Question

Exercise 12-8 (Part Level Submission) Oriole Medical manufactures hospital beds and other institutional furniture. The company's comparative balance sheet and income statement for 2015 and 2016 follow. Oriole Medical Comparative Balance Sheet As of December 31 2016 2015 Assets Current assets Cash Accounts receivable, net Inventory Other current assets Total current assets Property, plant, & equipment, net Total assets $398,000 1,046,000 730,000 381,300 2,555,300 8,711,250 $11,266,550 $417,450 776,450 681,050 247,100 2,122,050 8,439,765 $10,561,815 Liabilities and Stockholders' Equity Current liabilities Long-term debt Total liabilities Preferred stock, $5 par value Common stock, $0.25 par value Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $3,206,000 3,702,650 6,908,650 59,000 104,650 4,194,250 4,357,900 $11,266,550 $2,846,050 3,892,600 6,738,650 59,000 103,800 3,660,365 3,823,165 $10,561,815

Answer 1

2016 2015 776450 current assets cash inventory accounts receivable other current assets total current assets total current liabilities sales average receivable 398000 730000 1046000 381300 2555300 32,06,000 1,01,77,200 9,11,225 answers 2016 -6,50,700 working capital current assets - current liabilities current ratio= current assets/current liabilities 0.80 0.57 quick ratio = (current assets- inventory)/current liabilities accounts receivable turnover=sales/average accounts receivable 11.17 times