,500 482,500 Income from operations 328,500 262,000 Other expenses and losses Interest expense 24,100 22,100 Income before income taxes 304,400 239,900 Income tax expense 94,100 75,100 Net income $ 210,300 $ 164,800 SUNLAND COMPANY Balance Sheets December 31 Assets...
The Blue Company has provided the following account balances: Cash $380,000 Short-term investments $40,000 Accounts receivable...
The Blue Company has provided the following account balances: Cash $380,000 Short-term investments $40,000 Accounts receivable $60,000 Inventory $480,000 Long-term notes receivable $20,000 Equipment $960,000 Factory Building $1,800,000 Intangible assets $60,000 Accounts payable $300,000 Accrued liabilities payable $40,000 Short-term notes payable $95,000 Income taxes payable $55,000 Long-term notes payable $920,000 Stockholders’ equity $2,400,000 What is Blue's current ratio?
The balance sheet for Shaver Corporation reported the following: cash, $12,500; short-term investments, $17,500; net accounts...
The balance sheet for Shaver Corporation reported the following: cash, $12,500; short-term investments, $17,500; net accounts receivable, $50,000; inventories, $55,000; prepaids, $17,500; equipment, $103,000; current liabilities, $55,000; notes payable (long-term), $85,000; total stockholders’ equity, $115,500; net income, $4,820; interest expense, $7,400; income before income taxes, $9,780. Compute Shaver’s debt-to-assets ratio and times interest earned ratio.
At the end of​ 2015, Apple had cash and​ short-term investments of $41.77 ​billion, accounts receivable...
At the end of​ 2015, Apple had cash and​ short-term investments of $41.77 ​billion, accounts receivable of $35.79 billion, current assets of $89.87 ​billion, and current liabilities of $80.89 billion. a. What was​ Apple's current​ ratio? b. What was​ Apple's quick​ ratio? c. What was​ Apple's cash​ ratio? d. At the end of​ 2015, HPQ had a cash ratio of 0.44​, a quick ratio of 0.79 and a current ratio of 1.11. What can you say about the asset liquidity...
Information from Gre Company's balance sheet follows Current Assets      Cash $2,100,000      Marketable Securities 7,200,000...
Information from Gre Company's balance sheet follows Current Assets      Cash $2,100,000      Marketable Securities 7,200,000      Accounts Receivable 50,500,000      Inventories 65,000,000      Prepaid expenses 1,000,000                Total current assets $125,800,000 Current Liabilities      Notes payable $1,400,000      Accounts payable 18,000,000      Accrued expenses 11,000,000      Income taxes payable 600,000      Current portion of long-term debt 3,000,000                Total current liabilities $34,000,000 What is the acid-test ratio for Greg Company? Select one: a. 1.60 b. 1.76 c. 2.20 d....
Working Capital and Short Term Liquidity Ratios Bell Company has a current ratio of 2.85 (2.85:1)...
Working Capital and Short Term Liquidity Ratios Bell Company has a current ratio of 2.85 (2.85:1) on December 31. On that date the company's current assets are as follows: Cash $30,400 Short-term investments 49,000 Accounts receivable (net) 171,000 Inventory 200,000 Prepaid expenses 11,600 Current assets $462,000 Bell Company's current liabilities at the beginning of the year were $138,000 and during the year its operating activities provided a cash flow of $50,000. a. What are the firm's current liabilities on December...
Working Capital and Short-Term Firm Liquidity Ratios Favor Company has a current ratio of 2.08 (2.08:1)...
Working Capital and Short-Term Firm Liquidity Ratios Favor Company has a current ratio of 2.08 (2.08:1) on December 31. On that date its current assets are as follows: Cash and cash equivalents $28,000 Short-term investments 87,000 Accounts receivable (net) 125,000 Inventory 258,500 Prepaid expenses 9,980 Current assets $508,480 Favor Company's current liabilities at the beginning of the year were $192,000 and during the year its operating activities provided a cash flow of $38,830. a. What are the firm's current liabilities...
CLASS: Using Financial Ratios LX Inc. Rose Co Current assets:   Cash $ 29,200 $ 20,500   Short-term...
CLASS: Using Financial Ratios LX Inc. Rose Co Current assets:   Cash $ 29,200 $ 20,500   Short-term investments 42,000 22,200   Current receivables, net 38,000 44,000   Inventories 67,000 105,000   Prepaid expenses    2,000    4,300   Total current assets $178,200 $196,000   Total assets $300,000 $272,000 Total current liabilities $105,000 $102,000 Total liabilities $105,000 $136,000 Common stock:   $1 par (10,000 shares) $ 10,000   $1 par (14,000 shares) $ 14,000 Total stockholders’ equity $195,000 $136,000 Total Liabilities and S/E $300,000 $272,000 Market price per share $  80.00 $  85.10...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT