Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Delamy Design Ltd. is a clothing designer, marketer, and distributor. The company reported the following in recent balance sheets (amounts in thousands): September 30, 2017
Delamy Design Ltd. is a clothing designer, marketer, and distributor. The company reported the following in recent balance sheets (amounts in thousands): September 30, 2017 December 31, 2016 $ $ Assets Current Assets: Cash Accounts Receivable Inventories Other Current Assets 76,124 83,576 27,636 6,352 95,762 60,510 22,260 5,842 Total Current Assets Property, Equipment, and Other Long-term Assets 193,688 58,328 184,374 29,320 Total Assets $ 252,016 $ 213,694 Liabilities and Shareholders' Equity Current Liabilities: Accounts Payable Other Current Liabilities Income Taxes Payable $ $ 20,607 13,580 4,912 20,094 12,733 Total Current Liabilities Long-Term Liabilities Shareholders' Equity 39,099 3,109 32,827 1,012 179,855 209,808 Total Liabilities and Shareholders' Equity $ 252,016 $ 213,694 Required: 1. Calculate the current ratio at September 30, 2017, and December 31, 2016. (Round your answers to 2 decimal places.) Current ratio September 30, 2017 December 31, 2016
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