Homework Answers
| a-1 (quick asset) | a-2 (current asset) | a-3 (current liabilities) | |
| cash | 50230 | 50230 | |
| marketable securities | 55926 | 55926 | |
| Accounts receivable | 23553 | 23553 | |
| Inventories | 32210 | ||
| Prepaid expense | 5736 | ||
| Note payable (due within a year) | 20000 | ||
| Accounts payable | 5912 | ||
| Dividend payable | 1560 | ||
| Accrued liabilities | 21532 | ||
| Income tax payable | 6438 | ||
| Total | 129709 | 167655 |
55442 |
**Retained earning is part of equity
b)
| Ratio | Formula | |
| Quick ratio | quick asset /current liabilities | 129709/55442 =2.3 |
| Currentratio | current asset /current liabilities | 167655/55442 = 3.0 |
| working capital | current asset -current liabilities | 167655-55442= 112213 |
| Debt ratio | Total liabilities /Total asset | 81630/353816= 23.1% |
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The current asset section of Guardian Consultant’s balance sheet
consists of cash, accounts receivable, and prepaid expenses. The
2021 balance sheet reported the following: cash, $1,320,000;
prepaid expenses, $380,000; long-term assets, $2,600,000; and
shareholders’ equity, $2,700,000. The current ratio at the end of
the year was 2.5 and the debt to equity ratio was 1.5.
Required:
Determine the following 2021 amounts and ratios: (Round
your "The acid-test ratio" answer to 1 decimal place.)
1. Current liabilities 2. Long-term liabilities 3....
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The current asset section of Guardian Consultant’s balance sheet
consists of cash, accounts receivable, and prepaid expenses. The
2021 balance sheet reported the following: cash, $1,320,000;
prepaid expenses, $380,000; long-term assets, $2,600,000; and
shareholders’ equity, $2,700,000. The current ratio at the end of
the year was 2.5 and the debt to equity ratio was 1.5.
Required:
Determine the following 2021 amounts and ratios: (Round
your "The acid-test ratio" answer to 1 decimal place.)
1. Current liabilities 2. Long-term liabilities 3....
The current asset section of Guardian Consultant's balance sheet consists of cash, accounts receivable, and prepaid expenses. The 2021 balance sheet reported the following: cash, $1,350,000; prepaid expenses, $410,000; long-term assets, $2,900,000; and shareholders' equity, $3,000,000. The current ratio at the end of the year was 2.6 and the debt to equity ratio was 1.7. Required: Determine the following 2021 amounts and ratios: (Round your "The acid-test ratio" answer to 1 decimal place.) 1. Current liabilities 2. Long-term liabilities 3....
The current asset section of Guardian Consultant's balance sheet consists of cash, accounts receivable, and prepaid expenses. The 2021 balance sheet reported the following: cash, $1,470,000; prepaid expenses, $530,000; long-term assets, $2,600,000; and shareholders' equity, $2,700,000. The current ratio at the end of the year was 2.5 and the debt to equity ratio was 1.5. Required: Determine the following 2021 amounts and ratios: (Round your "The acid-test ratio" answer to 1 decimal place.) 1. Current liabilities 2. Long-term liabilities 3....
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