Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Current Position Analysis The following data were taken from the balance sheet of Nilo Company at the end of two recent fiscal years: Current
Current Position Analysis The following data were taken from the balance sheet of Nilo Company at the end of two recent fiscal years: Current assets: Current Year Previous Year Cash $630,400 $524,400 Marketable securities 730,000 590,000. Accounts and notes receivable (net) 298,600 196,600 Inventories 1,459,900 1,010,200 Prepaid expenses 752,100 645,800 Total current assets Current liabilities: $3,871,000 $2,967,000 Accounts and notes payable (short-term) Accrued liabilities Total current liabilities $458,200 $483,000 331,800 207,000 $790,000 $690,000 a. Determine for each year (1) the working capital, (2) the current ratio, and (3) the quick ratio. Round ratios to one decimal place. Current Year Previous Year 1. Working capital $ X $ 2. Current ratio x x 3. Quick ratio 2.1 V x
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