Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Assets table [ [ Current assets:, ] , [ Cash and cash equivalents,$ 2 , 1 6 6 Accounts payable Other current liabilities Total
Assets
tableCurrent assets:,Cash and cash equivalents,$
Accounts payable Other current liabilities Total current liabilities Longterm liabilities Shareholders' equity Total liabilities and shareholders' equity Tech Supplies Company, Incorporated Income Statement For the Year Ended February 1, 2020 ($ in millions) Revenues Costs and expenses Operating income Other income (expense)* Income before income taxes Income tax expense Net income *Includes $251 of interest expense. Required: Assets Current assets: Cash and cash equivalents $ 2,166 Accounts receivable (net) Inventory Other current assets Totat current assets Longterm assets Totat assets $ 12,651 Liabilities and Shareholders' Equity Current liabilities: $ 5,40 $ 39,623 1,257 5,070 430 8,923 3,728 4,375 9,775 2,254 622 12,651 38,172 1,451 (84) 1,367 788 $ 579 I-a. Calculate the current ratio for Tech Supplies for its fiscal year ended February 1, 2020. I-b. Calculate the acid-test ratio for Tech Supplies for its fiscal year ended February 1, 2020. I-c. Calculate the debt to equity ratio for Tech Supplies for its fiscal year ended February 1, 2020. I-d. Calculate the times interest earned ratio for Tech Supplies for its fiscal year ended February 1, 2020. Note: For all requirements, round your answers to 2 decimal places. I-a. Current ratio I-b. Acid-test ratio I-c. Debt to equity ratio I-d. Times interest earned ratio 0.91 times
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