Question

Calculate the current ratio and the quick ratio for the following partial financial statement for Tootsie...

Calculate the current ratio and the quick ratio for the following partial financial statement for Tootsie Roll. (Round your answers to the nearest hundredth.)

Assets Liabilities
Current assets: Current liabilities:
Cash and cash equivalents (Note 1) $ 4,144,190 Notes payable to banks $ 752,221
Investments (Note 1) 32,453,769 Accounts payable 7,084,075
Accounts receivable, less allowances of
$740,000 and $736,000
16,126,648 Dividends payable 656,607
Inventories (Note 1): Accrued liabilities (Note 5) 9,906,534
Finished goods and work in progress 12,570,955 Income taxes payable 4,551,429
Raw materials and supplies 10,195,858
Prepaid expenses 1,957,710
Current ratio
Quick ratio

Homework Answers

Answer #1

Current Asset= Total of Current Asset = 4,144,190+32,453,769+16,126,648+12,570,955+10,195,858+1,957,710=$77,449,130

Current Liability= 752,221+7,084,075+656,607+9,906,534+4,551,429 = $22,950,866

Quick Asset = Current Asset – Inventory- Prepaid Expens = 77,449,130-12,570,955-10,195,858-1,957,710 = $52,724,607

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