Answered step by step
Verified Expert Solution
Question
1 Approved Answer
ABC, Inc. 2017 and 2018 Balance Sheet ($ in millions) 2017 2018 2017 2018 Cash $1,455 $260 Accounts payable$1,150 $2,863 Accounts rec. 2,460 3,975 Notes
ABC, Inc. 2017 and 2018 Balance Sheet ($ in millions) 2017 2018 2017 2018 Cash $1,455 $260 Accounts payable$1,150 $2,863 Accounts rec. 2,460 3,975 Notes payable 2,600 1,628 Inventory 1,405 885 Total $3,750 $4,491 Total $5,320 $5,120 Long-term debt 7,000 7,600 Net fixed assets19,30021,720 Common stock 5,500 5,700 Retained earnings 8,370 9,049 Total assets $24,620 $26,840 Total liabilities $24,620 $26,840 13. What is the current ratio for ABC in 2018? A) 1.97 B) 1.51 C) 1.23 D) 1.14 E) 1.02 14. What is the debt-equity ratio for 2017? A) 0.46 B) 1.41 C) 0.78 D) 2.15 E) 2.32 15. What was inventory turnover for 2018? A) 1.38 B) 2.42 C) 5.90 D) 3.15 E) 4.38 16. What was the total
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started