1. Compute Wins Companies current ratio at May 31, 2015 and 2014. 2. Did Wins Companies current...
Question:
1. Compute Win’s Companies’ current ratio at May 31, 2015 and 2014.
2. Did Win’s Companies’ current ratio improve, deteriorate, or hold steady during 2015?
Win’s Companies, a home improvement store chain, reported the following Âsummarized figures:
Win’s has 500,000 common shares outstanding during2015.
Transcribed Image Text:
WIN'S COMPANIES Income Statement Years Ended May 31, 2015 and 2014 2015 2014 Net Sales Cost of Goods Sold Interest Expense All Other Expenses Net Income 50,200,000 43,800,000 28,400,000 29,300,000 140,000 8,400,000 s 15,500,000 5,960,000 500,000 5,800,000 WIN'S COMPANIES Balance Sheet May 31, 2015 and 2014 Assets 2015 2014 Liabilities 2015 2014 Cash Short-term Investments 28,000,000 Accounts Receivable 7400,000 5,300,000 Total Liabilities Merchandise Inventory 6,900,000 8,200,000 Stockholders' Equity Other Current Assets 10,000,000 Total Currentssets 54,300,000 25,200,000 Retained Eamings All Other Assets Total Assets 2,000,000 3900,000Total Current Liabilities 33,000,000 13,100,000 12,300,000 10,600,000 45,300,000 23,700,000 ,000,000 Long-term Liabilities 1,800,000 Common Stodk 11,000,000 ,000,000 32,000,000 16,500,000 43,000,000 27,500,000 $ 88,300,000 51,200,000 Total iabilities and Equity 88,300,000 S 51,200,000 34,000,000 26,000,000 Total Equity
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Related Book For
Horngrens Financial and Managerial Accounting
ISBN: 978-0133255584
4th Edition
Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura
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