Homework Answers
Current ratio = Current assets / Current liabilities = 1.2
Current assets / 100,000 = 1.2
Current assets = 120,000
Inventory turnover ratio =COGS / Average Inventory = 4
Inventory = 160,000 / 4 = 40,000
Return on assets = Net income / Assets = 10%
Assets = Net income / 10%
Assets = 900,000
Acid test ratio = Quick assets / Current liabilities = (Cash + Accounts receivables) / Current liabilities
0.8 =( Cash + 40000) / 100,000
80,000 = Cash + 40000
Cash = 40,000
Non current assets = total assets - current assets = 900000 - 120000 = 780000
Total liabilities & Owner’s capital = Total Assets = $900000
Current liabilities + Non current Liabilities + Owner’s Equity =
900000
Current liabilities (given already) = $100000
Now, Non current liabilities + Owner’s Equity = 900000 – 100000 = $800000
Debt Equity Ratio = 2 : 1 = Total liabilities/Total Equity
2Equity = total liabilities
Total liabilities + equity = 900000
2Equity + equity = 900000
3equity = 900000
equity = 900000/3 = 300000
Total liabilities = 300000 x 2 = $600000
Current liabilities = $100000, hence, non current liabilities =
$600000 - $100000 = $500000
|
ASSETS |
Amount ($) |
LIABILITIES & EQUITY |
Amount ($) |
|
Cash |
40000 |
||
|
Accounts receivables |
40000 |
||
|
Inventory |
40000 |
||
|
Total Current Assets |
120000 |
Total Current Liabilities |
100000 |
|
Total Non-Current Assets |
780000 |
Total Non Current Liabilities |
500000 |
|
Total Liabilities |
600000 |
||
|
Owner's Equity |
300000 |
||
|
Total Assets |
$900000 |
Total Liabilities & Owner Equity |
$900000 |
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