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Blackwell Automotives balance sheet at the end of its most recent fiscal year shows the following information: Flying Roos Corporation Balance Sheet as of December
Blackwell Automotives balance sheet at the end of its most recent fiscal year shows the following information: | |||||||
Flying Roos Corporation | |||||||
Balance Sheet as of December 31, 2014 | |||||||
Assets: | Liabilities and Equity: | ||||||
Cash and marketable sec. | $23,015 | Accounts payable and accruals | $163,257 | ||||
Accounts receivable | $141,258 | Notes payable | $21,115 | ||||
Inventories | $212,444 | Total current liabilities | $184,372 | ||||
Total current assets | $387,940 | Long-term debt | $168,022 | ||||
Total liabilities | $352,394 | ||||||
Net plant and equipment | $711,256 | Common stock | $313,299 | ||||
Goodwill and other assets | $78,656 | Retained earnings | $512,159 | ||||
Total assets | $1,177,852 | Total liabilities and equity | $1,177,852 | ||||
In addition on, it was reported that the firm had a net income of $156,042 | |||||||
on sales of $4,063,589. | |||||||
a. What are the firms current ratio and quick ratio? | |||||||
b. Calculate the firms days sales outstanding (DSO), total asset | |||||||
turnover ratio, and fixed asset turnover ratio. |
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