Homework Answers
ANSWER
a).
Current Ratio = Current Assets / Current Liabilities
Current Assets = Cash + Accounts Receivables + Inventory
= $ 20,000 + $ 350,000 + $ 260,000
= $ 630,000
Current Liabilities
= Accounts Payable + Accrued Taxes
= $ 246,000 + $ 108,000
= $ 354,000
the current ratio is
= $ 630,000 / $ 354,000
= 1.78 times
b).
Quick Ratio = Quick Assets / Current Liabilities
Quick Assets = Cash + Accounts Receivables
= $ 20,000 + $ 350,000
= $ 370,000
Current Liabilities
= Accounts Payable + Accrued Taxes
= $ 246,000 + $ 108,000
= $ 354,000
the current ratio is
= $ 370,000 / $ 354,000
= 1.05 times
c).
Debt to total assets ratio = Total Debt / Total Assets
= ( Accounts Payable + Accrued Taxes + Bonds Payable ) / Total Assets
= ( $ 246,000 + $ 108,000 + $ 126,000 ) / $ 980,000
= 0.4898 or 48.98%
d).
Asset Turnover = Net Sales / Total Assets
= $ 3,570,000 / $ 980,000
= 3.64 times
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