Question

A)The following items are reported on a company’s balance sheet: Cash $400,000 Marketable securities 50,000 Accounts...

A)The following items are reported on a company’s balance sheet:

Cash $400,000 Marketable securities 50,000

Accounts receivable 150,000

Inventory 200,000

Accounts payable 250,000

Determine the (a) current ratio, and (b) quick ratio. Round your answers to one decimal place.

a. Current ratio:

b. Quick ratio :

B) A company reports the following:

Income before income tax: $341,880

Interest expense: 77,700

Determine the number of times interest charges are earned. Round your answer to one decimal place.

C) A company reports the following:

Sales: $1,200,000

Average accounts receivable (net): 50,000

Determine the (a) accounts receivable turnover, and (b) number of days' sales in receivables. When required, round your answers to one decimal place. Assume a 365-day year.

a. Accounts receivable turnover:

b. Number of days' sales in receivables:

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
Current Position Analysis The following items are reported on a company's balance sheet: Cash $334,100 Marketable...
Current Position Analysis The following items are reported on a company's balance sheet: Cash $334,100 Marketable securities 261,000 Accounts receivable (net) 312,900 Inventory 136,200 Accounts payable 454,000 Determine (a) the current ratio and (b) the quick ratio. Round to one decimal place. a. Current ratio b. Quick ratio Accounts Receivable Analysis A company reports the following: Sales $1,931,580 Average accounts receivable (net) 71,540 Determine (a) the accounts receivable turnover and (b) the number of days' sales in receivables. Round interim...
Current Position Analysis The following items are reported on a company's balance sheet: Cash $201,800 Marketable...
Current Position Analysis The following items are reported on a company's balance sheet: Cash $201,800 Marketable securities 157,700 Accounts receivable (net) 85,700 Inventory 185,500 Accounts payable 371,000 Determine (a) the current ratio and (b) the quick ratio. Round to one decimal place. a. Current ratio b. Quick ratio
For the FY 2018, Dorchester Company's balance sheet included the following current items: cash $33,000, accounts...
For the FY 2018, Dorchester Company's balance sheet included the following current items: cash $33,000, accounts receivable $138,000, inventories $92,000, prepaid expenses $23,000, accounts payable $78,000, and accrued expenses $50,000. Use this information to determine the Current Ratio. (Round & enter your answers to one decimal place.)
Consider the following company’s balance sheet and income statement. Balance Sheet Assets Liabilities and Equity Cash...
Consider the following company’s balance sheet and income statement. Balance Sheet Assets Liabilities and Equity Cash $ 10,000 Accounts payable $ 31,000 Accounts receivable 72,000 Notes payable 25,000 Inventory 53,000 Total current assets 135,000 Total current liabilities 56,000 Fixed assets 81,000 Long-term debt 30,000 Equity 130,000 Total assets $ 216,000 Total liabilities and equity $ 216,000 Income Statement Sales (all on credit) $ 290,000 Cost of goods sold 180,000 Gross margin 110,000 Selling and administrative expenses 43,000 Depreciation 7,000 EBIT...
1) For the FY 2018, Dorchester Company's balance sheet included the following current items: cash $41,000,...
1) For the FY 2018, Dorchester Company's balance sheet included the following current items: cash $41,000, accounts receivable $113,000, inventories $106,000, prepaid expenses $17,000, accounts payable $81,000, and accrued expenses $72,000.  Use this information to determine the Current Ratio. (Round & enter your answers to one decimal place.) 2) For the FY 2018, Frederick Company had net sales of $1,100,000 and net income of $85,000, paid income taxes of $22,500, and had before tax interest expense of $20,000. Use this information...
Accounts Receivable Analysis The following data are taken from the financial statements of Sigmon Inc. Terms...
Accounts Receivable Analysis The following data are taken from the financial statements of Sigmon Inc. Terms of all sales are 2/10, n/45. 20Y3 20Y2 20Y1 Accounts receivable, end of year $135,400 $142,000 $150,000 Sales on account 901,550 861,400 a. For 20Y2 and 20Y3, determine (1) the accounts receivable turnover and (2) the number of days' sales in receivables. Round answers to one decimal place. Assume a 365-day year. 20Y3 20Y2 1. Accounts receivable turnover 2. Number of days' sales in...
At December 31, 2021, Splish Brothers Inc. reported this information on its balance sheet. Accounts receivable...
At December 31, 2021, Splish Brothers Inc. reported this information on its balance sheet. Accounts receivable $581,000 Less: Allowance for doubtful accounts 37,000 During 2022, the company had the following transactions related to receivables. 1. Sales on account $2,355,000 2. Sales returns and allowances 49,000 3. Collections of accounts receivable 2,050,000 4. Write-offs of accounts receivable deemed uncollectible 38,000 5. Recovery of bad debts previously written off as uncollectible 16,000 Compute the accounts receivable turnover and average collection period, assuming...
Sandhill Automotive’s balance sheet at the end of its most recent fiscal year shows the following...
Sandhill Automotive’s balance sheet at the end of its most recent fiscal year shows the following information: Sandhill Automotive Balance Sheet as of March 31, 2017 Assets: Liabilities and Equity: Cash and marketable sec. $38,000 Accounts payable and accruals $163,000 Accounts receivable 166,000 Notes payable 28,000 Inventory 227,000 Total current assets $431,000 Total current liabilities $191,000 Long-term debt 166,000 Total liabilities $357,000 Net plant and equipment 710,000 Common stock 310,000 Goodwill and other assets 99,000 Retained earnings 573,000 Total assets...
For the FY 2018, Dorchester Company's balance sheet included the following current items: cash $51,000, accounts...
For the FY 2018, Dorchester Company's balance sheet included the following current items: cash $51,000, accounts receivable $100,000, inventories $114,000, prepaid expenses $21,000, accounts payable $60,000, and accrued expenses $60,000.  Use this information to determine the Current Ratio. (Round & enter your answers to one decimal place.)
For the FY 2018, Dorchester Company's balance sheet included the following current items: cash $49,000, accounts...
For the FY 2018, Dorchester Company's balance sheet included the following current items: cash $49,000, accounts receivable $100,000, inventories $109,000, prepaid expenses $18,000, accounts payable $60,000, and accrued expenses $52,000. Use this information to determine the Current Ratio. (Round & enter your answers to one decimal place.)
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT