Dana Industries has reported the following balance sheet accounts for year end 20XX: Accounts Payable =$9,000,...
Dana Industries has reported the following balance sheet accounts for year end 20XX: Accounts Payable =$9,000, Other current liabilities = $7000, Long Term Debt = $40,000 Cash = $5,000, Accounts Receivable =$8,900, Inventories = $6,100, Fixed Assets $34,000, Common Stock = $25000. What was the current ratio for Dana Industries for 20XX?
Homework Answers
Current Ratio = Current Assets/Current Liabilities
Current Assets = Cash + Accounts Receivables + Inventories
Current Assets = $5000 + $8900 + $6100 = $20,000
Current Liabilities = Accounts Payable + Other current liabilities
Current Liabilities = $9,000 + $7,000 = $16,000
Current Ratio = $20,000/$16,000 = 1.25
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Dana Industries has reported the following balance sheet
accounts for year end 20XX: Accounts Payable =$9,000,...
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