FINANCIAL ACCOUNTING:TOOLS FOR BUSINESS
19th Edition
ISBN: 9781119493624
Author: Kimmel
Publisher: WILEY
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The following items are reported on a company's balance sheet:
Cash
$227,700
Marketable securities
109,000
Accounts receivable
235,700
Inventory
197,500
Accounts payable
293,700
Round your answers to two decimal places.
a. Determine the current ratio.
b. Determine the quick ratio.
Use the table for the questions below.
Consider the following balance sheets:
PharmPic
DosageDoc
Reported Dec. 31,
2020
2021
2020
2021
Assets
Cash
224,224
200,400
301,540
230,876
Accounts Receivable
129,000
118,125
130,316
110,345
Inventories
154,890
171,147
184,717
186,000
Total Current Assets
508,114
489,672
616,573
527,221
Net Property Plant & Equipt.
421,162
431,795
456,462
460,000
Patents and Trademarks
212,770
210,110
201,348
199,990
Total Assets
1,142,046
1,131,577
1,274,383
1,187,211
Liabilities and Stockholders' Equity:
Short Term Borrowings (Bank)
257,000
264,023
302,453
270,000
Accounts Payable
212,900
209,000
267,004
225,000
Current Portion of LTD (Interest Bearing Debt)
39,532
29,081
32,611
46,048
Total Current Liabilities
509,432
502,104
602,068…
The following items are reported on a company's balance sheet:
Line Item Description
Amount
Cash
$277,000
Marketable securities
101,400
Accounts receivable
234,300
Inventory
217,800
Accounts payable
315,500
Determine the (a) current ratio and (b) quick ratio. Round answers to one decimal place.
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