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Dana Company Balance Sheet as of December 31, 2025 Dana Company Balance Sheet As of December...

Dana Company Balance Sheet as of December 31, 2025

Dana Company

Balance Sheet

As of December 31, 2025

Cash

5,000

Accounts Payable

57,500

Accounts Receivable

110,000

Notes Payable-due in Eighteen Months

5,000

Supplies Inventory

28,750

Mortgage Payable-due in four years

259,000

Equipment

431,250

John Dana, Capital

253,500

Total

575,000

Total

575,000

What was Dana Company's current ratio at December 31, 2025?

a.

2.4
b.

1.7
c.

2.5
d.

0.4

What is the total amount of quick assets included in the accounts listed below?

$22,000 Land

$20,000 Equipment

$34,000 Merchandise

a.

$ 34,000
b.

$ 0.00
c.

$22,000
d.

$2,000

Sparky’s sells auto parts. Provided below is selected financial information from the company’s 2012 annual report:

Sparky’s Selected Financial Statement data

Fiscal year end

2012

2011

(amounts in thousands of dollars)

Net sales

$125,410

$106,380

Cost of Goods Sold

-104,090

-89,359

Gross Profit

$21,320

$17,021

Inventory

$31,353

$30,850

Using Sparky’s financial information what is the company’s inventory turnover ratio for 2012?

a.

0.69
b.

1.00
c.

3.35
d.

4.03
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Homework Answers

Answer #1
1) Current Ratio = Current Assets / Current Liabilities
= $143750/57500
=2.5 times
2) Correct Answer = b.0.00
3) Average Inventory = (beginning inventory + ending inventory)/2
= ( $30850+31353)/2
= $ 31101.5
Inventory Turnover Ratio = Cost of goods sold / average inventory
= $104090/31101.5
=3.35 times
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